What is a spot transaction?

A spot transaction in foreign exchange refers to the immediate conversion of a currency at the current market exchange rate. Spot transactions involve the "on-the-spot" delivery of the traded currencies.  This type of transaction is commonly used for quick and straightforward currency exchanges, such as for immediate payments or cash transactions. myCaribou spot transactions provide a real-time exchange rate for converting currencies, facilitating the efficient and instant execution of international financial transactions.