This enables the Client to lock in the exact amount of pounds to be paid in the future regardless of fluctuations which occur in the meantime.

Forward contracts with Raphaels Bank should be set up for delivery either on a specific date, or over a window period, normally of 30 days. In this instance, all funds need to be purchased by the end of the window, although during the window as many payments can be instructed as are needed, with settlement due immediately for each individual payment.

An interim deposit is normally taken on forward contracts.

To find out more about foreign currency forward contracts please contact the sales team on 0800 587 8722.