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The OzForex Pre-Paid Travel Card closed on 30 November 2015.
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Save money with OFX and pay a low flat fee per transaction or no fee at all.
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Transfer funds in over 50 currencies, from AED to ZAR. Check our supported currencies list for the currency you need.
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Forward Exchange Contracts
A forward foreign exchange rate is the exchange rate at which one currency can be exchanged for another currency for settlement on a predetermined future date (maturity date). It is ideal for protecting you from exchange rate movements that occur between the time you lock-in the rate and the time of exchange.
Lock in the rate today
Clients can take advantage of forward exchange rates using forward exchange contracts (FECs). An FEC allows clients to lock in an exchange rate today for a transfer that needs to occur in the future (between two days and twelve months from today), thereby protecting against exchange rate movements in the interim.
How it works
- The forward rate is calculated by adjusting the current market rate (the spot rate) for "forward points", which take into account the difference in interest rates between the two currencies and the time to maturity.
- The forward points are based on a formula which is standard industry practice; this is not an extra margin charged by OzForex
- You do not have to pay the full amount owing on the FEC until the maturity date.
- There may be a deposit required at the commencement of the transaction and/or at a later stage prior to the maturity date.
If you would like a quote for a forward exchange rate or want to know more about forward rates register now.
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OFX Singapore Pte. Limited | UEN 201317103N | Regulated in Singapore by MAS | Money Remittance License No. RA01528 | 6A Shenton Way, #04-02 to #04-08 OUE Downtown Gallery, Singapore 068815. Read our Read our Privacy Policy
NOTICE TO CUSTOMERS (pursuant to s30 of the MCRBA): OFX is licensed under the Money-changing and Remittance Businesses Act (Cap. 187) to carry out remittance business. Please note that such licensing does NOT guarantee the performance of the remittance licensee and customers take the risk of any loss suffered from the remittance.