Crossword Genius

I sped to exotic place (7)

Ross

I believe the answer is:

deposit

'place' is the definition.
(depositing is a kind of placing)

'i sped to exotic' is the wordplay.
'exotic' indicates an anagram.
'i'+'sped'+'to'='ispedto'
'ispedto' anagrammed gives 'DEPOSIT'.

(Other definitions for deposit that I've seen before include "Money given as security" , "Posited as down payment" , "First instalment" , "Down payment made to secure goods" , "Lay down" .)

I've seen this clue in The Telegraph.
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