What kind of global transfer deals does Velocity Trade support?
Spot – where you buy a foreign currency at a rate being offered now, for immediate transfer. You then have up to two days to settle (pay the full amount) at this rate. Once cleared funds are received, the transfer process will be initiated. Forward – where you buy foreign currency at a rate offered now, but to be transferred at a later date. In this case you are normally required to make part payment (typically 10%) within two days, and then pay the remainder at the time of transfer. However, if there is an adverse movement in the value of your outstanding forward contract, your pre-payment or deposit may need ‘topping up’ before the transfer date. We will contact you in this event, if you have any further questions please contact us.
