We refer to a currency transfer as a currency “contract”. A contract is simply an agreement to buy or sell currency.

1. Spot contract
   Spot contracts are ideal if you have all of your funds available and want to make a fast transfer. You can buy or sell currency for immediate delivery, and benefit from our excellent exchange rates. The “spot” price is the live rate that is available in the interbank currency market.


2. Forward contract
   Forward contracts allow you to fix your exchange rate for a future trade, even if you don’t have all of your funds ready. This option allows you to take advantage of favourable exchange rates up to 2 years before you actually need to send your currency. You can buy the currency now, and pay later. A 10% deposit is payable at the outset, followed by 90% when the contract matures. This option is ideal if you are in the process of purchasing an overseas property. Once you have agreed the purchase price it’s important to remember that the cost in Sterling can still rise if the exchange rate moves against you. By fixing your exchange rate using a forward contract you remove this risk and protect yourself from any fall in the value of Sterling.


3. Regular Payments Contract
   Ideal for sending a regular fixed amount for monthly payment of overseas expenses with minimal hassle and expense. Simply set up a standing order and let dVFX do the rest. They buy the currency each month and send it to your nominated account.