Currency insurance and currency exchange
Guarantee the exchange rate and avoid cost variations.
What forward operations areForward transactions consist of "locking in" the price at which you will buy a currency on a specific date, that is, you guarantee an exchange rate for that day.
They provide flexibilityIf you enter into a forward operation because you are going to make a purchase in dollars (USD) within a month, but the payment ends up being moved up, the exchange rate of the operation is adjusted to the market conditions at the time, but you do not pay a fee for the change.
One variant, American forward
What American forward entailsIn American forward operations, you also set the price that a currency will have in the future, but if you move the date up, the exchange rate is maintained.
When to choose American forwardThe American forward is a good option if you want to set an exchange rate and make sure it will not vary even if you have to move up the settlement date you had chosen.
What a spot transaction isSpot currency transactions are those that are settled between the contract date and two business days later. As in the previous ones, a price is also set.
You can do them on your phoneYou can do your spot currency trades from the online business banking platform, and also from the app.
You can do spot and forward transactions directly from the online banking service for companies.