Spot FX/Spot Transaction
Spot FX or sometimes called a spot transaction, refers to the simultaneous buying and selling of one currency against another, usually for settlement within two business days. Rutland FX can provide same day Spot FX on a large basket of currencies. You can find a full list of our currency capabilities here.
How Long Does It Take?
Once you have settled for a Spot FX trade it will in most cases be sent via the SWIFT network. This means that payments to Europe will arrive the same day. You can find a list of our payment cut off times and respective currencies here.
Are there any alternatives?
Spot FX accounts for the majority of daily global FX volume and is most suitable for immediate delivery of currency. If you are not looking for immediate delivery of currency there are alternatives such as FX Forwards, FX Options, Non-Deliverable Forwards and FX Swaps however they are more frequently used as hedging tools. (Rutland FX can currently offer you FX Forwards but not the other mentioned alternitives) This market is generally reserved for use by medium to large corporations hedging their overseas exposure, or also by importers and exporters that don’t want to trade a particular currency pair at the current time, however will still have to pay their counterpart in another country at some point in the future.