What is a spot deal?
A spot deal is simply locking in a market rate for an international money transfer which will be made later - nearly always within two days. This allows you to know what exchange rate your transfer will be subject to. Because of market rate fluctuations, locking in an exchange rate can sometimes result in substantial savings, particularly with larger transfers.
A spot deal is a binding agreement to deliver funds in one currency, for transfer to another country at the quoted and agreed upon exchange rate (spot exchange rate) by a set date (the spot date).
Determining the spot exchange rate
You request the spot exchange rate between the countries of origin and destination in particular currencies, and if you find the quoted exchange rate to your liking, you execute the spot deal immediately. You then have two days in which to deliver the agreed upon funds, at which time, the transfer is made to the destination at the spot exchange rate cited in your spot deal.
What are the advantages of a spot deal?
Why choose Travelex International Payments for your spot deal?
If you anticipate having to make an international transfer of funds, you can register now and make a spot deal today. If you still have questions on our spot deals or would like information on any of our other services, you can contact a customer service specialist 24 hours per day, Monday through Friday.
Register now to make a spot deal and take advantage of Travelex International Payments’ great rates.
Contact us to speak to our customer service team 24 hours a day Monday – Friday and find out more about spot rates and our many other services.
Travelex International Payments service is provided by USForex
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