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There are different methods of making a payment once a foreign currency exchange rate is agreed. One method is by a BACS transfer from your own Bank. This is an electronic transfer that takes 48 hours to clear. Often this is only available to Businesses.

More commonly today, many clients are able to arrange an transfer from their bank using 'online banking'. This type of transfer typically takes 3 working days to clear. Some Foreign Exchange companies have online systems that can take payments automatically. A CHAPS payment is a similar electronic transfer but they are cleared on the same day.

A cheque payment can be made for your foreign currency but this can take a while to clear. However the currency cannot be transferred until incoming payment has cleared. When you are discussing your requirements with a forex dealer payment details will be discussed.

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