Forward Exchange Rates.
Forward exchange rates are all about reducing risk and can be used by both companies and individuals.The forward exchange rate process revolves around locking-in an exchange rate for international currency transactions that have a payment date days, weeks or months ahead. This is known as a ‘hedging’ strategy and, rather than just offering this service to businesses, CurrencyWave also provides it to individuals who can forward-plan their transfers.
Using CurrencyWave, you can:
- select a desired Date of Conversion before requesting a quote
- lock-in an exchange rate for a payment date up to a year ahead
- pay just 5-10% of the intended final sum upfront, settling the balance on the date you specify
Exchange rates move up and down constantly, so can become either more or less favourable over time, so do bear this in mind when fixing a forward exchange rate. This option is attractive, however, if:
- you want to know the exact amount you will pay
- you want more clarity and no variables in your cash flow planning
- you don’t want shortfall shocks that could hit your pocket
Registering as a private individual with CurrencyWave is simple-to-do and will take just a few minutes of your time. It’s free to register and we just have to go through the steps that financial services regulation requires. Start the process now and begin your journey towards international bank transfer savings.