Spot Transfers — Book Today's Rate
The simplest currency transfer there is: agree a rate now, settle within a couple of working days. Used for supplier invoices, property completions, salary and pension payments, and any transfer where the money is ready and the date is now.
A spot transfer is a currency exchange agreed at today's rate and settled almost immediately — the market standard is two business days, known as T+2. It is the right tool when you have the funds and the payment is due now. If the payment is weeks or months away, a forward contract fixes the rate instead; if you have a target rate and flexible timing, a limit order does. Cambridge Currencies prices spot transfers with no transfer fee and processes payments through FCA-authorised partners Currencycloud (FRN 900199) and ScioPay (FRN 927951).
GBP
EUR
Mid-market rate shown for reference. Your transfer rate includes a small broker margin.
GBP to EUR Exchange Rate History
What is a spot transfer?
Everything else a currency broker offers is a variation on the spot transfer. A forward contract is a spot rate adjusted for time. A limit order is a spot transfer that waits for a level. Understanding the spot mechanism first makes the other two obvious.
When does a spot transfer actually settle?
This is where most providers are vague and where the detail genuinely matters, because "instant" and "settled" are not the same thing.
In practice a broker will often deliver faster than T+2 on major routes. Euro payments into the SEPA area routinely arrive the same or next working day, and sterling out by Faster Payments can be within hours. Value-today and value-tomorrow settlement can usually be arranged, though pricing is marginally different because you are settling inside the standard cycle rather than on it.
Two things move the date more often than the currency pair does: your own funding leg, and the calendar. Your pounds have to reach the broker before conversion, so a CHAPS payment sent after your bank's cut-off costs a day. And a payment does not settle on a bank holiday in either currency — a route that is open in London may be shut in Madrid, New York or Sydney.
Who uses spot transfers?
Businesses paying invoices
A supplier invoice with 30-day terms that has now reached day 30 is a spot payment. The amount is known, the funds are available and the date is today — there is nothing to hedge.
Property completions
Where the completion date has arrived and funds are cleared, the balance goes out on spot. The hedging decision, if there was one, happened weeks earlier at exchange or deposit stage.
Regular personal payments
Pension income, salary, mortgage payments on an overseas property, school fees, family support. Individually small, cumulatively the place where a poor rate does the most damage across a year.
One-off large transfers
An inheritance, an investment redemption, the proceeds of a sale. Large, unrepeatable and usually time-sensitive — the case for getting the rate and the cut-off right first time.
How a spot transfer works
Opening an account is free and takes around 10 minutes. Once verified, every spot transfer follows the same four steps, with the rate confirmed by phone before anything moves.
- Open a free accountRegister online or by phone and complete identity verification. UK residents and companies are usually verified within one working day. There is no obligation to trade.
- Agree the rate by phoneYour specialist quotes a live rate and confirms the exact amount that will arrive on the other side. The rate is fixed at that moment — nothing is booked until you say yes.
- Send your fundsTransfer sterling by Faster Payments or CHAPS to the safeguarded client account. CHAPS is used for larger sums where a same-day guarantee matters.
- We pay your beneficiaryOnce your funds arrive and convert, the foreign currency is paid to the account you nominated — your own, a supplier, a lawyer or a family member.
What does a spot transfer cost?
There is no separate fee on a spot transfer here. The cost is the margin inside the rate, which is why comparing providers on their fee tells you almost nothing.
| Feature | High-street bank | Transfer app | Specialist broker |
|---|---|---|---|
| Exchange rate margin | Poor (3–4%) | Fair (0.4–0.8%) | Strong (0.2–1%) |
| Transfer fee | £10–£30 | Variable, rises with size | No transfer fees |
| Rate confirmed before you commit | Often not | Yes, in app | Yes, by phone |
| Correspondent bank deductions | Possible on SWIFT wires | Usually avoided | Avoided via local rails |
| Large transfers | Online caps common | Caps common | No practical upper limit |
| Cut-off guidance | Rarely offered | Generic | Route-specific, by phone |
| Best suited to | Small ad-hoc payments | Under £1,000 | Above £3,000 |
On a £100,000 spot transfer, the gap between a 3.5% bank margin and a 0.4% broker margin is roughly £3,100. The transfer is identical in every other respect — same money, same beneficiary, same day.
