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.
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.
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