What is a foreign exchange contract?

A foreign exchange contract, also called a “forward transaction”, is the purchase or sale of a currency at a predefined rate in the future.

It allows the exchange rate for currency conversion to be set in advance, essentially eliminating the risks associated with market fluctuations. The forward exchange rate reflects the current spot rate adjusted upwards or downwards according to prevailing forward rates.

The maximum term of the contract depends on your needs and the credit agreement granted by the bank. The payment of this contract can be made on a fixed date or over a period of 30 days (or up to 180 days in some cases).

Related questions

Why can't I see the rate for my contract?

Discover how you can access information from your foreign exchange trader if your contract rate is not displayed. Learn more from our Business Help centre.

Who do I contact about fees and rates?

Don't know who to contact about fees and rates for the foreign exchange platform? Get your information here on navigating the platform.

Do I still have access to a trader for my operations?

Learn about how you can access your foreign exchange trader for your transactions in our online banking for business.

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