Spot Contracts.

Spot Contracts allow companies to lock in an exchange rate for foreign payments within two business days. You can initiate a transaction right away from your account on our web platform, or you can speak with your specialized corporate currency specialist.

The rate at which a foreign exchange ‘pair,' such as GBP/USD or GBP/EUR, can be converted for prompt settlement is known as a ‘spot' rate. The ‘interbank rate,' also known as the wholesale rate, is the price at which large financial institutions purchase and sell currencies with one another. Everyone else, including individuals and SMEs, must change currency through a bank or an FX broker.

Banks and brokers both impose a "spread" (additional fee) on top of the interbank rate. They also charge for the payment's transmission, causing your bank account to be debited twice.

We help SMEs and individuals make international money transfers at WorldwiseFX by:

• providing extremely minimal costs that you won't find from a bank
• openly displaying both the interbank and our own rates (which includes our fee)
• providing you with a price for your foreign currency transfer, which you must accept or reject within 20 seconds (as the exchange rate is in real-time and can quickly change)
• allowing you to obtain a quote either online or by calling our dealing desk
• being transparent and specific about the costs of currency transfer services
• requiring that no payment be made in advance for ‘spot' rate transactions