Every time you carry out a foreign exchange trade you enter into a contract. The length of time over which the deal is done denotes the type of contract. The two types are spot contracts and forward contracts.

Spot Contracts
This is the simplest and quickest form of foreign exchange contract.
It is an agreement to buy or sell one currency in exchange for another. You then pay for the currency at the rate agreed with in the given time and we will then transfer the purchased currency to any bank account of your choice.

Forward Contracts
A Forward Contract allows you to agree a trade for payment on a particular date in the future (the maturity date). Unlike spot contracts, a forward contract eliminates the risk of fluctuating exchange rates by locking in a price today for a transaction that will take place in the future. We are able to agree trades from one week to two years ahead.
Requirements of a forward contract are a deposit payable immediately and the remaining balance upon the maturity date. As with a spot trade we will then transfer your funds to any bank account of your choice on the same day.