A spot contract is the most basic of all foreign exchange products available. It involves the purchasing or selling of currency for immediate settlement on the spot date. The trade is done at the current rate at the time you wish to make it and is often based on the urgency of your requirements. This means that you are dependent on the currency market exchange rate at that time and on the day the spot transaction needs to be made. Spot contracts can be thought of as a ‘buy now, pay now’ arrangement and are particularly useful if you need to make an immediate or urgent international payment.

As with any financial product, there are pros and cons to spot contracts and whether or not you decide to go ahead with this particular product should depend on your exact requirements. As mentioned above, if you need to make an international payment in an extremely short space of time, then spot contracts are particularly useful, as you can deliver the funds to a beneficiary in a timely fashion.

However, using spot contracts without leveraging your exposure with other financial products can be a high-risk strategy. Given how volatile the currency markets can be from one day to the next, it is important to think about the bigger picture. Let’s imagine, for example, that you decide to place an order for goods from the US that requires payment in three months’ time.

If you use a spot contract to settle that particular invoice, then you are putting yourself at the mercy of the currency gods (who do not always smile kindly). The rate at which you settle the spot contract could significantly change in the three months, meaning that the price you paid for the goods is substantially higher than it would otherwise have been. Of course, the markets might move in your favour in three months’ time but, as there is no way of knowing, it is worth considering alternative financial products if you do not need to make immediate payment.


Easy as 1 2 3
  • 1. Signup

    Complete the online application form and provide the required documents.

  • 2. Request transfer

    Request your transfer to be made either over the telephone, online or using our mobile app.

  • 3. Fund account

    Make a transfer to our FCA authorised partner bank account to fund your currency transfer.


Everything You Need

Faster Payments

We can have your international payments sent and received on the same working day in 40 countries. Up to 3 days for rest of world.

140+ Currencies

With over 140 currencies available, the world is your oyster giving you global border-less access with some of the best exchange rates available.

24/7 Access

Make transfers, schedule payments, view account history and much more using our secure mobile App or website 24/7. Otherwise, give us a call.

Dedicated Manager

We’ll assign you with a dedicated manager who will be your single point of contact and will always give your business a priority service.

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When its not a rush

Forward Contracts

With transactions involving a future payment, or series of payments over time, a Forward Contract will protect you from adverse market movements throughout your transaction. You can fix an exchange rate for up to two years in advance, with the option to draw on the funds at any time.

Risk Management

Our tailored foreign exchange services allow you to manage currency exposures with a dedicated financial expert, using a bespoke strategy that will protect your margins and deliver certainty. By evaluating your business we’ll identify key risks and identify key solutions that will keep you ahead.

Limit Orders

If you have the time to wait for favourable market movements, you can choose to place a Market Order. To do this, you simply nominate your target exchange rate and then we’ll monitor the market’s movements and only execute the trade for you once your desired rate has been reached.


A Stop-Loss Order acts as a safety net mechanism, by allowing you to nominate a lower exchange rate that will minimise (“stop”) your losses in the event of a sudden fall in market value. You can simply instruct your ibanex account manager to buy or sell at the level you need protected.