What is a spot contract?
Do you need to make an international payment in a hurry?
Spot contracts are used when a customer wants to transfer money overseas quickly. This is the most common way to buy foreign currency. We offer you an exchange rate based on the live market at the time, if you accept the price, then a spot contract is formed and you have two working days to settle your deal.
What are the benefits of doing a spot trade?
A spot contract allows you to secure the current exchange rate straight away so you know upfront exactly what your transfer is going to cost. Its not uncommon for South African banks to take an instruction to purchase currency and then only secure the exchange rate two days later. When this happens, you have no control over the exchange rate you get.
Payments in major currencies such as USD, EUR and GBP can often be processed on the same day if you already have funds available in your account
Can my business agree a
Spot rate online?
Yes absolutely. When you open a free account online we’ll give you access to our easy to use online payment platform where you can book Spot payments and even secure same day currency if you need to make a faster payment. Our online platform allows you to transfer money online from anywhere and take advantage of favourable exchange rates as they become available.
Transfer money online
If you’re investing overseas, emigrating or just need to pay a foreign supplier then we have the perfect payment solution for you. When you open a free account online, you can transfer money to Australia, China or New Zealand at the click of button.
After all, making an international payment should be quick & easy not slow & painful. We also offer some of the best exchange rates available in South Africa, meaning you’ll get more for your money when you make international payments with FX Paymaster.