We’re bringing Forwards to the masses and revolutionising forward currency contracts. But what are they?
With Forwards, businesses who trade internationally can fix their currency exchange rates for a set amount and date in the future to minimise the risk of market movement. A rarity for FinTech apps, our Forwards feature lets businesses of any size get a contract with us. Do it all from our web app without any phone calls or fuss, and always benefit from our excellent exchange rates.
Let’s take a look at an example; here’s how Pawfect Pets fixed their future exchange rate and saved money.
Lock in our great exchange rates for up to 12 months
We’re known industry-wide for our great exchange rates that save you money on exchanges. Now you can freeze them in the future too with our Forward contracts in GBP, USD and EUR, which you can carry out on fixed or flexible dates. Lock-in our great rates for up to 12 months instantly, and get even longer contract lengths up to 2 years with a credit check. With the fixed rate, you’ll know exactly what you’ll pay in the future, whatever way the market moves.
Flexible contracts in the amount you need
Our business customers on company plans have instant access to contracts up to £500K, and we’ll just ask for a 5% deposit. Need even higher limits? No worries; we can offer contracts as high as £15 million, we’ll just need to do a quick credit check.
Manage your contracts, 24/7
All our business customers who apply for Forwards 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 your contracts too. You can book and view all your contracts anytime and anywhere you want, straight from your web app dashboard.
Available for all kinds of businesses, big and small
Forwards is available to Revolut Business customers on company plans who are incorporated in the UK or EEA as an LTD or PLC, and businesses that buy or sell currency for commercial purposes. It’s also open to any sized business, whether you run a small startup or larger enterprise.
What can I use Forwards for?
Send or receive payments globally, without market risk
Forward contracts can help you lock today's exchange rate for upcoming vendor payments so that your costs don't go up, even if the currency market does. Say a French-based business needs to pay a UK-based vendor £100k when they make a restock order in 3 months. They can create a Forwards contract that stabilises £100k against the EUR, so they won’t lose out if the GBP weakens in that time. Now that’s forward planning.
Pay international employees
If you make salary payments in a foreign currency, Forwards can help you get a fixed exchange rate for the entire year of payroll. Book a single flexible contract worth the total annual salary your business pays, and drawdown on the payroll date every month, relying on that consistent rate.
Manage cash flows between entities
Use Forward contracts to better plan foreign direct investments, repatriation of profits, and other upcoming payments between international entities. Simply book a contract to secure today's exchange rate and make future payments with peace of mind. Market volatility doesn’t have to play a part in these transactions.
Don’t just take our word for it
"We are a UK-based company with 90% of company income coming from US-based clients paying in US Dollars. Being able to set Forwards contracts with Revolut allows us to control our company’s finances with far greater clarity than before. With other FX companies we used earlier, we were entirely exposed to fluctuating exchange rates and were also charged heavy commissions.
Revolut’s auto-complete function on the contracts is also a great time and admin saver."
– John Palmer, Founder at Roll Cameras
Set up Forwards in a few taps
- Book a contract in any combination of GBP, USD and EUR up to 12 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! Once you get a contract set up, you can sit back and enjoy peace of mind. Just don’t forget to read the T&Cs first.
