Revolut Business revealed on Friday (May 21, 2021) that it’s introducing currency forward contracts (FX Forwards) in the United Kingdom.
Revolut Business’ FX Forwards will allow firms of any size – from large corporates to single-person businesses – to set future exchange rates via an online platform, 24/7. Clients will have the option to obtain a fixed FX rate for a fixed amount and set date in the future in their Revolut Business web app.
The digital bank claims it has become well-known for its competitive exchange rates. The announcement also mentioned that Revolut Business lets firms carry out business globally while being able to fix rates. This helps save money on FX, and the money saved may be channeled towards better use like being invested into businesses to enhance operations.
FX Forwards lets companies effectively manage cash flow requirements, prepare for potential future eventualities while lowering the risk from market movements. Business clients may conveniently manage their contracts, and book and view these at any time from the dashboard via the web app. There’s a 0.8% fee for future exchanges, across the different Revolut Business plans.
If you want to use this feature, then clients may do the following:
- Go to the Revolut Business web app and set a contract of GBP, USD and EUR (up to 3 months in advance).
- Select the contract type and choose when and how to drawdown fixed or flexible date contracts
- Review and manage contracts from the Revolut Business web app.
James Gibson, Head of Product at Revolut Business stated:
“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. ”