Spot Contracts - Transfer money overseas quickly
ServicesA Spot Contract allows you to make a single currency transfer, ‘on the spot’, at today’s exchange rate. This will be the right service for those who need to make a payment today, or within the next 48 hours.
Key benefits of Spot Currency Transfers
Immediate settlement
With a Spot Contract, once your funds are received, they’re exchanged straight away and transferred to your recipient – often within hours.
Real-time exchange rate
You’ll lock in the live market rate at the time of trade, ensuring transparency and clarity on exactly how much you’ll receive.
Lower risk of exchange rate fluctuations
By acting immediately, you avoid the uncertainty of future market movements – a smart choice when timing is critical.
Used for urgent transactions
Spot Contracts are ideal when you need to transfer funds quickly, whether completing a property purchase or making a one-off payment abroad.
Discuss your transfer with one of our dedicated account managers. If you decide that a Spot Contract is right for you, they will secure the funds for you immediately.
Real life scenario
How a Spot Contract can help
Unexpected costs can arise when exchange rates move between planning and payment – especially during large overseas transfers. Here’s how a Spot Contract could have protected one couple renovating their home in France.
Plans start to take shape
David and Fiona planned renovations on their French home, agreeing to pay €60,000.
Good initial exchange rate
In early April, the rate was 1.17 – meaning their payment would have cost £51,282 if sent right away.
Delaying payment leads to loss
They waited to finalise. By late April, the rate dropped to 1.13, increasing costs to £53,097.
Spot Contract avoids surprise
By transferring at the right time, they could have avoided paying £1,815 more.
Our team are available Monday to Friday, 8:30am to 6pm
Testimonials
Join thousands of satisfied customers
Having been trusted by over 50,000 customers to safely transfer their money abroad, we’ve gathered thousands of real customer reviews. See what our customers have to say on independent reviews website, Trustpilot.
Rated Excellent for Currency Exchange & Money Transfers
“Excellent service, great exchange rate so close to market spot value. Very impressed will use again.”
Raymond Ings View all testimonialsRated Excellent for Currency Exchange & Money Transfers
“We have used Smart Currency twice and both times the funds went through fast and straight forward. Rates were competitive, the service was professional and the transfer system is easy to use.”
Mr Broughton View all testimonialsContact us today
Enquire about a Spot Contract
Let us know a little more about your upcoming currency exchange needs, and one of our UK-based currency experts will be in touch.
Secure, quick and efficient transfers. Authorised by the FCA.
Access a dedicated account manager
Secure, quick and efficient transfers. Authorised by the FCA.
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Stay Informed
Latest currency exchange articles and insights
Read the latest articles, insights and market updates from our expert team to stay informed and make confident decisions when arranging an international payment.
Live Exchange Rates
Check and keep track of currency movements, view charts and learn what affects exchange rates.
Expert insights and articles
Explore our latest articles to stay informed and make smarter financial decisions. Written by currency experts.
Essential guides
Free guides, written by experts, covering key aspects of international transfers and overseas property.
Spot Currency FAQs
What is a Spot Contract?
A Spot Contract, sometimes referred to simply as a spot exchange or FX spot, is a type of bank-to-bank transfer where money is sent immediately or “on the spot”. A spot contract takes advantage of the exchange rate at the time of transfer and is sent to the recipient bank account as quickly as possible.
Are there any fees involved with spot currency transfers?
Smart Currency Exchange does not charge hidden fees or commissions on Spot Contracts. Your dedicated account manager will secure a competitive exchange rate for your transfer, and the amount you agree is the amount your recipient receives. It’s a fast, secure way to send money abroad without surprise charges.
How long does it take to transfer funds?
Spot transfers are designed for speed. Once your exchange rate is locked in and your cleared funds are received into Smart Currency Exchange’s client account, your payment is made immediately – usually clearing on the same day or within two working days, depending on your bank and destination country.
What is the difference between a spot and swap transaction?
A Spot Contract is a one-off currency exchange using the current rate, typically settled within 48 hours. It’s ideal for urgent or immediate payments.
A Swap transaction, on the other hand, involves two linked currency exchanges: one at the spot rate, and one at a future date, usually to manage timing mismatches or hedge risk. Swaps are typically used by financial institutions and sophisticated investors – not individual customers making a single overseas payment.
What is the spot conversion of currency?
The spot conversion refers to the exchange of one currency for another at the current market rate – known as the spot rate – with settlement typically occurring within two working days. With Smart Currency Exchange, a Spot Contract lets you secure this rate and make your international payment quickly, often on the same day.
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