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Payment Reasons > Forward Contract

A ‘Forward’ allows you to reserve a currency exchange rate today, yet not have to pay for it or send the money until an agreed date in the future. 

Let's look at an example:

Mr and Mrs Hill moved to Cyprus during the end of 2007. As 2008 reared its head, the couple contacted Smart Currency, explained that their joint pensions came to £2,450 and wanted to know how they could make sure that the amount they receive each month didn’t decrease due to changing exchange rates.

After talking with us, the Hill’s decided to buy a ‘Forward Contract,’ for a full year. This means that they fixed a set exchange rate for the course of the year. They set up an automated standing order system that allowed their pension to be sent to our bank in the UK on a monthly basis. Once the money arrived at our bank, it would be exchanged from sterling to euros at a rate of 1.33 every month for the full year. In January, they received €3,258.50 in their Cyprus bank account and continued to receive the same amount every month for the full year. To set up this facility, the Hill’s simply had to open an account with us and pay a small administration fee for the regular payment system. 

If the Hills decided against fixing a currency exchange rate, their monthly amount would have decreased along with the weakening sterling rate and by December 2008 the Hills would have received monthly payments at an amount 21% lower - from €3,258.50 down to €2,574.21! Banks often fail to offer, or even mention the alternative of fixing a currency exchange rate for use in the future yet it’s such a valuable tool. The option of buying a ‘Forward Contract’ gives you peace of mind that your pension payments won’t decrease in value.

To discuss the Forward Contract option call on our free phone number 0808 163 0102 (free phone) or Apply Online.

Client Feedback

"I have been transferring money to Spain through my bank for 4 years and was changing because of the high cost. I was rather nervous using a system I didn’t know anything about. I found the advisors easy to talk to, extremely helpful and there was no sales pressure. I am now going to set up a monthly standing order. Janet Rand " more testimonials

"Recent transaction was completed very efficiently. The process was well explained, all questions answered with confidence. The process was very simple to follow with excellent feedback throughout the process. Plus a great rate of exchange was provided. I will definitely use the service again. John Derek Thompson" more testimonials

How will Smart help you to save money and avoid risks with 'Forward Contracts'? By:


  • Providing better-than-bank exchange rates
  • Reducing the risk of your international payments from INCREASING
  • Offering a service with no fees*, no commission, no hidden charges (*no fees on amounts over £3,000)
  • Giving you direct access to your dedicated Smart Trader. Unlike most UK international payment specialists, Smart Traders are not paid on commission, thus your trader will be working for you - not their pay-packet
  • Making the whole process fast and effortless - leaving more time for you to spend on other things

Apply online now and get access to your Smart Trader to discuss just how much Smart can save you!

Are you interested in saving money the Smart way?

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Suggested ways to transfer money:

Buy currency at today's rate for a payment soon Exchange and transfer money today at a rate far more competitive than the high street banks
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Set up an 'Order to Buy' If the rate of exchange hits a 'budgeted' rate that you have in mind, your Smart Trader will buy it for you.
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