This guide is provided by Alt21 Limited, trading as Alt21, an FCA authorised payments and FX provider and is intended for UK businesses considering FX hedging as part of their treasury activity. All examples provided are illustrative only and not a current or guaranteed rate. FX hedging products carry risk, including the risk that rates move against you and that you may be asked to provide collateral at short notice, which could affect your cash flow. Comments from Toby Osborne, CFO at Alt21 are contained within the article. As an Alt21 employee, his comments reflect his own experience working with Alt21’s clients and describe Alt21’s own products and approach, rather than independent market commentary. Please read the full disclaimer at the bottom of the page.
Paying an overseas supplier today for goods you won’t receive for another three months can be tempting. The invoice is dealt with, the cost is known, and there’s one less future payment to think about.
But paying early isn’t the only way to know what a future currency payment will cost.
FX hedging can help you plan the exchange rate for a future transaction without necessarily bringing the payment itself forward. For example, you could agree an exchange rate today for currency you’ll need to exchange in three months, giving you a known rate to build into your forecast while your payment remains scheduled for when it’s due.
If you’re just starting to explore hedging, turning that idea into a process can feel more complicated. Which exposures do you hedge? How far ahead? How much? And which FX products fit what you’re trying to achieve?
By the end of this guide, you’ll have a clearer picture of where hedging fits into your financial planning, what different approaches can achieve and what to consider when building your own FX hedging process.
Quick summary
FX hedging is a way of managing the financial impact of changing exchange rates on future business transactions.
Rather than waiting until you need to make or receive a payment and accepting the exchange rate available at that point, you can use FX hedging instruments to plan how some or all of that currency exposure will be handled in advance.
Your approach might include:
- Forward Contracts that set an exchange rate for an agreed future transaction
- FX Options that give you different rights or obligations depending on the structure for a fee
- Layered or dynamic approaches that spread hedging decisions across different dates
- Natural hedging, where foreign-currency income and costs offset one another
- A combination of different FX hedging products based on your cash flows and objectives
A useful FX hedging approach starts with your business rather than a prediction about where the market is heading. You look at your exposure, decide how much exchange-rate uncertainty you’re prepared to accept and build a process around managing it.
What is FX hedging?
The FX hedging definition can sound more complicated than the idea itself:
FX hedging is the use of financial arrangements or business processes to manage your exposure to changes in foreign exchange rates.
Suppose you agree today to pay a supplier €500,000 in three months.
You know the euro amount, but if your business holds sterling, you don’t yet know exactly how many pounds you’ll need. The GBP/EUR exchange rate can move between agreeing the invoice and making the payment, changing its final cost in sterling.
You could leave that exposure unhedged and exchange the currency at the rate available when payment is due. Or you could hedge some or all of it in advance, depending on how much of the future cost you want to plan for.
If you use a Forward Contract, for example, you agree on a rate for that future transaction. You’ll transact at that rate even if the spot market has moved by the time the payment is due.
That can work in either direction. If the market moves against where it was when you agreed the rate, your hedge still applies, so you are protected from that adverse move. If the market moves in your favour instead, the same hedge still applies, so you will not benefit from the more favourable rate on the amount you have hedged.
What you gain is visibility over the rate you will use, rather than the promise of a better rate.
What you gain is visibility over the rate you’ll use, rather than the promise of a better rate.
Alt21 CFO Toby Osborne explains it in terms of protecting the economics of the underlying transaction:
“You have a target margin in mind, and you’re trying to protect that target margin.”
That could mean protecting the expected margin on a customer contract, creating greater visibility over a supplier cost or reducing uncertainty around cash you expect to receive.
Note: Wondering what an FX exposure is? It exists when a change in exchange rates could alter the value of money your business expects to pay, receive, hold or report.
How does FX hedging work?
The steps below describe a general approach that businesses might commonly take. They are provided for illustration only, do not constitute advice, and are not a substitute for independent professional advice tailored to your circumstances.
FX hedging works by taking a future currency exposure and deciding in advance how much of it you want to leave exposed to changing exchange rates.
Say you expect to pay €1 million to suppliers over the next six months. Without hedging, the sterling cost of those payments will continue to change with the GBP/EUR exchange rate until you exchange the currency.
You could hedge the full €1 million, but you don’t have to. You might decide to hedge only the portion you’re reasonably confident you’ll need, or gradually increase the amount hedged as invoices become confirmed.
