Occasions may arise where you need your currency straightaway. This could be because you are about to complete on a property or because you want to take advantage of a favourable exchange rate. In most cases we can convert your money immediately and arrange the onward transfer of your chosen currency on the settlement date - normally just two business days after you place your order. The technical name for this type of instruction is Spot and is simply the quickest way of exchanging one currency for another. A one per cent deposit will be required when you place your order.
For example, you have decided to buy a property in France and need to pay €150,000 to the developer as soon as possible to complete the purchase.
After opening an account you discuss your requirements with a MSN foreign exchange specialist. You decide to carry out a Spot transaction and are quoted a rate of €1.2450 to the Pound. After paying your deposit of 1% you accept the quoted rate and the deal is confirmed there and then over the telephone. We immediately send you a contract note giving you full details of your transaction including the amount you owe in Sterling. In this example you would need to pay £120,481.93 within 24 hours of placing your order. It is essential that your payment is made on time so that in most cases we can transfer the €150,000 to you typically just two business days after you placed the order.
Please note: The exchange rates and dates used in the examples are for illustration purposes only.
