Once booked, a flexible forward payment contract allows you to convert currencies at a guaranteed foreign exchange rate.
When to Use a Flexible Forward Payment Contract?
You can use a flexible forward payment contract for:
A single currency conversion
A foreign exchange payment
1. Using a Flexible Forward Payment Contract for a Single Currency Conversion
Steps:
Navigate to Forward Payments > Scheduled.
Select the flexible forward payment you want to use.
Click Use Flexible Forward Payment .
Enter the amount you wish to convert.
Click Next to validate the conversion at the guaranteed rate.
2. Using a Flexible Forward Payment Contract as Part of a Foreign Exchange Payment
Steps:
Go to Payments > Create a New Payment.
Complete the payment form.
Tick the box for Use a Flexible Forward Payment Contract.
Select the flexible forward payment you wish to apply.
Click Next to validate the payment and currency conversion at the guaranteed rate.