Target an ideal exchange rate with a Limit Order
Limit Orders work overtime, so you don’t miss out on market movements in different time zones. Eliminate the stress of having to watch the markets 24/7.
What is a Limit Order?
A Limit Order is an FX tool to help you move money at your ideal exchange rate. Great for moving money if you don’t need to convert it immediately. It can be used as part of a currency plan to help achieve your target rate and stay in budget, or in conjunction with other tools to help protect against currency risk.
Lock in your ideal great rate with OFX Limit Order for up to 6 months. If the rate hits, your target rate will be secured.
The benefits of a Limit Order with OFX
- Great rates
Set a target rate for your transfer and, if it’s reached, we’ll help get your money moving. - Expertise
We’re been a trusted innovator in the global money movement for over 25 years. - Secure
We’re regularly audited and are regulated by over 50 regulators globally - 24/7 service
Real human service and support when you need us.
If you book a Limit Order, it may mean losing out if the market rate continues to move above your target rate. Read more. There is no guarantee that your desired rate will be reached.
FAQs on Spot Transfers
Are there any downsides?
Your transfer will be completed at the target rate; however, the exchange rate could continue to move above your target rate, meaning that you could have achieved a better rate of exchange.
The market may never reach your desired rate, meaning it could have been better to transfer earlier to meet your time and budget goals.
When are Limit Orders used?
Limit Orders* let you target an exchange rate that suits you 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 but don’t need to convert it immediately. Instead, you can wait for your desired rate. Optimise your FX and wait for a better rate.
For more information, feel free to reach out to our specialists.
*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.
What does it cost to set up a Limit Order?
Limit Orders don’t require a deposit or advance payment.
Can I cancel a Limit Order?
Your Limit Order can be cancelled or changed anytime before your target rate is reached. You can do so by logging in to your OFX Account online, or by contacting our OFX specialist on the phone.
Please note: Once your Limit Order target rate is reached, the deal is booked and guaranteed for you. This means the deal becomes legally binding when the market hits your target rate and OFX cannot cancel the Limit Order.
If you book a Limit Order, it may mean losing out if the market rate continues to move beyond your target.sxz
How long will it take for the funds to get to my recipient?
Once we’ve received your funds, most transfers to major currencies, like euros or US dollars, are made within 1 to 2 business days. But some currencies can take longer. The currency, your recipient’s bank, weekends or public holidays, and the country you are sending to may impact transfer time. You can track your transfers online, on our OFX Money Transfer App, or call us to speak to one of our OFX specialists.
Achieve a target rate
If you have a target rate of exchange in mind in order to meet your budget, consider an OFX Limit Order. Our specialists will help you understand if that rate could be achieved in time.
No time to watch the FX markets?
If you don’t need to transfer right away, consider an OFX Limit Order. Tell us how much you want to send and your ideal rate. If your target customer rate is achieved, we’ll finalize your order and notify you.
Once we have received your funds, the transfer to your nominated recipient will be actioned.
Ready to create your first Limit Order? Open your FREE account today.
Have a question? Need some help?
We provide 24/7 client service and support. Email us or call us anytime. We are here to help.
