Foreign exchange
Our relationship managers will give you all the assistance you need to make and receive international payments, and to manage currency risk.
Foreign exchange spot contracts
A Spot contract converts the money you need to pay your foreign trading partner, at an agreed exchange rate, two business days before the transaction takes place.
A Forward contract is a commitment to convert a certain amount of currency for another on an agreed date in the future at a rate of exchange fixed at the time of making the agreement (contract). Having a Forward contract eliminates the risk of future currency fluctuation between the trade date and the forward value date.
Please note that we offer forward exchange contracts only for commercial and trading purposes, and not for investment purposes.
Currency accounts and overdrafts
If you regularly accept payment from customers in a foreign currency, or reimburse suppliers in their local currency, it may help your business to open a Business Current Account in a foreign currency.
Operating a foreign currency Business Current Account means you can:
- Manage international payments and receipts cost-effectively
- Avoid the cost of converting foreign currency cashflows into sterling
- Manage foreign exchange risk
- Tender and invoice in your customers’ currencies.
We offer business current accounts in Euros and US dollars. These accounts operate in the same way as our sterling account.
For more information on all our services, please call 0845 850 5555 from 9.00am to 5.00pm Monday to Friday and 9.30am to 12.30pm Saturdays. Calls may be recorded for monitoring and training.