City Forex has been part of the Equals Group since 2018, and will soon be called Equals Money. Find out more  

International Payments

Types of trade

1. Spot contract

Spot trading is the most common way of trading with us.  It is simple and quick – you are quoted an exchange rate and have two days to send us the funds.  As soon as we have cleared funds, we’ll forward the currency to the beneficiary account.

2. Forward contract

Forward contracts can help protect you against market volatility. You can set the exchange rate today for a transaction, or series of transactions, that may take place up to one year in the future, allowing you to fix the exact value of the currency to be paid/received, regardless of market fluctuations.

You generally secure the forward contract with a deposit, known as a margin.  The margin depends on the currency and the length of the forward, and is generally a % of the total value of your transaction. 

3. Window Forward

This term denotes a forward contract where the settlement date is not predetermined but is between two agreed dates in the future. Such contracts are beneficial to clients who wish to secure an exchange rate to meet a commitment but where the date of that commitment is flexible. When the settlement date is known the contract can be settled any time within the window. If the settlement becomes due after the further date, a contract can be extended though this may result in an alteration to the exchange rate. A deposit or margin from the customer is again required.

4. Limit order

A limit order specifies an exchange rate that you would like to achieve. Your currency will automatically be purchased if the exchange rate exceeds this level. Our clients use this type of contract for many reasons, and it is a neat way of automatically taking advantage of the continual currency fluctuations. 

5. Stop loss order

With a stop loss order, we are instructed to buy if the exchange rate moves lower than a pre-determined level.  Many clients combine a limit and stop loss order, thereby holding out for a favourable rate while simultaneously protecting against a sudden fall in the rates.

6. FX Swaps

FX Swaps, which are basiscally a Spot contract mirrored by a Forward, are used for hedging. This is put in place where a customer covers its FX exposure to underlying assets / liabilities in non-reporting currencies. We give clients a simple service at their monthly/quarterly/annual reporting dates - providing net settlement figures based on their new hedge requirements and closing rates. It is a cost effective tool and the 'spread' cost is lower than booking separate exchange transactions.

Travel Currency

Commission free foreign currency
banknotes and travellers cheques
at the best rates of exchange.

Exchange Rates

Contact Us

Please call / email our
friendly team, who will
be delighted to help
+44 (0) 207 621 0090

Contact Details