What if I no longer need the Forward Contract?

If you want to cancel a Forward Contract, speak to your OFXpert as soon as possible. If we can cancel a Forward Contract, we sell back the currency that was bought at the time of booking, based on the current market rate. If the value of the currency you have asked us to exchange has decreased, a loss will be incurred on the Forward Contract. In this case, you will be liable to cover the loss, together with any reasonable expenses or other costs we incur as a result.

Please note: Booking a Forward Contract may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate. Read more about considerations when booking a Forward Contract.