Foreign exchange for individuals

Payment products

Which option is right for you will depend on your timing, circumstances and foreign currency needs.

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Spot deals

If you need to transfer money quickly, we can give you the best rate available right now – and guarantee it – with a 'spot deal'. This is the option that many clients use when they have to make an immediate payment, for example, a payment on an overseas property, car, boat, antiques or any other foreign purchase.

Forward contract

This is the buy now, pay later option of foreign exchange. It allows you to fix a rate for up to two years and protect yourself against any movement in the market.

To take advantage of a forward contract you simply need to pay a small deposit up front and then the rest on maturity of the contract. This means that you can keep the rest of your money in a high interest account until you need it.

This option is popular with clients who have payments due on set dates in the future, for example, completion of a property.

Time option

This option is similar to a forward contract but allows you the flexibility to draw down some or all of your funds up to three months prior to the maturity date you have set.

If you have to make staged payments for your property or require more flexibility than a forward contract allows this could be ideal for you.

Limit order

If you've got time to hold out for a really good rate, we'll transfer your money as soon as the exchange rate reaches the level you want with a 'limit order'. You can also set a 'lower' level or 'stop' to protect yourself should the rate drastically fall.

This option is ideal for when you don't have to make an immediate payment and you have a specific budget available.

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