Your personal consultant will discuss and study your currency requirements, quote an exchange rate for you and advise you on the amount of foreign currency you will receive.
Once you have accepted the quote, the exchange rate is guaranteed and will not change. The foreign currency you have requested is officially booked for you.
A Trade Note will be automatically emailed to you confirming the exact details of the trade booked, including the currency you have purchased and the rate agreed.
This is used by clients (import & export) who need to fix their exchange rate when purchasing goods in the future so that their re-sell prices can be stabilised. A forward contract can only be fixed for 1 year in advance and requires a deposit of up to 10% with the balance payable upon maturity.