What is a foreign exchange limit order?

A foreign exchange limit order is a transaction that is executed only when the exchange rate reaches a specified threshold.

A foreign exchange limit order:
 

• Allows you to set the exact rate at which the transaction should take place
• Is triggered automatically only if the set rate is reached
• Can help you access a better rate than the one available when the order is created
• Can serve as protection against unfavourable market movements

How to place a foreign exchange limit order

1. Sign in to online banking for business.
2. In the left menu, click Foreign exchange operations in the Transfer of funds section. 
   • If this option isn't available to you, reach out to your account manager to activate Foreign exchange operations for your business.  
3. Click on the Orders tab. 
4. Select:
   • A buy currency
   • A sell currency
   • A target exchange rate
   • A buy or sell amount
   • The order’s expiry date and time
5. Click Continue.
6. Read and accept the conditions, then click Confirm and send order.
7. Your order will be executed if the market reaches your target rate before the expiration date.

Good to know 

Placing an order does not guarantee execution. Market conditions determine whether it goes through. If your order is executed, a foreign exchange contract will automatically be created based on the terms you specified.  

You can edit or cancel a foreign exchange limit order between 7:30 a.m. and 5:00 p.m. (ET), Monday to Friday. Outside of these hours, the order may be processed at any time depending on market conditions. If you have any questions about foreign exchange limit orders, contact your trader.