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Different Ways To Exchange Your Currencies
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A spot contract is when you transfer your money abroad immediately. In other words, it’s when you buy your currency and make your payment now at the same time.
You make a spot contract once you’ve registered an account with Escape Currencies. Then, when you’ve spoken to your personal currency dealer and agreed your exchange rate, the contract goes ahead. You send the full settlement amount to us, and we transfer the currency to your beneficiary foreign bank account. It’s that easy!
Typically, we require settlement within two working days of agreeing your exchange rate. You can send us the amount by CHAPS, BACS, online transfer, or cheque, but not in cash. Feel free to get in touch with an Escape Currencies foreign exchange broker for more details!
A forward contract is when you fix the exchange rate at its current level for a currency transfer sometime in the future.
For example, do you need to transfer money abroad, looking ahead, and you’re concerned about possible volatility in the exchange rate between now and your transfer date?
This could be the case if you’re making the downpayment on a property mortgage abroad or you’re a business paying an international supplier, among other possibilities.
With a forward contract, regardless of what happens to the exchange rate in the meantime, you get the currency amount you’ve locked in. This gives you certainty about your costs and protects you against adverse currency movements between now and then.
At Escape Currencies, you can fix the maturity date (i.e. the date you’ll make your transfer) for a forward contract between one week and twelve months into the future. This may or may not require a deposit, so speak to your currency dealer to learn more.
The Ultimate Trading Experience
Escape Currencies is a specialist foreign exchange broker, dedicated to providing fast, easy money transfers at fantastic exchange rates. Our friendly, professional currency dealers have exchanged currencies for hundreds of satisfied personal and business clients over many years, so you can feel highly confident about your transfer.
Here are some key details about us:
- Escape Currencies payment and foreign exchange services are provided by Global Currency Exchange Network Ltd T/A GC Partners and The Currency Cloud Limited.
- Global Currency Exchange Network Ltd is authorised by the FCA under the Payment Services Regulations (FRN: 50346).
- The Currency Cloud Ltd is authorised by the FCA under the Payment Services Regulations (FRN: 900199).
- Client moneys in segregated client accounts to safeguard your funds.
- We pride ourselves on providing exemplary personal service from start to finish.
- We break down the money transfer process for you to make it as easy as pie.
- We’re incredibly passionate about delivering a top currency service. We love it!