It is to be made on the spot. This is what I heard (from Messenger of Allah (may peace be upon him ). (Using translation from Muslim 1590a)
نَهَى رَسُولُ اللهِ ﷺ عَنْ بَيْعِ الْفِضَّةِ بِالْفِضَّةِ وَالذَّهَبِ بِالذَّهَبِ إِلَّا سَوَاءً بِسَوَاءٍ وَأَمَرَنَا أَنْ نَشْتَرِيَ الْفِضَّةَ بِالذَّهَبِ وَنَشْتَرِيَ الذَّهَبَ بِالْفِضَّةِ كَيْفَ شِئْنَا قَالَ فَسَأَلَهُ رَجُلٌ فَقَالَ يَدًا بِيَدٍ؟ فَقَالَ هَكَذَا سَمِعْتُ
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