Spot Transactions
Making a cross-border payment today? This is known as a ‘spot’ transaction. We have integrated the currency exchange and payment process into one simple step.
We transfer more than £1billion worth of sterling in foreign currencies every year, so we have the buying power in the market to purchase your foreign exchange at the best possible price. We pass these savings on to you, so you benefit from better rates making your spot transaction funds go further.
When you need to make a payment, it's good to know you are in expert hands. Whether you're purchasing a house, buying a piece of art, paying for a car or settling an invoice for renovations; our team are available to talk you through the process every step of the way. We have helped thousands of people with their spot transactions abroad, so we know which areas can seem daunting and need further clarification.
Once you've agreed a rate, either on the phone with your dealer or online via iPayFX, this agreement is binding and the price you pay remains fixed. The next step is for you to transfer the sterling to ourselves – we have a number of different settlement methods. Once we receive your payment the transfer is made to the beneficiary. We can email them to let them know the funds are on their way, there is no charge for this service.
When you make a spot transaction for £5000* and above, there is no transfer fee, and we keep our charges low, even on smaller transactions. Online, via iPayFX, you can transact up to the value of £15,000* and there are no fees, even if your transaction is for less than £5,000*. We want to help save you money every step of the way.
*or the equivalent in another currency