There are 2 types of currency contract:
There are 2 main types of contract:
SPOT CONTRACT: a spot contract
is where currency is purchased for either immediate delivery or two
working days forward
FORWARD CONTRACT: a forward
contract is where you fix the exchange rate now for delivery on a
specific date up to two years forward. In simple terms this means
buy now pay later. To lock yourself into a guaranteed exchange rate,
clients will have to pay a10% deposit of the total value
straightaway (known as a margin deposit) and the balance is payable
3 working days before the value date.
Clients’ money is received into a Client Holding Account at Barclays
Bank PLC (similar to a Solicitor Client Account) the money is held
there in the client’s name. We simply convert the money into the
currency of the client’s choice and transfer the funds to the
account at a specified bank abroad, nominated in writing by the
Electronic bank transfers
These are more commonly known as CHAPS and BACS .although both are
electronic chaps is a same day delivery . .your bank may charge you
for this service.
BACS also electronic takes 3 days but normally there is no charge,
you can also pay by cheque but this will take 5 working days to
You can contact our dealers by phone and discuss your requirements
there and then. Once your instruction has been given and accepted by
our dealer you will have formed a contract between yourself and ICN.
A Contract Note will be issued to you by fax, email or posted.
This will confirm the amount of currency purchased and the exchange
rate achieved. A Telegraphic Transfer Instruction Form will be
included for you to complete so we know where to pay your currency.
These documents need to be signed and returned to us. The contract
Note will also include payment instructions for your bank to forward
the payment to our Client Account. Full payment is required for Spot
Contracts within 48 hours. For Forward Contracts a 10% deposit is
required immediately and the balance received 3 working days before
the Value Date.
What do I do next?
If you wish to talk to a dealer about your requirements, call us
+44 (0)20 8464 5888