CLIENT SERVICES CONTRACT OPTIONS
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private client services, foreign exchange, halo financial
Often The Simplest Things In Life Are The Most Effective
It's easy to over-complicate the buying and selling of foreign currency. So why make things difficult for yourself? Halo Financial can provide you with two simple contract options.
How can currency be bought or sold?
Spot contracts (Trade now / Pay now)
Standard Spot contract for settlement, unless otherwise agreed, within 2 business days.
Spot contracts, subject to what currency is being bought or sold, can be transferred for same day delivery assuming we receive cleared funds in good time before the banks cut-off times.
In order to guarantee the exchange rate for a later delivery, you will need to pay a 10% deposit (known as a 'margin'). This needs to be deposited in a Halo Financial transaction account within a business day of agreeing the transaction. The 90% balance is payable 2 business days before the contract matures.
Forward contracts (Trade now / Pay later)
Enable you to agree an exchange rate immediately for settlement on or before an agreed date up to 12 months in advance.
How can FX contracts be settled?
Electronic transfer
Spot contracts that are to be settled in Pounds sterling from a bank account within the UK will need to be settled by CHAPS transfer (funds clear same day). Spot contracts that are to be settled by non-Pounds sterling funds or from funds held outside of the UK will need to be settled by Telegraphic Transfer (TT).
Forward contracts that are to be settled in Pounds sterling from a bank account within the UK can be settled by BACS transfer providing enough time is factored in for the transfer to clear into our transaction accounts (funds clear on 4th business day). Forward contracts that are to be settled by by non-Pounds sterling funds or from funds held outside of the UK will need to be settled by Telegraphic Transfer (TT).
Cheque
Forward contracts and individual tranche payments can be paid for by cheque providing enough time is factored in for the cheque to clear (clear on 6th business day).
Further settlement guidance
For more detailed information on the settlement of contracts, you will find the following PDF document informative and helpful:
You will require Adobe Acrobat reader to view the PDF documents listed above. If you do not have this, please click on the link below.
