Spot contracts explained
A spot contract is the simplest form of international payment. We’ll offer you a rate based on a live market rate (or "spot") and you can choose whether or not to transact then and there.
With a spot contract you can make a payment very quickly; as soon as you’ve agreed your rate and we’ve received cleared funds, we then take care of the rest.
Find out the key benefits of choosing WorldFirst for your spot contracts below.
Book a spot contract with WorldFirst in 3 simple steps
Pricing, often called a margin, is the difference between the rate we buy your currency and the rate we sell it to you.
Most banks and FX providers will not disclose their pricing/margin as it’s hidden in the exchange rate you receive as the customer. Banks can charge as much as 5%, and in many cases a fixed fee is also charged. The true cost of your transfer is the fee plus the margin taken by your provider.
Margins are indicative and determined by transfer volumes. As such, margins are tailored to each business. The ‘Your margin’ field on the currency converter can be adjusted from 0.10% to 0.60% to display a range of customer exchange rates. Learn more about our pricing structure.