When are Limit Orders used?

Limit Orders* let you target an exchange rate that suits you or your business for up to 6 months. Because OFX is open 24/7, our system will lock in the Limit Order and send a deal confirmation once the target rate has been achieved. 

Limit Orders often work best for individuals that need to move money to a local bank account but don’t need to convert it immediately. Instead, you can wait for your desired rate. Limit Orders also work best for businesses that have a target exchange rate in mind for an overseas payment or receivable but don’t need to pay or convert it right away. Optimise your FX and wait for a better rate.

For more information, feel free to reach out to an OFXpert.

*If you book a Limit Order, it may mean losing out if the market rate continues to move above your target rate. There is no guarantee that your desired rate will be reached. Once the order is triggered, the transfer is binding and cannot be cancelled.