SPOT RATE: BUYING CURRENCY AT CURRENT RATES
If you need to make an immediate lump sum payment such as a deposit, then this is the product for you. These are called a ‘spot trade’, and allow you to purchase and transfer funds to most countries on the same day.
FORWARD CONTRACT: USE CURRENT RATES TO SECURE FUNDS FOR A FUTURE DATE
This option is fantastic for property buyers who have stage payments and want the peace of mind that no matter what happens in the currency market, the value of their financial commitment won’t change. These are called ‘forward contracts’ as they allow you to use the current rate to secure forward for a date in the future.
MARKET ORDER: BUYING CURRENCY AT A PRE-ARRANGED RATE OF EXCHANGE
This option is called a ‘market order’ and is particularly helpful for people who need a designated rate of exchange in order to make the transaction viable. This allows you to designate a rate that you’re willing to wait for; when the market achieves that rate, the currency is purchased on your behalf. This allows you to save money and use market fluctuations to your adventure.