The product you use determines what happens next. A Forward Contract can give you an agreed exchange rate for a future transaction, while an FX Option can provide different rights and obligations depending on its structure. You can also combine products or hedge at different points in time.
That means the FX hedging process involves a series of decisions about the exposure itself, rather than simply choosing a product and placing a trade.
Here’s how the process might work in practice:
1. Start with the exposure you actually have
Before deciding how much to hedge, work out what your business expects to pay and receive in each currency.
Imagine you expect €1 million of customer revenue over the next six months but also have €300,000 of euro-denominated supplier costs. Looking at the €1 million revenue figure alone would give you an incomplete picture. Those opposing cash flows may reduce the amount of euro exposure you need to consider.
Once you’ve accounted for relevant offsets, you have a clearer view of the net exposure you’re working with.
2. Look at how certain those cash flows are
Forecast confidence is an important part of deciding how much to hedge.
A contracted customer payment gives you a relatively firm amount to work with. Recurring revenue based on historical behaviour may also be reasonably predictable, while pipeline revenue or income from a tender you haven’t yet won carries more uncertainty.
Toby describes this as a spectrum:
“You’ve got your committed cash flows. You’ve got your highly predictable ones. You’ve got your forecast.”
As you move further along that spectrum, there’s less certainty around the amount or whether the cash flow will materialise as expected.
Hedging an expected transaction that later changes or doesn’t happen could leave you with a hedge that no longer matches the underlying commercial exposure.
Separating committed, highly predictable and forecast exposures gives you a clearer basis for deciding how each one fits into your hedging approach.
3. Decide how much you want to hedge
Once you understand the exposure, you can decide how much of it you want covered by your hedging strategy.
That might be 100% of a confirmed payment, a smaller proportion of forecast cash flows or different percentages depending on how far into the future you’re looking.
For example, you might hedge a greater proportion of expected payments over the next three months because those figures are relatively reliable, while leaving more of your six-to-twelve-month forecast open because it’s more likely to change.
The percentage you hedge is your hedge ratio. It gives you a way to translate your FX objectives and forecast confidence into an actual number.
4. Decide when you want to hedge it
Timing doesn’t have to mean choosing one day to hedge the entire exposure.
You can hedge at different points as your cash flows become clearer. A business expecting regular euro payments, for example, might build its position gradually rather than hedging the whole forecast at once.
This is sometimes referred to as layered hedging.
Your timing rules can also be based on factors such as how far away the payment is, whether an exposure has moved from forecast to committed or predefined parameters within your FX hedging policy.
The result is a process your team can follow without having to make a completely new decision every time the market moves.
5. Choose how you want to hedge
Before choosing a product, be clear about what you’re trying to achieve.
For example, one priority might be to remove as much uncertainty as possible from the exchange rate used in your forecast. Another business may place greater value on retaining some ability to benefit if exchange rates move favourably.
Those objectives can lead to different conversations about products.
Toby has seen that distinction play out between different decision-makers:
“Most CFOs would be saying, ‘I need to take the risk off the table.’ The CEO might be saying, ‘Yeah, but is that the best rate? What happens if it goes in our favour?”
This is where your FX hedging instruments come into the picture.
A Forward Contract may fit an exposure where the amount and timing are relatively well understood, and you want an agreed exchange rate for the future transaction.
An FX Option provides different rights and obligations depending on its structure and may suit circumstances where you want a different balance between exchange-rate planning and flexibility.
Some businesses use one type of product. Others use a combination as part of broader corporate FX hedging strategies.
The important thing is that the product follows the exposure, objectives and parameters you’ve already established.
6. Keep the hedge aligned with the business
A hedge is based on what you know or expect at the point you put it in place. Your business doesn’t stop changing afterwards.
Moving sales forecasts, decreasing or increasing supplier orders, changing payment dates – These are all changes that might alter the exposure your original hedge was designed around.
Imagine you’ve hedged expected US dollar purchases based on a six-month procurement forecast. Two months later, the business finds a more competitive supplier in the UK and moves some of those purchases away from the US.
The commercial decision has changed the underlying currency exposure, but any hedge you’ve already put in place doesn’t simply disappear with it.
Monitoring your hedged and unhedged positions helps you see when the two are beginning to move apart. Depending on your strategy and the products involved, you may then need to adjust future hedges or take other action.
