Types of Transaction
FX-Foreign Exchange Online systems for merchant services in any currency » 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…
Open A Free Account
To open a FREE account with Global Currency Exchange Network, please complete the small form:
We will contact you to activate your account. The only items you will need to have available will be:
- A copy of your Passport, or Driving License
- A recent utility bill, or a copy of a bank statement, no less than 3 months old.