Cross-border corridor FX forward & swap-points calculator

Cross-border payment institutions and remittance treasuries lock in T+2 to T+90 corridor rates using wholesale FX forwards. This calculator derives covered-interest-parity forward rates and swap points from base and quote corridor money-market benchmarks.

Forward rate

1.08836

Forward points: 33.6 pips; Base trades at a forward premium
Annualised premium / discount: 1.240%

1. Mathematische Formel & Bewertungsgleichung

F_corridor = S × (1 + r_quote × d ÷ Basis_quote) ÷ (1 + r_base × d ÷ Basis_base)

Swap points (pips) = (F_corridor − S) × PipFactor

2. Anwendung & Eingabeparameter

Enter the wholesale interbank spot rate, the funding rate of the origin currency, the funding rate of the destination currency, and the settlement tenor in days.

Select the day-count basis (ACT/360 for USD/EUR corridors; ACT/365 for GBP/CAD/AUD/SGD corridors).

3. Modellannahmen & Anwendungsbeschränkungen

Uses money-market simple interest across settlement tenors up to 365 days.
Excludes bilateral Nostro credit spreads and onshore NDF convertibility premia.

4. Häufige Fragen & Risikohinweise (FAQ)

Why do remittance treasuries pay or earn forward points?

When a payment institution hedges a delayed payout in a higher-yielding currency, the interest differential is embedded in the forward points rather than paid as a separate coupon.

Which corridors use ACT/365 instead of ACT/360?

Sterling (GBP), Canadian dollar (CAD), Australian dollar (AUD), Singapore dollar (SGD) and Hong Kong dollar (HKD) money markets accrue on an ACT/365 basis.

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