What happens if I cancel the RPA contract before it has finished?
To set up your Regular Payment, HiFX buys your total currency requirement up front. In order to do this, the market requires a deposit as security, in the same way it requires a deposit for trading a forward contract. This deposit is equal to 1 month’s payment for each year of the contract.
The deposit is not a fee and is used for the final payment(s). Should you sell the contract, we can sell your purchased currency and buy back your original currency for you, but please be aware that the rate may have varied. As a result, your deposit will be returned minus any losses (if relevant).