Jargon Busters

What is a spot contract?

Spot contracts are the most common type of currency contract when making an international money transfer. They are ideal for individuals and businesses who need to make a fast overseas payment. For example, you can buy major currencies (e.g. USD, EUR), with a spot contract on CurrencyTransfer and providing you have settled with the FX company same day, your funds will also be delivered on the same day.

As opposed to forward contracts, when you book a spot transfer funds in full need to be paid into your winning foreign exchange company before the currency will be delivered to your onward beneficiary.

How can CurrencyTransfer.com maximise the value of your money exchange when making a spot transfers?

  • Up to 85% better than bank exchange rates
  • Compare multiple money transfer quotes in one venue
  • 100% price transparency
  • We show the market rate and your quoted spot rate side by side
  • Fast and efficient process