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Compare Brokers For Currency Forward Contracts

Currency forwards are very simply a buy now, pay later form of currency transaction. Most decent currency brokers offer this service as standard, so here we highlight some currency forward providers and look at a few things to look out for to make sure you get the best currency forward deal.

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Currency broker OFX have transferred over £78b in currency conversions for 1 million customers around the global. They have a network of 115 global banking patterns, offer over 55 currency pairs, are regulated by over 55 global regulators and offer 24/7 customer service. OFX offer personal and business currency brokerage with zero commission. They offer same-day payments and forwards online or over the phone with 80% of all major currency transfers processed in 24 hours. Sarah Webb OFX Read Sarah Webb Interview Get A Quote

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Currencies Direct

Currencies Direct have helped more than 325,000 customers move money internationally since they were founded in 1996. With them customers can transfer 40+ currencies to 120+ countries. They have more than 20 global offices and employ over 500 currency experts. 24/7 transfers online, over the phone and by app No transfer fees Personal currency expert Spot and forward contracts, limit orders and rate alerts Specialist business transfer services and risk management solutions

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TorFX have been connecting their customers with great exchange rates and no transfer fees since 2004. They’ve won the Moneyfacts Consumer Award for International Money Transfer Provider of the Year five times (2016 – 2020) and have also won the Best Customer Service award four times (2016, 2017, 2019 and 2020). They have a five-star ‘Excellent’ TrustScore on Trustpilot. Dedicated account management The ability to transfer over the phone, online or by app Great exchange rates and hidden fees Tailored transfer services Free market updates Nigel Fox – Managing Director, TorFX

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Linear Int Payments Linear International Payments is a currency broker that cater primarily to large currency transfers and conversions. Personal service and expert advice.
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Ram FX specialise in personal service for corporates, funds, family offices and high net-worth currency brokerage for individuals. Online :
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Assure Hedge

Assure Hedge specialise in online OTC FX Options for hedging Online :
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What are currency forward contracts?

As Brexit continues to batter the currency markets, hedging foreign exchange exposure is now more relevant than ever. There are many ways to protect yourself from adver FX price moves, the most popular of which is to use a currency forward.

How do currency forwards work for you?

Basically, you convert money either online or over the phone as though it was a normal same day conversion. However, as the settlement date will be in the future the pricing will be slightly different. It may be in your favour or against you depending the interest rates of the two currency countries.

So, for example if you want to lock in the current GBPEUR rates for a purchase of 100,000 Euros, you would buy 100,000 Euros, but instead of paying the GBP you only pay 5% as a deposit, then the balance when the trade settles, this could be any point up to a year in advance for most currency forward brokers.

The main advantage of a currency forward is reducing risk

If you are budgeting you can use a currency forward to lock in profits on a foreign transaction or make sure that an upcoming foreign property purchase does not cost you more than the currency exchange rate.

Currency forwards generally shouldn't cost any more in (exchange rate) fees than a normal transaction.

Read our guide to preparing for a large currency transaction here

Missed opportunity is the main disadvantages of currency forwards

If you buy currency early then you miss out on exchange rates potentially moving in your favour. Of course, no on can predict where a price may be in the future so with large foreign exchange transactions it often prudent to err on the side of caution.

What to watch out for when using currency forwards

Live forward exchange rate quotes are not really available online, so the best thing to do it open an account with an online foreign exchange broker and request quotes using their online platform as and when you need them.

Sometimes a countries exchange rates can act in your favour and the more commission-hungry brokers will on occasion not offer this price improvement to customers, instead giving the actual spot price rather than the forward rate.

Where to get a currency forward quote:

To find the best currency forward exchange rates you can compare currency forward quotes here

Watch our video on how currency forwards can be used and the pros and cons of doing currency forward contracts

This interview was recorded on 13th August 2019 with Mark Phips from Linear International Payments


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