Exchange insurance

A foreign exchange forward involves the purchase or sale of currency at a specified future date.

• This product is a contract between a company and Caja de Ahorros de Navarra to exchange (buy or sell) currency at a future date at an agreed price.
• The customer must always perform the operation. If the customer does not want or does not have the currency on the expiration date, then the forward operation and a spot operation with the opposite +/- sign are performed, settling the difference with the customer.
• The date (two days prior to expiration date) must be complied with and cannot be extended. It is possible to take out a further forward agreement at the same time, using the same exchange rate as that on non-compliance as a basis.
• The cost of a forward is the same as the exchange rate plus SWAP points (difference in interest rates between the two currencies). An exchange rate forward can be taken out between the Euro and another currency or between two other currencies.
• You can get an exchange rate forward straight from your company through our electronic banking system (Divinet).

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