Traditionally, companies would not have the option to determine exchange rates. With limit orders offered by payment companies , they only release a payment when a specific currency pair reaches the preferred rate as indicated by the client. Think of it as an “active rate alert” meaning that the platform will not only alert you when your preferred x-rate has been reached – it will additionally go beyond and automatically trigger your transfer at this rate. Note: on each platform this feature may be coined a little differently, see more below.
XE conveniently offers reserving limit orders online. A business can create an official order to instruct XE to buy or sell currency on its behalf when it hits a specific target rate. An XE rep will email the client a contract for the order, which they must pay via local bank transfer. While it’s not a fully automated process, XE provides simple plug-in integrations into existing software. XE also offers credit facilities to make quick payments at the preferred rate.
Currencies Direct names its product Market Orders, but it is essentially the same as a Limit order. It has a very comprehensive offering, and businesses can pre-book one-off or recurring payments. Once the market level reaches the indicated rate, Currencies Direct will automatically release the payment. While there is a minimum threshold per payment of $100, the company’s Market Orders certainly have perks – they’re fully automated once loaded, have multiple integrations to accounting software, and are easy to use and configure via a mobile app.
On the OFX platform, the term for limit orders is “target rate transfers”. It is a live feature that is available Monday through Friday, 24 hours a day. Companies can set up multiple currency pair target rates throughout the day. While the feature is not fully automated, a specific target rate can be set up for six month and there’s a convenient mobile app for simple management.
The WorldFirst “Firm Order” allows companies to set up future payments when the market hits a preferred level on a currency pair. WorldFirst operates 24/7 and only needs a one-off instruction to conduct business on a company’s behalf.WorldFirst offers good rates, but customers need to arrange each payment individually.
Providers offer various terms and conditions for using a limit order feature, but the benefits remain unchangeable. It allows companies to trade only when the market level on a currency pair hits a preferable rate. It ultimately means a payment will cost less money from the payer. Go To Full Comparison