Currency services from Hermex
There are almost 100 currencies that are regularly traded as part of the global economy. Whether you’re buying a holiday home abroad or emigrating to the other side of the world we’ll convert the currencies concerned at a competitive rate, keeping more of your money in your back pocket.
A Spot Transaction in Foreign Exchange is a purchase or sale of a foreign currency in the Spot Market at the Spot Rate for immediate delivery or delivery “on the spot”, as opposed to a date in the future. A Spot Transaction in foreign currencies is typically transacted with a two day value date.
For many of our private clients this form of trade is ideal. They may be moving abroad and want to know exactly what the net result of the currency conversion will be, and they know that the resulting funds will be credited to their accounts almost immediately.
A Forward Transaction is an agreement between two parties to exchange two currencies at a given exchange rate at some point in the future, usually 30, 60 or 90 days.
Sometimes it can be advantageous to trade forward. Perhaps you are buying an overseas property and completing in a couple of months. You want to know exactly what you will be paying, in your home currency.
Buying the destination currency at today’s rate, even if you don’t need to remit that currency for some time, reassures you that whatever way the exchange rate moves, you will pay exactly what was originally calculated. Hermex are experts on constructing and executing forward trades.
A Limit Order allows clients to buy or sell one currency for another currency at a target rate that is better than the current market rate.
Perhaps as an individual you hold a currency that you want to convert, but you only want to convert it when the exchange rate reaches a certain level. Place a Limit Order – to buy or sell – with Hermex, and we’ll only execute your transaction when your exchange rate limit is reached.