From XU Magazine, 
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Forward thinkers, meet FX Forwards

May 21, 2021

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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We’re bringing FX Forwards to the masses and revolutionising currency forward contracts, but what are they? Businesses who trade internationally can fix their foreign exchange rates (FX) for a set amount and date in the future to minimise the risk from market movement. A world-first for FinTech apps, our FX Forwards feature lets businesses of any size get a contract with us. Do it all from our web app with no phone calls needed and always benefit from our excellent exchange rates.

Let’s take a look at an example, here’s how Pawfect Pets fixed their future FX rate and saved money.

Set your fixed future FX rates online, 24/7

All our business customers who apply for currency forward contracts can do everything online in the Revolut Business web app. You’ll never need to call us, ever, so we won’t slow you down while you’re planning your business finances. It’s easy to manage you contracts too, you can book and view all your contracts anytime and anywhere you want, straight from your dashboard in the web app.

Save money with great FX rates

We’re known industry-wide for our great FX rates that save you money on exchanges, now you can fix them in the future too with our FX Forward contracts. Plus, don’t forget you can also save by exchanging money in more than 28 currencies, as well as spend like a local all over the world with debit cards at our excellent FX rates.

Manage market risk with us

Our business customers get a great fixed FX rate for a set amount and date in the future, so you can manage your business and cash flow in the present. Our FX Forwards contracts mean you’ll know exactly what you’ll get in the future, whatever way the market moves. Then it’s a flat 0.8% for all future exchanges for UK customers on company plans.

Available for all businesses, big and small

FX Forwards is available to Revolut Business customers incorporated in the UK as an LTD or PLC, and  businesses that buy or sell currency for commercial purposes. It’s also open to any sized business, a world-first for fintech apps. If you’re outside of the UK, just join our waiting list in the app to be notified when FX Forwards becomes available for you.

Set up FX Forwards in a few taps

Book a contract in any combination of GBP, USD and EUR up to three months in advance
Choose your contract type by agreeing when and how you drawdown with fixed or flexible date contracts
View and manage your contracts from your web app

It’s as easy as that! Don’t forget to read the T&Cs.

Why leave it there?

To learn more about Revolut

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