7. Put the process into a policy
As your FX activity grows, you probably don’t want steps one to six living in someone’s head.
An FX hedging policy can document which exposures you consider, how they’re measured, acceptable hedge ratios, permitted products, decision-making responsibilities and when positions should be reviewed.
That gives your finance team a repeatable framework they can apply as new currency exposure enters the business.
Why should businesses hedge?
Not all businesses with currency exposure choose to hedge, and those that do so for different reasons.
Whether hedging FX risk is appropriate depends on your cash flows, objectives, forecast reliability, financial position and the amount of exchange-rate movement you’re prepared to accept.
For some businesses, knowing the exchange rate for an upcoming payment makes budgeting easier. Others want greater visibility over the margins built into future contracts or a more consistent way to manage regular currency exposure.
Here are some of the ways FX hedging can support your financial planning:
Plan future costs with more information
If you know you’ll need to make a foreign-currency payment in six months, you know the amount and the payment date, but you may not know what that transaction will ultimately cost in your home currency.
Depending on the FX hedging product you use, you may be able to agree a rate or establish parameters around that future transaction in advance.
Your finance team can then build that information into budgets, cash-flow forecasts and wider financial plans rather than waiting until the payment date to find out the final cost.
Make the level of uncertainty an explicit decision
Leaving an exposure open is still a decision about how much exchange-rate uncertainty the business is prepared to carry.
One way to test that decision is to consider the outcome before it happens. If exchange rates moved materially against a business, would the resulting cost or margin impact sit within parameters the business had already identified as acceptable?
Toby frames that question from the perspective of the board:
“Would I be happy looking at the rest of the board and saying, ‘Well, I’m really sorry, my foreign exchange went up by 10%?’”
The point isn’t that every business should remove that possibility. It’s that the level of exposure you’re retaining should be understood before the market moves, rather than explained afterwards.
Build exchange rates into your commercial margins
Suppose you price a customer contract today that will take three months to deliver. Part of the work requires you to pay an overseas supplier in another currency.
The exchange rate you use when pricing the contract may have changed by the time you pay that supplier, which can affect the margin you originally planned for.
Corporate FX hedging strategies give you ways to decide how much of that future currency exposure you want to hedge when you price and plan the work.
Make FX decisions part of a process
Regular foreign-currency payments can easily create regular debates about timing.
Do you exchange today? Wait another week? Hedge the full amount? Cover part of it now and the rest later?
An FX hedging strategy can establish those parameters before individual payments approach. As your process develops, decisions around hedge ratios, timing, permitted products, and responsibilities can also be documented in an FX hedging policy.
This way, your team then has an agreed process to follow rather than making each currency decision from scratch.
Reduce the need to follow every market movement
Watching exchange rates doesn’t tell you what they’ll do next.
When your FX decisions are guided by agreed parameters, your finance team doesn’t need to reassess its entire approach every time a currency pair moves.
For businesses managing regular transactions, automating FX hedging can take this further. Predefined rules can support parts of the monitoring and execution process, while your team retains oversight of the strategy and the exposures behind it.
Know what you’re choosing when you leave exposure open
You can choose to leave some or all of an exposure unhedged. In that case, the amount you’ll eventually pay or receive in your home currency will depend on the exchange rate available when you transact.
That may fit your circumstances. What matters is that the exposure is visible and the decision to leave it open is considered alongside the costs, obligations and potential outcomes of hedging.
Once you can see both, you can decide how each approach fits your financial plans.
What are the costs associated with FX hedging?
How much FX hedging costs depends on the product, currencies, length of the hedge, market conditions, your provider’s pricing and, in some cases, your credit terms.
To understand what you’re paying, you’ll need to look beyond the exchange rate.
Spreads, forward pricing, option premiums and collateral requirements can all form part of the overall cost, depending on how you hedge.
Spread
FX providers generally apply a spread or margin when you exchange currency.
The difference between the underlying market rate and the rate you’re offered contributes to the overall FX charge of the transaction.
When comparing FX hedging services, look at the complete pricing information rather than focusing on whether a provider advertises a separate transaction fee.
Forward pricing
A forward rate isn’t simply today’s spot rate saved for later.
The rate reflects factors including the interest-rate differential between the two currencies over the period of the contract. These FX forward points are incorporated into the forward rate.
