Need to secure a given amount using a forex option. Is this exclusive of forex houses

Good morning everyone.

I have a given amount of money in USD that I would like to "secure" using a forex option to convert to EUR.

My main bank (in Portugal) only offers forex forward contracts not forex options.

Anyone knows if this is usually an operation offered by forex houses or are there any European banks anyone knows that might offer this feature?

In sum, I would like to pay an upfront fee, and at the specified future date exercise or not the option to convert xx amount of USD into EUR at the pre-agreed exchange rate.

Thanks for any help or pointers.

Steven

If you require physical delivery, you need to talk to an investment bank. For retail, i only know Saxobank that makes market in vanilla FX options, but they don't offer delivery (as far as i know, maybe talk to them).

Actually, I already have the funds in USD. But because I'll need a given amount in EUR in a few months, I wanted to be safe just in case the USD tumbles further. If it does, I would use the option call, otherwise I would let it expire and use the exchange rate at the time.

I don't see how options have any advantage for this purpose, if you are talking strictly hedging your EUR risk. If you hedge via spot/futures/forward, you loose via PnL of the respective position if the USD weakens. If you use options, you loose your premium. Same thing. If you use spot, you don't have to worry about non-discrete strikes and maturities and you can transact the exact amount you need.