By: Exchange4free  11-11-2011
Keywords: Foreign Exchange, Exchange Rate

A Non-Deliverable Forward (NDF) is a forward contract on a 'inconvertible currency' that cannot be settled by physical delivery of the underlying exotic currency.

In an NDF, the parties simply need between the forward exchange rate and the spot rate on value date, and the one party pays the other the difference (usually settled in USD).

Companies operating in emerging market economies with low currency liquidity sometimes use Non-Deliverable Forwards (NDF's) to hedge their foreign exchange risk and related exposures.

Exchange4free offer NDF's in a range of African, Asian and Latin American currencies.

We are able to offer our clients NDF quotes in the following:


  • Botswana Pula (BWP)
  • Kenyan Shilling (KES)
  • Egyptian Pound (EGP)
  • Zambian Kwacha (ZMK)
  • Ghanian Cedi (GHS)
  • Nigerian Naira (NGN)
  • Ugandan Shilling (UGX)
  • Tanzanian Shilling (TZN)
  • Malawian Kwacha (MWK)


  • Chinese Yuan (CNY)
  • Russian Ruble (RUB)
  • Indian Rupee (INR)
  • Indonesian Rupiah (IDR)
  • Korean Won (KRW)
  • Philippine Peso (PHP)
  • Taiwan Dollar (TWD)

Latin America

  • Argentine Peso (ARS)
  • Brazilian Real (BRL)
  • Chilean Peso (CLP)
  • Columbian Peso (COP)
  • Peruvian Nuevo Sol (PEN)

Keywords: Exchange Rate, Foreign Exchange

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Other products and services from Exchange4free


Spot Forex

A Spot Foreign Exchange Transaction involves the purchase of one currency against the sale of another at an agreed price for delivery on a value date which is usually the trade date plus Two Working Days. Exchange4free are able to quote our clients very competitive exchange rates across over 100 currency pairs and transfer this money worldwide at low costs.


FX Forwards

A Forward Exchange Contract involves the purchase of one currency against the sale of another for delivery on an agreed date in the future. Margin is held by Exchange4free as 'security' against an adverse move in the exchange rate during the term of the Forward Exchange Contract. Please call our FX dealers for a quote on a Forward Exchange Contract.


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money transfer web services

The system has been specically developed to allow Money Service Businesses to link into the Exchange4free system via web services in order to use Exchange4free's pricing competitiveness and payout capability in certain countries. There are no setup costs charged by Exchange4free however this service is only available to reputable, licenced companies with their own online money transfer system.