Depending on the currencies and direction of the transaction, the forward rate may therefore be above or below the current spot rate.
Option premiums
Some FX Options require an upfront premium.
The FX option premium depends on several variables, including the currencies, strike rate, expiry date and market volatility.
Other option structures may have different pricing mechanics and obligations, so it’s important to understand the complete terms rather than looking at the upfront cost in isolation.
Collateral and credit requirements
Some hedging arrangements may require collateral or use an agreed credit facility.
If the market moves significantly after a Forward Contract is agreed, some providers may require additional funds to support the position. You can read more about how an FX margin call works and the role of FX collateral currency in hedging arrangements.
How to calculate FX hedging costs
If you’re trying to calculate FX hedging costs, start by looking beyond any headline transaction fee.
Depending on the product and provider, consider:
- The spread included in the exchange rate
- Forward points
- Option premiums where applicable
- Credit or collateral requirements
- Costs associated with changing, extending or closing a contract
- Operational costs involved in managing the process
This is also why claims around no-fee FX need context. A transaction can have no separate fee while still carrying a cost within the exchange rate.
6 Examples of FX hedging techniques
There are several ways to approach hedging FX exposure. The strategy that fits your business depends on what you’re trying to achieve, the nature of your cash flows and how much flexibility you need.
Let’s take a look at each strategy in more detail:
1. FX forward hedging
FX hedging using Forward Contracts allows you to agree an exchange rate today for a currency transaction that will take place on an agreed future date.
Here’s a simple FX hedging example:
Your business needs to pay €250,000 to a supplier in four months. Rather than leaving the entire payment exposed to movements in GBP/EUR until the settlement date, you enter into a Forward Contract covering the €250,000.
You now have an agreed exchange rate for that future transaction.
If the market subsequently moves against your unhedged position, your agreed forward rate still applies. If the market moves in your favour, however, you’re also committed to the contracted rate and won’t benefit from the more favourable spot rate for the amount you’ve hedged.
Forward Contracts can therefore be useful when the amount and timing of an exposure are reasonably well understood and greater visibility over the exchange rate supports your planning.
2. Hedging FX risk with options
Hedging FX risk with options introduces a different balance between flexibility, cost and obligation.
Depending on the structure, an FX Option can give you the right, but not necessarily the obligation, to exchange currency at a specified rate.
That flexibility can be useful when an underlying cash flow is less certain, although options can involve an upfront premium or other trade-offs depending on their structure.
Our guide to Forward Contracts vs FX Options looks at the differences in more detail.
You may also encounter terms such as delta hedging FX options. Delta hedging involves adjusting positions as the sensitivity of an option to movements in the underlying currency changes. It’s a more technical form of hedging and isn’t necessary for understanding the basic corporate hedging process.
3. Layered hedging
You don’t have to make a decision about an entire forecast at one point in time.
Layered hedging spreads transactions across different dates.
For example, if you forecast €1 million of supplier payments six months from now, you might hedge portions of that expected exposure at different points as the payment date approaches and the forecast becomes more reliable.
This can reduce your dependence on a single exchange rate or decision date.
4. FX dynamic hedging
Dynamic hedging adjusts hedge positions as the underlying exposure or agreed parameters change.
Rather than setting a position and leaving it untouched until settlement, your hedge can evolve as forecasts become clearer, exposure changes or predefined conditions are met.
FX dynamic hedging can be useful for businesses with recurring or changing currency exposure, but it requires accurate data and a process for monitoring and adjusting positions.
5. Natural hedging
Some currency exposure can be offset using cash flows already within your business. This is often referred to as natural hedging.
Suppose your business receives €500,000 from customers each month and pays €350,000 to euro-denominated suppliers. You may be able to use €350,000 of that euro revenue to meet your supplier costs, instead of converting the full €500,000 into your home currency and later buying euros for those payments.
You would then have a net €150,000 euro exposure to consider as part of your wider hedging approach.
6. Pre-hedging FX
Pre-hedging FX involves hedging an anticipated currency exposure before the underlying transaction is fully confirmed.
A tender is a useful example.
Imagine you’re bidding for a contract that would create a significant foreign-currency exposure if you win. The exchange rate may affect the economics of the price you’re able to offer, but until the contract is awarded, the underlying exposure isn’t certain.
As Toby puts it:
“You haven’t won the tender. You’re bidding for it. But you still want to be able to hedge.”
