Spot Contract

open business account
open personal account

Spot Contract:
Current Exchange Rate

A spot contract is one of the most common foreign exchange products used to sell one currency and buy another. Whether you are an individual purchasing a property overseas, or a business looking to close a deal or buy goods, this is a product that you can use to help buy or sell currency for immediate settlement on the spot date.

A spot rate is the live market rate between two currencies. When the rate is secure, the transaction generally settles within T+2, which means transaction date plus two working days, although with the speed of bank to bank payments being almost instantaneous these days, a spot contract would usually settle the same day or next day. What this means is that you are reliant on the current market rate at the time the transaction is due to take place.

Spot Contract

Process:
Spot Contract

Speak to a specialist at NewbridgeFX to receive a Spot Rate and book your transfer. 

Secure an exchange rate

Once your account is setup, tell us who to pay and in what currency and we’ll quote you a rate. You can access rates either online or by phone.

Transfer your money to a holding account

When you’ve agreed an exchange rate, we’ll ask you to send us the money by bank transfer to our bank account.

Payment Completion

Once we’ve received your funds, we’ll send your onward payment. Depending on the currency and the destination, payments can arrive on the same day.

Register an account
business account
personal account

Case Study:
Spot Contract

Example of when a spot contract is used

A spot contract is useful when you need to make an immediate international payment. Once you have agreed to, and secured the exchange rate, you make payment in the currency that you sold. Once your payment is received, the currency you purchased will be sent to your nominated beneficiary bank account. A spot contract is useful when you need to make an immediate international payment.

Once you have agreed to, and secured the exchange rate, you make payment in the currency that you sold. Once your payment is received, the currency you purchased will be sent to your nominated beneficiary bank account. A Spot Deal is an immediate transfer of funds and can be useful to:

  • Send funds to suppliers for good and services
  • Business payments, such as invoices for
  • Importers/Exporters
  • Overseas investments
  • Purchasing a property overseas
  • Emigrating
  • Sending funds to friends/relatives

FAQ:
Spot Contract

Products:
Manage Risk

NewbridgeFX offers a specialist service in the deliverable foreign exchange market, promoting a range of products and services, available online or over the phone. Our products have been designed to meet the needs of our clients. A lot of these products are ways for businesses, and individuals, to manage and mitigate currency risk, and are used frequently during times of increased volatility. Alongside up to date foreign exchange related market news, which works in tandem with our range of products. 

Spot Contract

Lock in an exchange rate for immediate onward settlement. Funds can be received the same day.

Forward Contract

Lock in an exchange rate today, but for settlement at a later date that suits you, up to 12 months in the future.

Market Order

We monitor the markets real time and take action to trade between currencies when your desired rate is achieved.

Rate Alerts

Set an alert for phone or email notification when an exchange rate has be achieved to take advantage at the best time.

Benefits:
NewbridgeFX

collection accounts

Multi-Currency Account In Your Company Name

Receive funds from your customers in to your own named collection account, using one account number for all currencies, or a local in-country account number still in your company name.

multiple beneficieries

Create And Manage All Your Beneficiaries

Add and manage your beneficiaries, perform bank account validation & verification checks as you enter your beneficiary details & bulk upload multiple beneficiaries via a CSV file.

fast

Make Fast & Secure Payments To Over 200 Countries

Real time Swift and local payments are settled the same day, within minutes of processing (currency/country dependant), and payment tracking capabilities allow you to keep updated on the payment status.

multi currency

Multi-Currency Balances

Hold multiple currencies and access balance information in supported currencies. Receive, convert, send and move money between your multi-currency accounts without making payments.

convert

Convert Over 100 Currencies, 24/7, Using Multiple Devices

We provide informative, up to date market news, including updates on currency movements, upcoming economic events and announcements that impact the foreign exchange market.

market order icon

Real-time Reporting And Tracking

View and track all conversions, payments and incoming funds using our online platform, and receive email notifications when funds have been received, conversions processed and payments released.

NewbridgeFX
Get a Quote
close slider

Contact NewbridgeFX

Please use the form below to contact NewbridgeFX and a member of the team will be in touch shortly