Converting funds from one currency to another is an integral part of the international payments process. Our conversion functionality allows you to convert money held in one currency, for money in another currency – in all of the world’s major economies. Altogether, we provide access to nearly 300 currency pairs.
Making a conversion
A set of APIs has been created in order to offer full control of the conversion process, from the quoting to the creation, the update, all the way to the cancellation of a conversion. This functionality is available to the users with the relevant permissions and can also be accessed through Currencycloud Direct at any time, beyond normal business hours.
Funding a conversion
You have the flexibility of sending funds in to cover the conversion either before or after creating it. Alternatively you can hold balances with Currencycloud, meaning that the money is there whenever you need to make a conversion or payment. Forward trades will utilise available balance to auto-settle once the trade reaches the settlement date.
Types of conversions
- Forwards – these conversions are for a future date (more than 2 days into the future). Rates are locked in for up to 12 months;
- Spot - these conversions settle in two days (T + 2).
You have access to real-time foreign exchange rate quotes before committing to a conversion.
As long as you create your conversion before the cut off time given in our Foreign Exchange (FX) schedule, your conversion will settle on your chosen date.
We are enabling Weekend FX Conversion in Q4, 2021. This gives you the ability to get rates and create conversions on the weekend by locking in FX rates with Currencycloud.
After creating a conversion, you can:
- Trade split – split the conversion into smaller amounts. Find out more here;
- Cancellations – cancel the conversion. Find out more here;
- Date change – change the conversion date. Find out more here.