Book FX Trade

Booking an FX trade with Convert gives you control over when and at what rate your currency conversion happens. Depending on your payment timeline, you can choose between two options:

Unfunded Spot FX trade

You can book an Unfunded Spot FX trade For immediate or near-term payment needs.
When your payouts are due within the next 2 business days, use the Spot Contract feature:
  1. Go to "Payments" > "Send & withdraw" in your World Account
  2. Select your payee and choose your sell currency (the currency you hold) and buy currency (the currency your recipient needs)
  3. Select "Pay as soon as possible"
  4. Review the live exchange rate and confirm
  5. The conversion and payout are executed in one seamless step

Key features:

  • Settlement typically occurs within 1–2 business days
  • Rate is locked at the time of confirmation
  • No additional commitment or collateral required
  • Ideal for urgent or routine supplier payments, payroll, and contractor disbursements
Supported fast corridors (usually processed within 1 business day):

Forward FX Trade

You can book a Forward FX Trade for future-dated payments with rate certainty.
When your payouts are scheduled beyond 2 business days, you can protect your business from unfavorable exchange rate movements by booking a Forward Contract:
  1. Go to "Payments" > "Transaction management" > "FX forward"
  2. Select the currency pair, amount, and desired future date (up to 24 months ahead)
  3. Lock in the exchange rate at the time of booking
  4. Once the forward trade is booked, return to "FX forward" and locate your trade
  5. Click "Add payment" under "Actions" to attach a payout to the booked rate
  6. Funds will be converted and paid on the settlement date at your pre-agreed rate

Key features:

  • Lock in rates for up to 24 months in advance
  • No margin calls or ongoing management required
  • Schedule payments to align with your business cycle
  • Protect your profit margins from currency volatility
  • Ideal for recurring international payroll, long-term supplier contracts, and budget forecasting

Comparison: Unfunded Spot vs. Forward

Firm order

If you have a target exchange rate in mind but don't have the time to keep track of market movement, you can book a firm order. When the rate reaches your target, we execute for you immediately, leaving you to focus on your business.

Key features:

  • 24/7 Automated Monitoring: Enjoy continuous, hands-free tracking of target rates to ensure optimal execution – freeing your time to focus on what matters.
  • Flexible Settlement Options: Choose between instant currency conversion or lock rate & fund later after your order is filled.
  • Simplified Process: User-friendly interface and streamlined procedures make booking order effortless.
To book a firm order, you can set this up online by selecting your currency pair, target rate, and expiry date within the "FX" or "Payments" section.

Steps to Place a Firm Order:

  1. Log in: Access your WorldFirst account.
  2. Navigate to FX/Payments: Select "FX" or "Payments" and click on "Firm Order".
  3. Choose Currencies & Amount: Select the currencies you wish to buy and sell, and enter the amount.
  4. Set Target Rate: Define your target exchange rate.
  5. Set Expiry Date: Choose a date and time for the order to expire.
  6. Confirm: Review and confirm your order.
Important Details:
  • Monitoring: WorldFirst monitors the rate 24/7.
  • Notification: You will receive an email once the order is filled or expires.
  • Settlement: You can choose to convert using your existing balance immediately or lock in the rate and settle within 2 business days.
  • Cancellation: Orders can be cancelled at any time before they are filled via the "Transaction Management" tab, with no cancellation fees.
For high-volume, automated, or specialized needs, you may also contact your account manager to place the order.

API Integration

If you integrate with WorldFirst programmatically, you can use the WorldFirst FX (Foreign Exchange) APIs to book unfunded spot FX and forward FX trades:
  • Unfunded spot FX: Choose an FX quote now and settle the FX contract within T+2 days.
  • Forward FX: Choose an FX quote now and settle the FX contract after T+2 days.
The integration order for unfunded spot FX and forward FX is the same because they both allow FX trading at an agreed future date and at a pre-determined quote.

APIs to integrate

Integrate the following APIs to enable unfunded spot or forward FX. The sequence of the APIs below also reflects the integration order:

Workflow

The following figures show the unfunded spot or forward FX process:
23515C00-46B8-4bd7-BA66-4AE8BCDAD879.png
Figure 1. Workflow of unfunded spot FX

Procedure

Step 1: Obtain the FX quote

  1. Call Query Trading Calendar
    API
     to find an available date for the unfunded spot or forward transaction.
  2. Call Create a Quote
    API
     to get the FX quote from WorldFirst.

Step 2: Book the FX contract

  1. Call Create a Deal
    API
     to set up an FX contract.
  2. Call Query a Deal
    API
     to check the contract status.
  3. Receive the contract results through Webhooks.
  4. (Optional) Call Cancel a Deal
    API
     to cancel an FX contract.

Step 3: Make the settlement

  1. Prefund the WorldFirst account to ensure a sufficient balance for currency exchanges. Receive the prefunding result from WorldFirst through Webhooks.
  2. Call Create a Quote
    API
     to initiate the FX settlement.
  3. Call Query Rates
    API
     to check the settlement status.
  4. Receive the settlement details through Webhooks.
Ready to streamline your global payouts? Open a World Account today and start sending mass payments with confidence, competitive FX rates, and full control over your currency exposure.