FX Swap

About the product

Currency swap is an agreement in which the Bank and the Client undertake to exchange a specified amount expressed in one currency into an equivalent amount in another currency and, after specified period, execute a reverse currency exchange.

Currency swap is a combination of a currency exchange transaction at the spot FX rate (the so-called first leg) and a forward currency exchange transaction at a forward FX rate (the so-called second leg). The pre-determined FX rate remains fixed until transaction settlement date irrespective of FX rate changes throughout the duration of the agreement.


  • Transaction allows you to acquire periodical liquidity in a selected currency without facing FX risk exposure and adjust the tenor of the forward FX exchange transaction to actual FX exposure.
  • Transactions can be concluded for any pair of currencies (applicable to foreign currencies listed out in the Bank's FX Rate Table).
  • Individual design of transaction parameters (applicable to the choice of value date and transaction nominal) and transparent method of settlement.


  • Forward currency exchange transaction constituting the second leg of the swap is subject to market valuation. Transaction valuation, during its term, may be negative relative prevailing market levels i.e. in case of early closure of the position this value becomes a Client's liability due and payable to the Bank.


All and any information contained in this commercial publication is for information purposes only and does not constitute an offer, or a recommendation or an invitation addressed to anyone (or any group of persons whatsoever) to conclude a transaction involving the financial instruments presented herein. In particular the information contained in this publication does not constitute an offer in the meaning of the Civil Code of 23rd April 1964 nor is it a service of investment, financial, tax, legal or any other advice.

Any investment decision should be taken with consideration of information contained in Bylaws for concluding spot and forward FX transactions and FX swap transactions in Bank Millennium SA, Bylaws for concluding treasury transactions in Bank Millennium SA, Bylaws for Spot, Forward and Derivative Transactions in Bank Millennium SA, Bylaws for transactions involving securities, term deposits and bi-currency investments in Bank Millennium SA and not exclusively on the basis of the abbreviated description contained herein. The above documents are available in an outlet of the Bank.

This publication contains the position of Bank Millennium S.A. ("Bank") expressed on the basis of its own assessment of facts, which are important to the Bank as well as relevant legal provisions. The Bank assures that it made due efforts in order that the information contained in this publication is reliable and based on authoritative sources, however the Bank cannot guarantee that information obtained from sources outside the Bank is reliable, complete and up-to-date. Additionally the Bank informs that information and analyses contained in this publication are based on information coming from public sources, which were not verified independently by the Bank and moreover may be subject to periodical changes.

The Bank shall not be held liable in any way for the financial consequences of performance by the customer of transactions on the financial instruments described herein. At the same time the Bank reserves the possibility of making changes to the form as well as content of this publication, at any time and without notice.

The risk of using the information contained herein, in particular as regards taking investment decisions on its basis, shall be borne exclusively by its recipient. Financial transactions involve risk, presented in detail in the “Description of risks involved with financial instruments and products offered in the Biznes and Corporate Banking segments in Bank Millennium S.A.”, available in the Bank's outlets and on its website www.bankmillennium.pl.

Whoever acquires a financial instrument, accepts and bears responsibility on account of tax liabilities imposed by valid regulations. With a view to the above risks and circumstances, customers of the Bank should have essential knowledge and experience to assess the nature of every contemplated transaction and risks connected with it. In case of any doubts customers should resort to the services of a tax, legal or investment advisor.

The Bank shall provide all and any additional information reasonably requested by the customer, in order to enable him to assess the risks and nature of the transaction. Conclusion by the customer of transactions involving financial instruments is the basis for consideration that the customer has read the terms and conditions of the transaction as well as the related risk and has accepted them.

Dissemination and distribution of some financial instruments or products as well as trading in them may be subject to restrictions with respect to some persons and states, in keeping with relevant legislation. It is for the customer to demonstrate legal capacity and authority to invest in a particular financial instrument. Financial instruments may be offered and traded only in compliance with appropriate legal regulations.

Information contained herein is provided to the exclusive attention of its recipient. The recipient is not authorised to copy and send or furnish it to third persons in any way, be it in whole or in part (other than providing it to his professional advisors) without the Bank’s prior written consent.

Markets in Financial Instruments Directive

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Client classification

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Appropriateness assessment

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Risk description

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Conflict of interests

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Channels of access to product information


Wherever you are, with internet access, you can check account balances and history on a 7/24 basis, also viewing information concerning other products i.e.: cards, loans, guarantees and letters of credit, standing orders or term deposits. You can also conclude FX transactions.

Corporate branch

Get detailed information about Bank Millennium products by contacting Advisors or Treasury Department's Product Specialists/Dealers in the Corporate Banking network.

Contact with Advisor

By phone

Our Consultants will provide you with detailed information and will carry out your instructions. 

801 31 31 31
line available for fixed-line and mobile calls

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