All about the ‘Spot’ contract
Smart Currency Exchange has a range of options to suit client’s individual needs when it comes to purchasing and transferring currency abroad; whether it is a one off lump sum, regular payments, big or small, they will be able to advise the best route for you to take. This article is all about the ‘Spot’ contract.
A Spot contract is ideal if you need your currency straight away or with little notice. The spot contract can be completed when you call Smart currency. It is set up once you have verbally agreed to the rate the trader offers you for your currency. The purchase is then made by the trader and you pay for it within the next 2 days. Paying is simply a matter of instructing your bank to transfer funds into Smarts client account. And that’s it! The currency is there ready and waiting for you to use. This is a great option for making one off payments, for example a deposit on an overseas property.
The best thing about using Smart is their ‘better-than-bank’ rates. Often the rates are up to 4% better than high street banks, saving you thousands of pounds on large sums of money. Smart also benefit you above the banks by reducing or even eliminating any overseas transfer fees or charges.
The whole process with Smart is also a lot quicker than if you were to use a bank, with money being transferred into overseas accounts within 2 days, instead of the usual 5 the banks offer. Smart also e-mail you as each stage is completed so that you always know where your money is and how far away it is from reaching its destination. This is the kind of reassurance you need when moving a large sum of money.
Spot contracts are brilliant for making quick overseas payments, for example a deposit on a property or a boat abroad. The more you move, the more money you can save yourself too. It is always a good idea to buy when the rate is at an acceptable level for you, as waiting to see if it gets better could have the opposite effect and then you will end up paying more through a worse rate.
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