Hedging the full potential exposure with a product that creates a firm obligation could leave you with a position to manage if the tender is unsuccessful. Other structures may create different rights, costs and obligations.
The important point is that the certainty of the commercial transaction should form part of the hedging decision. An anticipated exposure isn’t necessarily treated in the same way as an invoice that’s already due.
Comparing FX hedging platforms for businesses
There isn’t a single best solution for automating FX hedging, because businesses don’t all have the same exposure, workflows or objectives.
A business making a handful of predictable foreign-currency payments has different requirements from a finance team managing recurring exposure across several currencies. What’s more, FX hedging platforms vary in the products they offer, how much of the process you can manage yourself and how they fit into the rest of your finance workflow.
This comparison is produced by Alt21 and businesses should carry out their own research before choosing a provider. Alt21, Bound and Ebury are three examples of platforms businesses may come across when looking for FX hedging software or services. Each approaches currency management slightly differently.
Alt21
Alt21 combines international payments and FX hedging within a currency management platform. Finance teams can access Forward Contracts and FX Options directly through the platform, manage positions themselves and see pricing information before they transact.
This can appeal to businesses that want their payments, currency balances and hedging activity in one place without depending on a broker to execute routine transactions.
Bound
Bound FX hedging has a strong focus on automation. Its platform can connect with finance data to identify and monitor currency exposure, with automation rules and hedging strategies designed to reduce some of the manual work involved in ongoing FX management. This can be useful for finance teams with recurring exposures that want to systemise more of their hedging process.
Ebury
Ebury combines payments and cash management with a broad range of FX hedging products, including Forward Contracts, Options and Non-Deliverable Forwards. Its model also includes dedicated support and tools for monitoring exposures, trades and hedging policies. Businesses managing more varied currency requirements may value the breadth of products and access to hands-on support.
The right fit will depend on how your business manages currency today and how you expect those requirements to develop.
As you compare FX hedging services, there are a few areas worth looking at closely:
Visibility over your currency exposure
Your platform should help you understand what you’re managing.
Look at how clearly you can see upcoming transactions, existing hedges and the exposure that remains open.
If your finance team still needs to pull information from several systems and calculate positions manually, consider how much work the software is actually taking out of the process.
FX hedging products
Your current requirements may be relatively straightforward, but they can change as your business grows.
Check which FX hedging instruments are available and whether you can access products such as Forward Contracts and FX Options if they become relevant to your strategy.
You should also understand how those products work, their costs and the obligations involved before using them.
Pricing and terms
The quoted exchange rate is one part of what you’re agreeing to.
Look at whether you can see the spread and relevant product costs before you transact.
For hedging products, you may also need to understand credit decisions, collateral requirements and the terms that apply if you need to amend or close a position.
Clear pricing information should be accompanied by clear information about the agreement itself.
Self-service and specialist support
Consider how your finance team wants to work day to day.
Some businesses prefer to execute routine transactions independently and speak to an FX specialist when they have a question or are considering a more complex strategy. Others want a more relationship-led service.
Look at what you can actually do within the platform and where you’ll need support from the provider.
FX hedging automation
Automation becomes particularly useful when you’re managing recurring exposures or applying the same rules across a large number of transactions.
Depending on the software, this might include identifying exposure from connected finance data, monitoring positions, applying predefined hedge ratios or executing transactions when specified conditions are met.
Your team still needs to determine the strategy and parameters behind those rules. The software can then help apply them consistently.
Payments and wider currency management
The exposure you’re hedging often originates in the same supplier payments, customer receipts and currency balances your finance team already manages.
A platform that connects those activities can make it easier to see how today’s currency movements relate to future exposure. It can also reduce the amount of information your team has to reconcile between payment providers, hedging platforms, bank accounts and spreadsheets.
Regulation and provider due diligence
Before opening an account, check which legal entity will provide the service, its regulatory status and which products that regulation covers.
For UK businesses, you can verify firms and their permissions through the Financial Conduct Authority’s Financial Services Register. You should also review the provider’s product documentation, terms and risk disclosures rather than relying on marketing claims alone.
Alt21 Limited is authorised and regulated in the UK by the Financial Conduct Authority (FRN 783837).
Make FX part of the plan with Alt21
Alt21 brings international payments and FX hedging capabilities together in one currency management platform, helping you see your currency exposure, plan future transactions and manage your hedging approach from the same place.
