How far in advance can I lock in a rate?

In most cases, up to 12 months. It depends a little on the currencies you're dealing with and what you need, but a year ahead is typical.

Do I have to pay the full amount now?

No, just a deposit to get things started. The rest isn't due until the contract ends and the payment goes through.

Can I cancel or change a forward contract?

Yes, but there may be costs if the market has moved since the rate was set. We'll explain these before you commit.

Is a forward contract right for me?

If you have a fixed payment date and amount and want certainty over the cost, a forward contract is worth considering. Our currency specialists can help you decide.

Forward Contracts: Lock In Your Exchange Rate

Exchange rates don't stay still. They can shift a little each day, or sometimes quite a lot. A forward contract lets you lock in a rate now and settle the payment later, so you know exactly what it will cost.

Lock in today's exchange rate for up to 2 years
Protect against market volatility
Ideal for budgeting large future payments
Personal support from currency specialists

Your funds are fully protected with Currencyflow through our FCA-regulated partner, Sciopay Ltd (FCA number 927951), and held in segregated safeguarded accounts with tier-one banks, separate from operational funds.

Send, save... & relax.

Transparent pricing, always shown upfront.

By Freddie Smith, Founder & CEO, Currencyflow · Updated 12 August 2026

Why forward contracts matter

When you send a large sum overseas, the rate you get can make a huge difference to what arrives. Sometimes even a small shift changes the total by thousands.

With a forward contract, you agree on the rate now and make the payment later. That way you already know the cost in advance and are protected if the rate moves against you before the transfer.

Why use a forward contract?

Currency markets can change quickly, sometimes in your favour but often not. When making a large international payment, even a small movement in the rate can mean paying much more than expected. A forward contract puts you in control.

Protect against volatility: Markets jump around all the time. By fixing your rate now, you don't have to stress about it later.
Budget with certainty: No guesswork. You'll know the exact amount months before you need to pay.
Plan ahead: Fix today's rate and make the transfer later, whenever the payment is due.

Not sure a forward contract is right for you? If you'd rather aim for a specific rate instead of locking one in for a set date, a target rate order might suit you better. It only executes once the market reaches the rate you want, with no fixed date attached, the opposite kind of certainty to a forward contract. Businesses that treat this as an ongoing discipline rather than a single payment can see how it sits beside other tools in our guide to currency risk management.

How it works

Agree the amount and date

Tell us how much you want to exchange and when you'll need it.

We lock in your rate

Based on today's market, we secure your chosen rate.

Pay a small deposit

The balance is due when the contract matures.

Transfer when ready

On the agreed date, we send your funds at the fixed rate.

Get a free quote now

What you'll need

To set up a forward contract, you'll need:

The amount and currency you want to exchange
Your payment date(s)
A small initial deposit (we'll confirm the exact amount)
Your recipient's bank details

When a forward contract makes sense

Sometimes the date of your payment is fixed, but the exchange rate isn't. That's where a forward contract can help.

Buying or selling overseas property

There's often a gap between agreeing the price and completing the purchase. If the rate moves in that time, the cost can suddenly jump. Fixing your rate early takes that risk off the table. If you're on the selling side and bringing the proceeds home, our selling property abroad guide covers fixing the rate on a completion you don't control the date of.

Find out more about buying property abroad →

Paying large invoices

If you're sending a big invoice overseas, even a small shift in the rate can throw the numbers off. Fixing the rate ahead of time means you both know the exact cost in advance. For a company doing this across a run of overseas invoices, international supplier payments explains how to make it routine

Find out more about large international transfers →

Regular payments

Tuition fees, rent, or long-term contracts. If you know the money has to go every month, fixing the rate makes it easier to budget and keeps your costs steady.

Find out more about making regular payments →

Retiring abroad

Buying overseas as part of a move usually means a completion payment with a fixed date, which is exactly where locking the rate helps.

Read our retiring abroad guide →

Emigrating for work

A relocation lump sum tied to a known move date can be fixed in advance, so the cost is settled in pounds before you go.

Read our emigrating for work guide →

Big purchases abroad

A wedding venue, a car, or another large purchase abroad often means a deposit now and a balance due months later. A forward contract fixes the rate on the balance so the final cost in pounds is set before you pay.

Read our big purchases guide →

Forward contracts vs. spot transfers

Feature	Forward Contract	Spot Transfer
Rate fixed in advance	Yes	No
Protects against rate drops	Yes	No
Can benefit from rate rises	No	Yes
Ideal for fixed payment dates	Yes	Partial

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Why choose Currencyflow?

Clear, competitive pricing

Get great rates explained upfront, with full transparency on pricing.

Flexible terms

Choose contract lengths that fit your timeline and payment plans.

Specialist support

Our experienced team is here to guide you and answer your questions.

Frequently asked questions

Written by

Freddie Smith

Founder & CEO, Currencyflow

Freddie Smith is the Founder and CEO of Currencyflow, an international foreign exchange and payments specialist focused on high-value transfers for individuals and businesses worldwide. With over 12 years of commercial experience across financial services and digital media, including several years working with financial services comparison platforms, Freddie has spent his career at the intersection of partnerships, growth strategy, and money movement. He founded Currencyflow to bring transparent, fixed-margin pricing and personal relationship management to clients making significant international transfers.

Last updated 12 August 2026

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