Forward contracts

A forward contract allows you to lock in an exchange rate for the purchase or sale of a currency on a future date

What is a Forward?

Forwards are payments which are due to settle three working days or more into the future. Forwards allow you to lock in an exchange rate for an obligation (such as a salary transfer or supplier invoice) or receivable of a known amount at a future date.

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How does it work?

The default payment settlement date on the Money Mover platform is SPOT, which means that we need to have received settlement funds for your payments no later than 2 business days after you instruct your payment. We then send the payment to your recipient in accordance with the confirmation. By selecting any date later than this (3 business days or more from the current date) you are instructing a forward payment.

How much do I need to deposit for a forward payment?

When you execute a forward payment you will be required to pay a deposit. The amount of deposit will be based on the sell currency amount and length of time until the forward transaction settles, and will be calculated as follows:

Length of forward       Deposit amount
Between 1 week and 3 months  Deposit of 3% of Sell currency amount
Between 4 and 6 months     Deposit of 5% of Sell currency amount
Between 6 and 12 months Deposit of 10% of Sell currency amount

 As with everything we do at Money Mover, we want to give you the information you need to make an informed decision. Therefore we'll tell you on the 'Approve' part of the 'Make a payment' process if you need to pay a deposit, how much it is, and when we need to receive it. 

Additional deposit 

Please be aware that all the forward payments that you have made which are yet to settle will be valued ('marked to market') on a daily basis. We do this to assess the value of the payment against the prevailing, market exchange rate. If the value of your payment based on the market exchange rate, plus the value of your initial deposit, becomes close to zero, we may come back to you for an additional deposit to cover the risk of your not settling the payment, and our having to buy back the required amount of currency in the market.

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