Depending on a business’s circumstances and objectives, Alt21 offers access to FX hedging instruments including Forward Contracts and FX Options, with pricing information available before you transact.
As your business grows, your approach can grow with it. You might start with international payments, develop an FX hedging policy as your exposure increases and introduce more structured or automated approaches as your requirements become more complex.
Structured Hedging combines FX instruments, such as forwards and options, into a single arrangement designed to reflect a business’s specific exposure and objectives.
Because the terms of a structured product depend on how it is built, its risks and obligations can differ from those of a standard forward contract or option, and should be understood in full before use.
Turn your FX exposure into a plan. Open an Alt21 account today.
FAQs
What is the difference between FX hedging and FX risk management?
FX risk management is the broader process of identifying, measuring and deciding how to handle currency exposure. FX hedging is one way of acting on that process using financial products or other techniques.
Your wider approach may include forecasting, setting a hedge ratio, creating an FX hedging policy, monitoring exposure and reviewing how well the strategy continues to reflect your business.
What are the main FX hedging instruments?
Common FX hedging instruments include Forward Contracts, FX Options and swaps. Businesses may also use natural hedging, layered hedging and other techniques depending on their circumstances.
Different instruments create different costs, obligations and potential outcomes, so product selection should reflect the underlying exposure and your objectives.
What are the best FX hedging strategies?
You can explore corporate FX hedging strategies in more detail before deciding how different approaches might fit your business.
Can FX hedging be automated?
Parts of the FX hedging process can be automated.
For example, software can help monitor exposures, apply predefined hedging rules and reduce manual steps in recurring workflows. Your business still needs to define the strategy, parameters and governance behind that automation.
Does FX hedging guarantee a better exchange rate?
No. Hedging isn’t designed to guarantee that you’ll receive a better exchange rate than if you’d waited.
A Forward Contract, for example, sets an agreed rate for a future transaction. If the market later moves in your favour, the contracted rate still applies to the amount you’ve hedged.
The purpose is to manage your exposure to changing exchange rates in line with your business objectives, rather than trying to predict the most favourable time to exchange currency.
Is hedging FX risk with forwards suitable for every exposure?
Not necessarily. Forward Contracts create an obligation to transact, so the certainty of the underlying exposure matters. If the amount or timing changes, you may need to amend, extend or close the contract, which can have financial consequences.
Other approaches may provide different levels of flexibility depending on your circumstances.
What is the difference between the spot rate and forward rate?
The spot rate is the exchange rate for a currency transaction settling at or around the current date. A forward rate applies to a transaction agreed now for settlement on an agreed future date.
The difference isn’t simply a prediction of where the market will be in the future. Forward pricing incorporates the interest-rate differential between the currencies and other pricing factors.
Read our full guide to the spot rate vs forward rate for more detail.
Is FX hedging only for large corporates?
No. Growing businesses can also develop an approach to managing currency exposure as their international activity increases.
The level of complexity doesn’t need to match that of a large treasury department. An FX hedging strategy can start with understanding your exposures and establishing clear rules around how your business handles them.
Our guide to currency hedging for SMEs explains how that can work in practice.
What is FX hedging with XRP?
XRP is a digital asset associated with the XRP Ledger and is sometimes discussed in the context of cross-border payments and currency liquidity. It isn’t one of the traditional corporate FX hedging instruments covered in this guide.
For businesses managing commercial currency exposure, commonly used FX hedging products include Forward Contracts, FX Options and swaps. Any use of digital assets introduces different considerations and risks and shouldn’t be treated as equivalent to conventional corporate FX hedging.
ALT21 Limited is authorised and regulated by the Financial Conduct Authority (FRN: 783837) and is a company registered in England and Wales (number 10723112). The registered address is 45 Eagle Street, London WC1R 4FS, United Kingdom. This article has been produced by ALT21 Limited for information purposes only. It does not constitute financial advice or an offer to sell or the solicitation of an offer to buy any products referenced. Hedging products are not suitable for every business. Before entering into any FX product, you should consider whether it is appropriate for your needs and circumstances. ALT21 Limited assumes no liability for errors, inaccuracies or omissions. Eligibility criteria and terms and conditions apply to all products and services offered by ALT21 Limited. Not all applications will be accepted.
