With the help of a spot transaction, one currency can be immediately converted to another. The contract concluded is irrevocable and must be performed. In spot transactions, the delivery of the converted foreign exchange usually takes place two banking days after the conclusion of the transaction.
Alternatively, it is possible to trade on a different maturity. A specific date in the future is in this case agreed as the settlement date. This is a forward transaction, as the interest rate difference is taken into account.