Forward Contracts
Budget with more certainty. Lock in FX rates.
Focus on your business, without worrying about unpredictable FX rates. Secure an exchange rate between 11 currencies ahead of time.
Take risk off the table and add more control in the profit margins of your business.
Currency Strategy
When to consider a Forward Contract?
Trade rules change, headlines break, the market wobbles. Whether you’re paying an overseas supplier next month, forecasting imports, or budgeting client revenue, fluctuating FX rates is one more variable to your planning. Currency volatility eats into profit margins regardless of the size of your business.
But when you’ve locked in your exchange rate for up to 12 months*, none of it shakes your plans. You’ve got clarity and cash flow you can count on.
No complicated contracts, no financial jargon, just simple tools that help you remove one key variable: the exchange rate – so you can clear the noise and get back to business.
*If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate. This means you benefit if the market rate worsens, but you lose out if the market rate improves.
Running a business is full of surprises. Your profits don’t have to be.
You can’t control the market, but you can control how prepared you are. Lock in future cross-border payments with Forward Contracts, seamlessly and digitally.
Lock in today’s rate
Set transfers anytime, from two days to 12 months, with the FX rate guaranteed.* Once it’s set up, manage it end to end digitally. No phone calls or emails required.
Protect your profits from volatility
The currency market moves fast – automated Forward Contracts in your AP workflow lock in exchange rates, helping you safeguard your margins against sudden shifts.
Budget with certainty, not guesswork
Secure your exchange rate upfront and automate conversions, so you always know exactly what you’ll pay or receive. No surprises, just predictable cash flow.
Stay competitive with predictable costs
Fix all or part of your FX costs for the year ahead and automate payments, reducing the risk of rising expenses and giving you a pricing edge in your market.
*If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate.
Optimise international payments with ease, your way
Easily customisable, our platform puts you in control, making it easy to manage FX payments for your business, regardless of your size.
Unlike traditional forwards, buried in complexity and confined to specialists, set up and manage forwards digitally.
And when you want expert guidance, our specialists are ready to help. With over 25 years of experience helping businesses ride the currency volatility wave, we’re your partner in global payments.
Automate Forward Contracts in your AP workflow
Experience effortless control and predictability in global payments. Our platform lets you draw down on Forward Contracts directly within your AP process, automating FX management and empowering your business to stay ahead in fast-moving markets. FX certainty right where you need it.
You can’t control the market, but you can control how prepared you are.
Let’s use an example
How much will it cost in your currency?
Let’s say your business needed to pay US$100k in April 2025. In April, the AUD/USD market was highly volatile due to tariff announcements, and the market rate dropped from US$0.62 to as low as US$0.5950.
- Spot Transfer: With the market rate at 0.5950, it would’ve cost AU$168,067.*
- Forward Contract: By locking in 0.62 ahead of time, it would’ve cost AU$161,290*, regardless of rate swings, protecting your budget and cash flow.
*The cost comparison is based on the Market Rate for demonstration purposes only. Customer transfers use OFX’s Customer Rate and this combined with other factors such as different currency exchange amounts, currency types, dates and times will result in different actual costs
Clients love us. Here’s why.
Jonathon Allara, Co-founder at BikesOnline
Cost certainty with Forward Contracts
“Knowing the exact cost of the bikes we have purchased in advance allows for more accurate cash flow forecasting. This predictability helps in planning for other expenses and investments.”
Ready to book a Forward Contract?
Start using forwards today, included in our free Business plan.
Real people. Real help. 24/7.
Stay a step ahead, with our FREE monthly FX report.
Don’t let currency fluctuations catch you off guard. Get our FREE monthly currency outlook, prepared by our team of global currency specialists. Includes our time-saving FX rate cheat sheet.
Built with your security in mind
We use a multi-layered approach to help prevent and detect fraud on your account, including monitoring payments and logins for suspicious activity.
Our 25+ year business was built on secure global payments. We’ve held an Australian Financial Services (AFSL) for 25+ years and are regulated by ASIC and AUSTRAC, with security experts in offices around the world.
Forward Contracts FAQs
Can everyone set up a Forward Contract?
All Forward Contracts are subject to approval by OFX. To set up your first Forward Contract, you’ll need to answer a few questions on the platform. Our specialist team will then review your application and set up the contract if approved.
What currencies are available?
You can secure a rate between 11 currencies (AED, AUD, CAD, CHF, CZK, EUR, GBP, NZD, PLN, SGD, USD)
What is the potential downfall if I don’t hedge the risk of exchange rate movements?
Without locking in a fixed rate (hedging), adverse market fluctuations could lead to losses for your business and result in increased prices for your products and services.
Is a Forward Contract right for me?
Forward Contracts are designed to benefit businesses of all sizes, especially those exposed to foreign exchange (FX) risks.
If your business deals with cross-border transactions, even on a smaller scale, fluctuating exchange rates can significantly impact your profit margins and financial planning. A Forward Contract allows you to lock in an exchange rate for future payments, providing certainty and stability. Setting up a Forward Contract is simpler than you might think, often requiring an initial deposit and basic documentation such as purchase orders or invoices.
By using a Forward Contract, you can help protect your bottom line from FX volatility, accurately budget your costs and revenues, and gain peace of mind knowing your financial risks are minimised. Some clients use a Forward Contract for a portion of their FX transfers, as a way to partially hedge against volatility and ensure they can take advantage of Spot rates as well.
How is a Forward Contract rate calculated?
The exchange rate you’ll receive takes into account the market rate on the day you book your Forward Contract, a margin charged by OFX, and the central bank interest rates for the currencies you are exchanging.
What is a capacity limit?
The amount of forward exposure you can take on based on your initial deposit.
What is a credit facility?
A credit facility allows you to enter into a Forward Contract without needing to provide upfront funds, as long as you have sufficient approved credit for the duration of the contract.
What is a settlement limit?
A settlement limit lets you secure a guaranteed rate and delay your deposit for up to three business days after booking.
Do I need to wait until my Forward Contract matures to use the currency?
You have the option to drawdown at any point during the contract’s lifetime. When your Forward Contract matures you will need to settle the remaining amount. If you choose to deliver earlier than your agreed maturity date, the exchange rate may differ to your original contract. For more information contact us.
Please note: If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate.
What do I need to consider when using a Forward Contract?
While a Forward Contract protects you from losses if rates move against you, it also means you won’t benefit if the exchange rate moves in your favour. If you want to take advantage of positive market movements, you could consider using spot transfers for greater flexibility.
What if I no longer need the Forward Contract?
You can easily cancel a Forward Contract within your account. At the time of cancellation, you’ll see a summary with the estimated cost to cancel. Alternatively, you can change the date to bring it earlier.
Is there a minimum amount for a Forward Contract?
Forward contracts typically start at AU$10,000 but lower amounts may be considered.
What our clients say about us
Less confusion. More control. Request a Forward Contract today.