Want to guarantee a minimum exchange rate, but take advantage if the rate rises?

Scenario: If you want to guarantee yourself a certain exchange rate,but do not wish commit yourself to buying Shekels at that rate. In order to do this you have to pay a premium to guarantee this rate. The premium is dependent on the amount you want to convert (called an Option).

Example: The client needs to transfer $5,000 every month, and wants to guarantee they will get an exchange rate of 3.40 or above for the next 12 payments.

The client pays a premium of 5,500 NIS to guarantee they will not get less than 3.40. In month 1 and 2 of the plan, the actual exchange rate is 3.30, the client however gets 3.40 (17,000 NIS) for those two months. However, in month 3 and 4 the actual exchange rate is 3.50 (17,500 NIS), and so their $5,000 is converted at 3.50.
By paying the premium the client knows that the smallest amount of Shekels they will receive every month is 17,000 NIS.
If over the course of the year, the average exchange rate on the date the client has bought the option for was 3.00, the client would be better off by 18,500 NIS (taking into account the premium paid). In fact, the client will have saved money if the rate was to fall below 3.3080. Anything above this means the client would have been better off not taking the option.