Unlike forward currency exchange trades and regular currency trades, spot contracts are a way to make a currency exchange on the day or within a few days at the current exchange rate. These currency trades are ideal if you need to make a quick overseas payment or a specific time. A currency specialist can work with you to help you discover the best time to make your trade to make the most of the current exchange rate.
Standard Spot trades – a trade now, pay now foreign exchange solution. Standard spot trades let you immediately agree to an exchange rate to buy or sell currency with an immediate settlement date or within two business days of the date you agree to the trade.
How do Spot Contracts work?
The spot market is advantageous if you need to make a large payment now or in the next few days. As a Halo customer, your personal Currency Consultant will help you find a convenient time to trade, monitor live spot prices, and look at how this suits your businesses specific financial needs and situation
Why worry about currency exchange when buying overseas property?
A European property priced at €250,000 would have cost you £196,305 in pounds on 19th June 2016 but would have cost you £209,775 just a month later after the EU Referendum sent Sterling spiralling – that’s a difference of £13,470.
Knowing how these rapid fluctuations in currency markets affect the price of your property can protect you against this risk can save you significant sums of money.
The benefits of spot transactions:
✔ Trade now, pay now
✔ Ideal for urgent transactions
✔ Get a competitive exchange rate
The only thing worse than going on holiday and finding out your money is worth less than you thought it would be, is moving abroad permanently and making the same mistake.
For example, say you were emigrating and moving to Australia. If you exchanged £300,000 of your money on 25th May 2016, you would have arrived in Australia with A$613,200. But, if you had decided just six weeks later to transfer your money on 8th July 2016, you would be departing with A$99,900 less in your pocket. Quite a difference! This exchange rate drop was all down to political changes and the Brexit vote – an excellent example of how dramatic these changes can be. We can help you choose the best time to make your currency trade and devise a suitable currency risk management strategy.
Keeping you informed with market data
Your Currency Consultant will always notify you of any change in your chosen exchange rate – we’ll also keep you updated with what’s happening in the markets and how this could affect you and your money to ensure that your business is aware of it’s currency exposure and costs. All oour Currency Consultants have leading industry qualifications that mean they can analyse the foreign exchange market and what they mean for you.
✔ Personalised, professional service
Timing, flexibility and market knowledge are crucial in all foreign exchange transactions – that’s what your personal Currency Consultant will deliver, finding the best FX solution for you.
Once you register with Halo Financial, we will allocate you a dedicated Currency Consultant to professionally manage your currency trades and analyse current market data. We think it’s what really sets us apart. The breadth and depth of information and services we can offer you are combined with personal, tailored guidance to enable you to make the best currency decisions to suit your needs.
✔ Safe and secure
Halo Financial is Authorised by the Financial Conduct Authority. All client funds are held in secure, segregated client accounts, separate from the operating accounts of the business.
✔ A wide range of currencies available
Halo Financial trades in most of the freely tradable currencies and can both buy or sell foreign currency. So, whether you’re looking for Euros, US, New Zealand, Canadian or Australian Dollars, United Arab Emirates Dirham, South African Rand, or any other currency pairs, we can help your business make your transfer.
✔ No commission
Halo Financial does not charge a commission fee on foreign exchange transactions. There is a transfer fee of £15 for transactions below £5,000, which covers the cost of the trade.
✔ Save time
We’ve made sending international payments quick and easy by following a simple four-step process. You can find out how it works by contacting our team, who will be happy to answer any questions you might have.
FREE Insights & Guides
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