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Spot Contract
A spot contract is undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make payment within two working days. This transaction is typically used for deposit payments on property or for full payment if the funds to pay for the transaction are available.
Forward Currency Contracts
A forward contract is undertaken when you fix the exchange rate now for a specific date from one to 24 months in the future. As an example, your final payment for a home abroad may be the equivalent of £100,000 or SAR 1 million. You could seal that exchange rate today with a small deposit, and pay for the bulk of that transaction at the completion of the forward contract. To guarantee the exchange rate, private clients will have to pay for at least 10% of the value straight away (a margin deposit) and the balance on or before the maturity of the contract.
Time-Option Forward Contracts
You may also reserve a time-option forward contract. This contract allows greater flexibility in paying. For example, a property developer may give you a date of February 2012 as an approximate completion date but may tell you it could take a bit longer. Your dealer may recommend that you set a date for your forward contract of May 2012 and you are free to settle that contract anytime before the maturity date with no penalty.
Limit Order
Limit Orders allow a client to set the rate at that which they would like to exchange their currency. We will monitor the market for you and if the rate can be achieved, we will purchase the currency on your behalf. We would then notify you of the due date for your payment. This is particularly important for contracts of substantial value where a small currency fluctuation may have huge implications.
All of these contracts involve the use of forex in a manner that is suitable to your needs, wants, lifestyle and what you are looking to achieve – this way you can choose the most appropriate for YOU!
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