Booking Your Deal
Whether you need to make a spot deal or a forward contract; your personal account executive will instantaneously send you a trade confirmation with all details of the payment
Spot/Same Day Trades
Typically this is the most common Foreign Exchange transaction. A Spot deal will generally settle within 3 working days known as 'T+2' (Trade plus two working days). The rate will be frozen when you book the deal with your account executive and the wire will be released upon the day of maturity. For a more urgent payment, we offer a same day payment. This credits your beneficiary account within 1-24 hours.
Forward contracts are fast becoming a more favourable solution for currency exposure. This method is simply the ability to secure the current spot rate to settle at a specific point in the future. You can book a forward anywhere up to 12 months (depending on currency) and for any volume of currency over £10,000. There are a number of ways you can utilise our forward facilities:
1. Time Option
A ‘time option’ forward contract allows the client to ‘drawdown’ currency purchased at any time in the final three months of the contract. This can be used as a method to efficiently hedge for weeks or even months in advance. A very efficient way to reduce the risk of being on the wrong side of market movement. Any market movement will not affect your locked in exchange rate.
2. Closed Contract
Unlike the time option, you can only utilise the currency purchased on the maturity date of the contract. The settlement of this forward will not alter from the pre agreed maturity date.
With the currency markets trading 24 hours a day, 6 days a week, it just isn’t possible to know what is happening at all times. However, with FX Squared Ltd, access to the latest software allows you to achieve a target price when the market hits. This method of purchase is great for making the most from the markets outside of typical trading hours. When the target price fills, you can settle the deal as a spot/time option/closed contract.
Making Your Payment
We send wire transfers using the globally recognised SWIFT payment system, faster banking with bank to bank transfers and ‘TT’ Transfers. Whatever the method, we make it a simple and fast process for you.
Wire Transfers are the most common method of transferring funds between accounts. Also known as ‘TT’ or telegraphic transfers, they can credit the recipient bank on the same day as they are released.
SWIFT (Society for Worldwide Interbank Financial Telecommunications)
SWIFT payments are a globally recognised method of money transfer. Seen as the safest way to make an International payment, the recipient can receive a guarantee that funds will be received as per the transaction agreed. At any point during the transaction, if a ‘SWIFT Confirmation’ is requested, it is possible to see where in the banking system funds are.
This is the UK’s first new payments service in the last 20 years, allowing the transfer of funds almost as fast as the click of a button. Only GBP payments can be sent as part of the Fast Payments Service.
Click here to see a complete list of currencies you can deal with (PDF 188KB)
FX Squared Ltd will cover all costs from the sender’s side. We cannot guarantee that receiving banks will not apply their own charge upon receipt of funds.