"The purchase of my foreign property could not have gone smoother. Escape Currency plc made the whole process stress free as they talked me through every option I had available. I am now transferring money abroad regularly to pay for the mortgage and they always keep me up to date with the current rate. They are extremely efficient, pro-active and understanding dealers that can help in any situation."
Forex Glossary - Currency Exchange Terms
At Escape Currency our professional foreign currency traders will explain all the systems and processes to you, but to help you make sense of all aspects of foreign currency exchange we have put together a Forex Glossary to guide you through our currency exchange terms.
Trader / Broker – A currency expert who liaises between an individual or company and the market
Offer – This is the currency quote provided by your broker, with the exchange rate we can offer you
Settlement – This is when one currency is actually transferred into another
BACS – A system for transferring money with UK banks, free but not instantaneous
CHAPS – An instantaneous way of transferring funds with UK banks, which is chargeable
Forward Contract – With a ‘forward contract’ you can choose to secure a favourable exchange rate now, and complete on the contract up to 18 months later.
Spot Contract – This is the fastest way of getting currency, if you need it in a hurry. You are subject to exchange rates at the time, but the funds can be in place in a matter of days.
Limit Orders – With a ‘limit order’ you can set a target rate, which you want to buy or sell your currency at. Your dealer will monitor the market for you and execute the order when the target rate is reached.
ROPS – This is our abbreviation for Regular Overseas Payments an ideal solution for people needing to move foreign currency on a regular basis, such as for mortgage payments. Click here to find out more.