SPOT Transactions
These are foreign exchange deals transacted for settlement two business days ahead. A deal done on Monday would be for spot value Wednesday; a deal done Friday would be for spot value Tuesday. It is the rate used if a client wishes to buy currency for the fastest possible delivery.
Sterling (GBP) Settlement Options
When completing a SPOT transaction you are required to agree a value date, otherwise known as a settlement date, on which you will pay VFX. The standard settlement time for a spot transaction is 2 working days.
a) Next Day and Standard SPOT
b) SPOT + 1, 2 or 3 Days
- CHAPS payment
- BACS (internet/telephone banking)
- Cheque*
TIP: Depending on your own bank facilities you may have a daily limit of £10,000 for BACS payments. Please check with your bank first. If required, VFX will allow up to 3 extra working days settlement on top of the standard SPOT. This may be required depending on your own payment timescales and method.
*N.B. THIS IS SUBJECT TO CONFIRMATION WITH YOUR BROKER REGARDING YOUR CHOSEN PAYMENT METHOD AND VALUE DATE. THIS MUST BE AGREED BEFORE COMPLETING A TRANSACTION AND NOT AFTER.
SPOT Transactions
Foreign Currency Settlement Options
- TT (telegraphic transfer) Only
TIP: You will need to check with the paying bank or payer on how long payment will take to reach your VFX currency account. If you don't know then you can wait for funds to arrive before completing a transaction. Alternatively you can pre-arrange settlement of up to 5 working days with your broker.