Types of Money Transfer

 

Spot Transfer

Need to transfer money now? 'Spot' transactions are ideal if you need to make an international money transfer in a hurry: lock-in the current exchange rate, confirm the transaction and your money is on its way.

Our customers use spot transfers for a number of reasons, including sending money to family and friends, paying overseas bills, overseas purchases, paying for holiday accommodation, pension transfers.... The list goes on!

Recurring Payments

If you send money to the same place regularly, it's important that the transfers are easy, time efficient and are made at a good rate of exchange. Our Regular Payments' plan is perfect for those that have monthly transfers to make:

  • Overseas mortgage payments
  • Transfer pension abroad
  • Foreign salary transfers
  • Overseas school fees
  • Debt repayments
  • Savings repatriation

With Regular Payments Plan, you don't have to worry about your transactions every month. Simply set up a transfer plan that suits your needs and leave the rest to us!

How it works?

When you wish to start a plan one of our dealers will offer you a quote and a payment plan according to your individual needs

Once you accept the quote, you pay the first instalment and a deposit in the amount of one instalment

We will then transfer the agreed amount to your beneficiary account

You can set up Direct Debit or make regular electronic funds transfers to us in order to ensure regular payments

As soon as we have received your payments, we will in turn pay out to your beneficiary account as agreed in the payment plan.

Forward Contract

Planning to make a foreign exchange transfer in the future? Fix the rate for the transfer you want to make on a set date in the future with a Forward Contract, so you don't have to worry about changes in the currency markets. 

This is a great tool for businesses, utilising forward contracts we can secure a rate for you up to two years before you need to send or receive currency, allowing you to hedge against adverse currency movements or to plan a for a purchase with a completion date in the furture do that you can lock in an exchange rate today and benefit from it in the future.

A Forward Exchange Contract (FEC) or simply a 'forward' is a contract between Equitrade FX and yourself to buy one currency in exchange for another at a specified future time at a price agreed upon today. This is different to a spot contract, which is an agreement to buy or sell today. Put simply, it's an opportunity to 'buy now and pay later' allowing you to manage your cash flow, budget effectively and focus on enjoying life rather than worrying about daily FX movements.

How it works

  • The forward rate is calculated by adjusting the current market rate (the spot rate) for "forward points", which take into account the difference in interest rates between the two currencies and the time to maturity. 
  • The forward points are based on a formula which is standard industry practice; this is not an extra margin charged by Equitrade FX 
  • You do not have to pay the full amount owing on the forward exchnage contract until the maturity date. 
  • A deposit is required at the commencement of the transaction and/or at a later stage prior to the maturity date.

Happy to wait for the exchange rate to improve? As foreign exchange markets are open 24 hours, you may miss out on the best rates if they a reached while you are not watching. A limit order lets you buy or sell one currency for another currency at a target rate that is better than the current market rate. Ideal for staying on top of the market even when you are sleeping.

If you know the rate you would prefer to exchange at, and have the luxury of time, set a limit order. Once your desired rate is achieved the order will automatically fill. You may wish to couple this with a stop loss however, as exchange rates may move unfavourably.

Limit orders can be left with any of our dealers. If the exchange rate nominated is triggered overnight, you will be notified and asked to provide beneficiary details and organise payment to Equitrade FX.

How it works

  • You will be notified by phone and/or email if an order has been triggered (orders that are triggered overnight are legally binding)
  • When leaving a limit order with us, you will instruct us of the currency to sell, the amount to sell and the desired exchange rate. 
  • You also need to tell us for how long the order is valid (between 2 and 365 days in the future).
  • Both Business and private clients can leave orders. 
  • The amount needs to be greater than [GBP5,000]

 

Limit Order

If you would prefer to wait for a better exchange rate, but want the assurance that an adverse market move won’t expose you to limitless risk, you can set a stop loss. The stop loss acts as a safety net, allowing you to set a lower exchange rate at which the currency will automatically be converted.

Stop Loss Order

Do you want to speculate on the Foreign Exchange Market or use Forex Trading as a Hedging tool for your investments? At Equitrade FX we are in a unique position to be able to also deliver Forex Trading services through our holding Company Equitrade FX Ltd in order to deal with all of your Forex needs under one roof www.equitradecapital.co.uk/Forex. Please note that the services offered by Equitrade Capital Ltd include products that involve risk to your capital and if traded on margin carry a risk of losses in excess of your deposited funds. The products may not be suitable for all investors. Please ensure that you fully understand the risks involved.

Hedging/
Speculation