Standard foreign exchange services
Whatever your institution’s payments needs are, Travelex offers a number of choices to meet your requirements.
Our products include:
Draft – For non-urgent, low-value payments:
A draft is a foreign currency cheque issued on a foreign bank account directly to or from your address, or to or from the final beneficiary.
Wire – For urgent, high-value payments:
A wire is an electronic transfer, sent straight to your beneficiary’s bank account in the chosen currency.
Spot Payments – For immediate order and payment:
A spot deal is a booked transaction which uses the prevailing exchange rate of the day. A Travelex dealer quotes online or over the telephone and your transaction’s done immediately.
Forwards Contracts – For immediate order and later payment:
A forward contract is an agreement to buy or sell an amount of foreign currency at the day’s prevailing rate, for payment up to one year in the future. There are two types of forward contract: fixed and open. A fixed forward is useful if a payment has to be settled on a particular date or if there’s a balance-sheet hedge (where the risks are reduced of translating balance-sheet assets and liabilities into foreign currencies). An open forward can be used if a series of payments in the same currency are planned over the course of a year.
