With access to alternative solutions to banks and traditional bureaus de change, our team can provide spot conversions and forward contracts to minimise exchange rate fluctuation risks.
What is FX
FX or foreign exchange (Forex) is the process of exchanging one currency for another.
For example, swapping the U.S. dollar for the Euro, or Euro to GBP. If you want to exchange Euro for US Dollars, this would be referred to as a currency pair. As Euro is the currency you are exchanging, it is called the base currency. The US Dollar is the currency you are exchanging for and is known as the quote currency.
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Who needs FX services?
Businesses who either import or export goods and services around the world will need FX transaction services. For example,
Businesses may need to exchange money in order to pay international suppliers. Or they need to convert the money they received from a foreign buyer into their native currency.
If businesses are regularly exchanging currency for this reason they may choose to make use of Forex futures contracts.
Forex futures are exchange-traded currency derivative contracts obligating the buyer and seller to transact at a set price and predetermined time. This can reduce exposure to the risk created by currency fluctuations, and speculation.