Forward

A Forward Contract is a customized contract through which the customer promises to buy or sell a specific amount of currency at a specified price on a future date.
If you have a payment due at a later date in a currency other than the one you possess, Forward Contract would be the right product for you to protect you from the potential volatility and currency risk at the markets.
Apart from hedging purposes, this OTC product can be utilized for speculative purposes as well. One can use the forward contracts to take position depending on their predictions of the future and can make profit out of these transactions.