Forward Exchange Contracts
A Forward Exchange Contract (FEC) is a contract between the bank and their customer whereby the bank agrees to buy from or sell to the customer a fixed amount in foreign currency on fixed future date, or during a period expiring on a fixed future date, at the rate of exchange quoted in the contract.
- Contracts can be arranged to either buy or sell a foreign currency against your domestic currency, or against another foreign currency.
- Available in all major currencies.
- Available for any purpose such as trade, investment or other current commitments.
- Download Financial Services guide and PDS forward exchange contracts - PDS dated June 2010