Pricing and How Quotes Work
We want you to understand exactly how you pay for foreign exchange before you book a trade. Here is how our quotes are built.
Rate confirmation
Your dealer quotes a rate for a specific amount, currency pair and settlement date. Once you accept, that rate is confirmed in writing and does not change for that trade.
The dealing margin is embedded in the rate
Like banks and most FX providers, we are paid through a margin built into the exchange rate we quote, rather than a separate commission. We aim for competitive pricing, and you can always ask for a live comparison against your current provider.
Other fees that may apply
- Outgoing wire or payment fees, which your dealer will state before you book.
- Intermediary (correspondent) bank fees on some international routes.
- Fees charged by the recipient bank, which are outside our control.
Forward pricing basics
A forward rate is the spot rate adjusted by forward points, which mainly reflect interest rate differences between the two currencies over the contract term. A deposit may be required. See our forward contracts guide for more detail.
What affects your quote
- Currency pair and liquidity.
- Transaction size and frequency.
- Settlement date and cut-off times.
- Market volatility at the time of the quote.
- For forwards: term and deposit arrangements.