Foreign exchange and live rates
Take a look at live market exchange rates and follow the latest FX news.
What’s foreign exchange?
The United Nations recognises around 180 different currencies that can be used to buy and sell goods and services around the world. Exchanging one currency for another so as to buy, sell or settle debts in a foreign country is perhaps the simplest definition of foreign exchange.
Foreign exchange markets can move quickly and unpredictably. Speaking to a WorldFirst account manager could provide you with more flexibility and a better understanding as to when to make an exchange or purchase.
What’s the interbank rate?
The interbank rate is the rate at which one bank may be prepared to sell one currency to another bank in exchange for a different currency. This rate is much like a wholesale rate and isn’t available to the general public unless they’re exchanging an amount of more than £50m.
The banks make money like any wholesaler in any other industry – they buy at one rate and sell it on at another and the difference in between is known as a ‘spread’.
Products and services from WorldFirst
A forward contract is a hedging product that allows you to secure an exchange rate over a set period of time on a predetermined volume of currency.
A spot contract is one that must be settled within two working days of the ‘trade’, or payment.
If you’ve got a target exchange rate in mind, we’ll watch the markets for you. When the rate hits the level you want, we’ll act immediately.
Frequently asked questions
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