Spot or forward? A short answer
Use a spot transfer when the payment is now and the funds are in hand. Use a forward when the payment is dated and the amount is committed but the money moves later.
The mistake worth avoiding is treating a dated future payment as a series of spot decisions. If you know you owe €400,000 in three months, you do not have a spot problem — you have three months of unmanaged exposure and a spot transfer at the end of it. Our comparison of spot rate versus forward contract works through where the line sits.
Common mistakes to avoid
- Comparing providers on the fee. A £15 fee next to a 3.5% margin on £100,000 is a rounding error beside the real cost.
- Funding after your bank's cut-off. The FX rate is fixed when you agree it, but the payment cannot leave until your funds arrive. A late CHAPS costs a day.
- Forgetting the other country's calendar. Payments do not settle on a bank holiday in either currency, and those calendars rarely line up with the UK's.
- Using spot for a payment that is months away. That is not a decision to transfer today; it is a decision to carry the risk until then.
- Assuming the quoted mid-market rate is the rate you get. Comparison sites and converters show mid-market. Every provider prices around it — ask what the actual dealt rate is.
- Sending to unverified beneficiary details. Confirm account details from the recipient's own written instructions, and confirm any change of details by phone.
Regulation and your money
Cambridge Currencies is not itself FCA-authorised. Payments are arranged through FCA-authorised partners — Currencycloud (FRN 900199) and ScioPay (FRN 927951) — and client funds are safeguarded by those partners.
It is worth being straight about what safeguarding is and is not. The FCA states plainly that if a non-bank payment provider goes out of business, "your money won't be protected by the Financial Services Compensation Scheme (FSCS)". Instead, firms "must either put your money in a separate safeguarding account with a bank, or protect it with an insurance policy or similar guarantee" — and if the firm fails, "you should get most of your money back. But it may take some time to receive, and it may not be the full amount". Source: Financial Conduct Authority.
That is true of every UK currency broker, not only of us, and you can verify any provider's permissions yourself on the FCA Financial Services Register. We would encourage you to.
Ready to move money today?
Speak to a Cambridge Currencies specialist about your spot transfer. Every transaction is completed by phone with a dedicated specialist, so the rate, the cut-off and the arrival date are confirmed before anything moves.
Frequently asked questions
What is a spot transfer?
A spot transfer is a currency exchange agreed at the prevailing market rate and settled within the next couple of business days. The rate is fixed at the moment you agree it. It is the standard tool for payments that are due now, as distinct from a forward contract, which fixes a rate for a payment due later.
What is the spot value date?
The market standard for most currency pairs is T+2 — two business days after the trade date. USD/CAD, USD/TRY, USD/PHP and USD/RUB settle T+1. In practice many routes deliver faster: euro payments into SEPA often arrive the same or next working day.
Can a spot transfer settle the same day?
Often, yes. Value-today and value-tomorrow settlement can usually be arranged on major routes, and pricing differs slightly because you are settling inside the standard cycle. The binding constraint is normally your own funding leg and the daily cut-off, not the FX itself — so funding earlier in the day gives you the most options.
How much does a spot transfer cost?
There is no transfer fee. The cost sits in the exchange rate margin: roughly 0.2% to 1% at a specialist broker against 3% to 4% plus a £10 to £30 fee at most UK high-street banks. On a £100,000 transfer that difference is in the region of £3,000.
Is there a minimum or maximum amount?
There is no regulatory maximum. Below roughly £1,000 a transfer app is usually simpler and the cost difference is small; above about £3,000 the margin saving makes a broker worthwhile. Larger transfers simply require source-of-funds documentation, such as a completion statement, mortgage offer or investment redemption.
What details do I need to send a spot transfer?
The beneficiary's full name exactly as their bank holds it, and their account details — an IBAN for Europe, a BSB and account number for Australia, an ABA routing number and account number for the United States. A reason for payment is also required. Take the details from the recipient's own written instructions rather than from an email signature.
Can I fix a rate for a payment later instead?
Yes. A forward contract fixes today's rate for settlement on a future date, usually against a deposit. If you have a target rate rather than a fixed date, a limit order converts automatically if the market reaches your level.
Is my money protected?
Client funds are safeguarded through our FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). Safeguarding is not the same as FSCS protection, which the FCA confirms does not apply to non-bank payment providers. You can check any provider on the FCA Financial Services Register.