When you work with our OFXperts, you'll be able to identify opportunities in the market and develop a plan to provide currency protection – and if time allows, wait for a better rate before you transfer.
For example, let’s say you needed to pay a €20,000 invoice. You received the invoice on February 18 for payment in a month, when the pound was worth €1.2141. At this rate, your transaction would have cost £16,473. A Forward Contract would have allowed you to lock in this rate for settlement in a month’s time when your invoice is due.
However, if you waited and the pound weakened to €1.0734 by the time your invoice was due for payment on March 18, the same transaction would have cost you £18,632 – an extra £2,158.