Forward Exchange Contracts for Money Transfers
Be forward thinking, locking in today’s rate protects you from tomorrow
With a forward contract you can lock in an exchange rate now for settlement in the future. A forward contract can protect you from exchange rate fluctuations that occur in the interim.
A forward exchange contract can be perfect for overseas purchases or transactions that afford you time from the point of purchase to the settlement date. Exchange rates can change between now and then and you can lose money in the interim. By securing a favorable rate you have control over the rate at which you will be transferring your funds when you settle.
Forward contracts also come in handy when moving abroad. Decide on your exchange rate now, cross it off your list of things to do and concentrate on getting those boxes packed!
How it works
With a ClearFX forward contract you can lock in an exchange rate immediately and forget about having to having to pay for the currency you have purchased until a predetermined future date. We may require a deposit at the start of the transaction and/or at a later stage prior to the maturity date.
Contact one of our dealers to set up your forward contract over the phone.
How is the forward rate calculated?
The forward rate is calculated by using a standard industry formula that calculates the "forward points." These take into account the current market rate, difference in interest rates between the two currencies and the amount of time the contract is valid for.
Please note that a 10% deposit must be paid at the onset of the contract. This amount will be deducted from the amount you pay on the settlement date.
ClearFX Online Price Promise
Some companies claim that they will give you the best international money transfer price, but ClearFX offers a lowest price promise.
Contact ClearFX today to register free for instant online access and start saving on your international money transfers