Types of Transaction
FX-Foreign Exchange best foreign currency exchange rates » Types of Transaction
There are four different types of currency exchange transactions:
|• 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….
• 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 2007 as an approximate completion…
• 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….
• Limit Order.
Limit Orders allow a client to set the rate at that which they would like to exchange their currency. Global Currency Exchange Network will monitor the market for you and if the rate can be achieved…
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- A recent utility bill, or a copy of a bank statement, no less than 3 months old.