Revolut Business has today announced the launch of currency forward contracts (FX Forwards) in the UK.
Revolut Business’ FX Forwards enable companies of any size - from large corporations, to single person companies - to set future exchange rates online, 24/7. Customers will be able to get a fixed FX rate for a set amount and date in the future in their Revolut Business web app.
Well known for its excellent exchange rates, Revolut Business allows companies that conduct business internationally to fix rates and save money on FX, and the funds saved can be put towards a better use such as being invested into the business instead.
FX Forwards allow businesses to manage cash flow, prepare for future eventualities and minimise risk from market movements. Business customers can easily manage their contracts, and book and view these anytime from the dashboard in the web app. There is a flat 0.8% fee for all future echanges, across all company plans.
To use this feature, customers should:
Go to the Revolut Business web app and book a contract of GBP, USD and EUR up to three months in advance.
Choose the contract type and select when and how to drawdown fixed or flexible date contracts
View and manage contracts from the Revolut Business web app.
James Gibson, Head of Product at Revolut Business said: “At Revolut Business we’re always looking to innovate to help our customers. Our multi-currency accounts and FX engine have helped thousands of businesses save on FX fees, and now we are helping businesses manage their FX risk too. Our FX Forwards are available for customers, big and small and give more security to any business operating in multiple currencies. ”