How salary risk protection works
HOW DOES IT WORK?
Identify which elements of your income are exposed to currency fluctuations, then define and agree the elements of your Salary Risk Protection plan, which are:
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The amount you want to protect (minimum of £5,000 or equivalent)
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The currency you want to receive (40 currency pairs available)
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The time frame you want to protect it for (1,2,3,6,9 or 12 months)*
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The exchange rate we will secure your salary at.
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The bank account you wish your funds to be sent to
Once all of the elements have been defined we ask for a 5% up front deposit to secure your Salary Risk Protection plan.
To access your Salary Risk Protection plan just tell us the amount you want to exchange. We will exchange it at the agreed rate, as long as it is within the time frame and the amount you agreed too**. The 5% up front deposit will be used for the final payment.
You settle each transaction via wire transfer or debit card.
Once we have received your funds, we transfer the foreign currency amount to the nominated account as per your instructions.
* A salary risk protection plan secures a rate for a fixed time period, in which the exchange rate of the currency pair can strengthen or weaken, moving in your favour or against you.
** A Salary Risk Protection Plan is a contract whereby you agree to exchange a fixed amount of currency, within a specific time frame at an agreed rate. If you do not make use of it or wish to cancel it, you will be liable for any losses incurred as a consequence of such cancellation.