Convert Currency

Select convert currency when a client wishes to execute an FX transaction without an onward payment. This should be used if the client wants to lock in a rate and instruct future onward payments from their balance.

It is also possible to add payment details onto a currency conversion before settlement to balance.

From the Home dashboard or sidebar, select Convert currency (make sure you are within the correct client view from the client selector in the top right-hand corner of the screen)

Select how the transaction will be funded, this will either be from an existing balance or the client's bank account.

Now the Order screen will appear. This is where you enter the buy or sell currencies and amounts.

The client's default transaction fees and FX spread will automatically be loaded, and once a buy or sell amount is entered a live FX quote will be displayed.

Select a settlement date using the date selector. Some dates (e.g. same day) may not be available depending on the cut-off times with our Banks and the currency pair selected.
The fee and spread can be manually changed for the specific quote with the following options available:
- Transaction Fee = Flat fixed amount in the sell currency, the fee is deducted from sell amount prior to the FX conversion.
- Client Spread % = Percentage variance between the client rate to be quoted and the market rate.
- Client rate = Manually specify a fixed client rate, independent of the market rate.
Once you hit GET QUOTE, the estimated gross profit is displayed based on the latest market rate quote based on the fees/rates inputted,
- Note: The market rate may fluctuate between the point of quote and confirmation. If you have fixed the client rate the actual gross profit could be higher or lower when confirmed with our Banks.

Select CONFIRM to execute the trade, at this point the client is committed to completing the transaction and the order confirmation screen will appear.
If you have selected to fund the foreign currency payment from a bank transfer, the account details including the unique payment reference will be displayed. These details, along with the order confirmation, will be emailed to the client and also appear on the Home dashboard.

Onward payments can be added to a currency conversion prior to settlement, after which if the conversion has been settled the buy currency will be transferred to the client's balance.
- This can be done by adding a beneficiary the page after the trade has been confirmed.
- Or alternatively, it can be done by clicking the conversion on the home dashboard and selecting 'CREATE PAYMENT'.

Please do not hesitate to reach out to our support team if you encounter any difficulties via support@numito.com