Spot deals refer to the 'immediate' exchange of currencies at the prevailing market rate as determined by the size of the transaction.
Bank of Melbourne offers a competitive foreign exchange dealing service for the professional needs of importers and exporters. Spot transactions can be conducted in over 15 currencies.
In the wholesale Foreign Exchange market, settlement occurs two business days after the transaction has been concluded. This is the technical meaning of the term 'spot'. Generally however, settlement of Foreign Exchange transactions are settled on a 'Value Today' or 'Value Tomorrow' basis.