Foreign exchange FAQs

Yes. Once you and your account manager have determined your foreign exchange needs, you can determine a target rate. Your account manager will notify you, or even book your trade as soon the market reaches the desired level, even if it’s outside of business hours.

Subject to certain conditions, you can lock in a rate today for use up to one year from now. Your account manager will work with you to determine market trends, and how they fit with your needs to determine what length forward contract is right for you.

You can obtain exchange rates from your account manager. When you receive a quote online, you can book your order at that exchange rate. As exchange rates can change second by second, it is only locked in when your transaction is booked. You will receive a confirmation via email.

The currency exchange rate fluctuates due to a range of global economic and political factors. The exchange rate you receive is based not only on the current exchange rate but also:

• The amount transacted
• The currency purchased

Foreign exchange markets do not operate between the hours of 5pm Eastern on Friday and 3pm Eastern on Sunday. If you use the online platform between those times, the rate will be fixed at the point the market closes, but while the market is operational, the rate you receive will be tracked against live exchange rates. The costs don’t change however you pay for the transfer; you receive the same rate whether you pay by ACH debit or pre-fund your account by bank transfer.

We offer a full range of foreign exchange services, including spot contracts, forward contracts. Hedging tools such as stop loss and market orders are also available.

Once we understand your specific business needs we can provide you with an exact cost. The type of costs may include deposits (for booking forward contracts), or being subject to a margin call if the market moves against you.

For more information about costs and how they work, please call us on: 800 239 2389