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Types of Currency Forward Contracts

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A ‘Currency Forward Contract’ allows you to reserve an exchange rate today where you do not have to pay for it or send the money until an agreed date in the future.

Let's look at an example:

Mr and Mrs Newman moved to France during the end of 2010. As 2011 reared its head, the couple contacted Send Money Home to explained that their joint mortgage came to £2,450 and wanted to know how they could make sure that the amount they receive each month didn’t decrease due to changing exchange rates.

After talking to one of our specialists they decided to buy a ‘Currency Forward Contract,’ for a full year. Hence, This means that they fixed a set exchange rate for the course of the year. So, They set up an automated direct debit with a currency provider listed on our site that allowed their mortgage to be sent to our bank in the UK on a monthly basis. Once the money arrived at the currency providers bank.

currency forward contract? It would be exchanged from sterling to euros at a rate of 1.23 every month for the full year. To set up this facility, they simply had to choose a company then open an account with them and pay an administration fee for the regular payment system if charged.

Currency Forward Contract

If the Newmans decided against fixing a currency exchange rate, their monthly amount. Would have decreased along with the weakening sterling rate. And by December 2010 the Newmans would have received monthly payments at an amount 21% lower. Where Banks often fail to offer or even mention the alternative of fixing a currency exchange rate for use in the future yet it’s such a valuable tool. The option of buying a ‘Currency Forward Contract’ gives you peace of mind that your pension payments won’t decrease in value.

How will send money home help you to save money and avoid risks with 'Forward Contracts'?:

  • Choose one of the vetted foreign exchange providers on our site. All companies offer forward contracts
  • All companies listed are providing better-than-bank exchange rates
  • Reducing the risk of your international payments from INCREASING
  • Hence, Offering a service with no fees, no commission. No hidden charges (fees may apply check each company)
  • Giving you direct access to your dedicated Trader.
  • Consequently, Making the whole process fast and effortless. Leaving more time for you to spend on other things

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