i live in the us and wanna deal with a foreign country if the currency rate stays as it is now.
is it possible to lock in the current rate WITHOUT paying upfront now=buying the foreign amount that i need now for the entire year or so?
in regard to answer 1:
there SHOULD be some way options/ FX, don't know how it works that's why i'm asking here.
Thanks
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January 8th, 2009 at 7:00 am
currency rates cannot be locked - it’s an open market system - exchange rates change constantly
January 8th, 2009 at 7:00 am
Yes you can its called a forward contract - you need to pay a deposit though (around 5%). You lock in the fx rate and the trade and pay later, loads of people do it for foreign exchange mortgages and regular payment plans - up to 2 years in advance. You need a fx broker to do it, here is a site i use http://www.whichwaytopay.com to help whenever i've done it in the past.
good luck