Currency Exchange

As a business your main aim is to increase your profitability and stay competitive within your market.

However, if you are involved in international business, cost of currency buying can make or break the profits. Hence your treasury partner plays an important role in increasing your profits or minimizing your losses.

Athena Commercial can be your treasury partner, by providing you with the most competitive rates and an excellent service.

We provide you with various tools like Forward, Fixed Forward, Limit Order deals etc which will help you to hedge yourself against the exchange rate fluctuations.

This page briefly explains the 4 main currency products Athena Commercial offers. Each is ideal in specific circumstances and the right product can reduce your currency risk.

1) Spot Contract

This is one of the most frequently used contracts, where currency settlement takes place 2 business days after the spot contract has been entered into. Once your funds have cleared, Athena Commercial we will arrange to transfer the pre-agreed currency amount to your requested bank account.

This type of contract is ideal if you simply wish to make a payment within the next few days.

2) Settlement Today Contract

With certain currency pairs, we can undertake foreign currency transactions and settle them on the same day. The currencies in which we can do this are: Converting Sterling to US Dollars, Euros or Canadian Dollars. You will need to send us your money by C.H.A.P.S. transfer to make a same day payment into our account by midday. Once the funds have cleared, we will make a same day payment into your requested bank account.

This type of contract is ideal if you wish to make an urgent payment today.

3) Forward Contract

A forward contract guarantees a foreign exchange rate for a future date irrespective of currency movements between the deal date and the settlement date. No payments are made until the settlement date, except for any deposit required (see below). We will make a payment to your requested bank account on the agreed forward date, as long as we have received your funds. You can fix a forward exchange rate for any period from 3 days up to 1 year in advance.

A deposit of between 3% - 25% of the amount of the deal is required for a forward contract. This must be received within 3 days of the forward contract being agreed. In order to guarantee delivery of funds on the settlement date, it is recommended that you settle the outstanding balance on the contract 2 working days before the contract is due to settle.

This type of contract is ideal if you want to fix a rate now, but will not be making immediate payment. e.g. fixing a pound sterling to euro exchange rate today for transfer on a future date.

4) Flexible Forward Contract

Also known as a "time option", this type of contract is similar to a forward contract but allows you to make and receive the pre-agreed payments early if required.

This type of contract is ideal if you know you need to purchase a foreign currency, wish to fix the exchange rate now but are not sure of the exact settlement date.

Whatever you currency exchange needs are, Athena Commercial can help.