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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 client.

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 clear

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 on +44 (0)20 8464 5888