How It Works

Currency Index offers several ways to buy, send and receive your foreign currency. We will talk through your requirements with you, to help you work out the most efficient way for you to exchange your currency.

Below is a summary of our services. To secure an exchange rate on any type of contract, you will need to open an account with us first.

For tips on sending money to particular countries, please see our handy guides on sending money overseas.

Spot Contracts - for the best exchange rates available

If you need to transfer money quickly, at the best available exchange rate, you should use a ‘Spot’ contract. Your currency will be available to transfer as soon as you have paid for your contract – typically 2 working days after the order has been placed. A Spot Contract is an ideal way to pay for the deposit on an overseas property purchase.

Spot contracts offer the best rates on the market. There is no commission, and we offer one free overseas transfer per deal over £30,000. Extra transfers are charged at £12 each.

Forward Contracts – for a guaranteed rate up to 2 years ahead

If you know that you will need to buy currency, but don’t need to take delivery yet, a Forward Contract could be perfect for you. The exchange rate can be fixed up to 2 years ahead, giving you the peace of mind of knowing in advance how much you need to pay, while protecting against adverse market movement. Many clients use Forward Contracts to secure a rate for the completion of an overseas property purchase.

A deposit of around 10% is required when the order is placed, and the balance is due on or before the completion of the contract. Of course, your dedicated account manager will discuss your requirements with you in detail, to help you choose the most suitable option.

You can even set up a ‘Time Option’ to draw down the currency in part, for example when several stage payments are required over the course of a property build.

As with spot contracts, there is no commission, and we offer one free overseas transfer per deal over £30,000. Extra transfers are charged at £12 each.

Regular Payment Plan – for smaller, monthly or quarterly payments

If you have an overseas mortgage, or a UK pension or other income to send abroad regularly, our automated Regular Payment Plan offers an excellent solution.

There are no bank charges in the UK or abroad, no commission, and no transfer charges. We even offer a commercial exchange rate every month – guaranteed.

Please see our Regular Payments page for more details and to set up your facility.

Limit and Stop Loss Orders – for managing exchange rate movements

If you've decided to hold out for a better foreign exchange rate than is currently available, we can buy your currency as soon as the exchange rate reaches the level you want with a 'limit order'. This can be risky, because there is no guarantee that the market will move in your favour.

You can also set a worst case rate level, or Stop Loss Order, to protect yourself should the exchange rate drastically fall.

This option is ideal when you don't have to make an immediate payment and you have a specific maximum budget available.