A spot transaction

 spot transaction is a straightforward exchange of one currency for another.
The spot rate is the current market price, which is also called the "benchmark
price". Spot transactions do not require immediate settlement, or payment
"on the spot". The settlement date, or "value date" is the second business
day after the "deal date" (or "trade date") on which the transaction is agreed
by the trader and market maker. The two-day period provides time to confirm
the agreement and to arrange the clearing and necessary debiting and
crediting of bank accounts in various international locations.