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What is a Spot Contract?
Through SVB Online Banking FX module, a spot contract is a binding obligation to buy a certain amount of foreign currency at the current market rate, for settlement in one to two business days' time. To enter into a spot deal online you'll advise SVB of the amount, the two currencies involved and which currency you would like to buy. We also need you to immediately furnish the wire payment instructions and obtain all required approvals to transfer the funds you have purchased.
If you cannot furnish your payment instructions today, please immediately call SVB's Foreign Exchange Desk and speak with a trader about cancelling the FX contract. The traders can be reached at 1.888.313.4029.