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Limit orders: Definition, example and FAQs

Get the exchange rate you want for your international money transfer when you place a limit order.

Getting the best possible exchange rate is important whenever you send money overseas, but sometimes current market conditions don’t allow you access to the rate you want. This is where limit orders come to the rescue. A limit order allows you to choose the exchange rate at which you want to buy or sell a currency and your order is only executed when the rate you want is available. These flexible tools offer a convenient way for you to stay on top of market developments, hedge your transfer and get the exchange rate you want for your transaction.

Name Product Minimum Opening Deposit Minimum Spreads for Major Currencies Commission Minimum Trade Size Platforms
BlackBull Markets Forex Trading
USD 200
0.0 - 0.8 pips
0.01 lots
MetaTrader 4, MetaTrader 5
Margin FX is a complex financial product and traders are at high-risk of losing all of or more than their initial investment. Trade up to 64 currency pairs with a New Zealand registered and based provider.
Plus500 Forex Trading
NZ 200
Variable and adjusted according to market spread.
Varies with instrument
Plus500 WebTrader
CFD Service. Your Capital is at risk. Margin FX is a complex financial product and traders are at high-risk of losing all of or more than their initial investment. Open an account and experience Plus500's easy-to-use proprietary trading platform, 24/7 online chat support and free real-time forex quotes.
IG Forex Trading
0.6 - 1.5 pips
1 lot
MetaTrader 4, ProRealTime
Margin FX is a complex financial product and traders are at high-risk of losing all of or more than their initial investment.Choice of trading platforms. Choose optional extras like advanced charting, reporting and order types. Over 90 currency pairs to choose from.

Compare up to 4 providers

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days NZD 0.00 0.714 USD
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. Go to site Show details
NZD 250 1 day NZD 0.00 0.714 USD
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
NZD 0 Same day NZD 0.00 0.713 USD
XE has fast transfers with competitive rates and a range of foreign currency tools. Go to site Show details
NZD 2,000 2 days NZD 0.00 0.714 USD
Exclusive offer: Discounted exchange rates for all Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
NZD 250 1 day NZD 0.00 0.714 USD
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
NZD 1 Within an hour NZD 3.99 0.713 USD
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
NZD 1 1 - 2 days NZD 80.00 0.717 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
NZD 5 1 - 2 days EUR 3.00 0.711 USD
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
NZD 10,000 1 - 2 days NZD 0.00 0.711 USD
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details

Compare up to 4 providers

What is a limit order?

A limit order allows you to choose a target exchange rate for an international money transfer – that is, the rate at which you are hoping to convert your New Zealand Dollars into another currency to be sent overseas.

This is a very flexible money transfer option that effectively allows you to keep pace with market developments and send money overseas at an exchange rate suitable to you. You can leave your order in place for up to six and even twelve months – if your desired exchange rate is achieved then the order is triggered, but the order simply won’t be placed if the target rate does not occur.

How do limit orders work?

Trading on global currency markets occurs 24-hours-a-day, which might ordinarily mean that you may miss out on an attractive exchange rate overnight while you’re fast asleep. Limit orders are fundamentally a way for you to get your money transfer company to monitor currency markets for you.

All you have to do is tell your money transfer provider your desired rate, how long you’re willing to wait for the order to be placed, the currency you wish to buy or sell and the amount you wish to purchase. You can then sit back and wait as your money transfer provider watches currency markets to see if your desired exchange rate can be achieved – if it can, your order will be placed.

For example, with the current exchange rate at 1 NZD = 0.69 USD, Greg isn’t quite prepared to send a transfer of $25,000 to the USA until he can get a better rate. He places a transfer limit order and nominates a target rate of 1 NZD = 0.74 USD, and when that rate is reached five months later, the transfer is triggered and Greg’s funds are sent overseas.

What are the types of limit orders?

This article deals with limit orders solely in regards to international money transfers. However, limit orders can be an effective tool across a wide range of investments, including shares and commodities.

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How do I compare limit orders?

  • The company’s exchange rates. It’s important to check the exchange rates on offer from each money transfer provider to determine how close they are to the mid-market rates. This gives you a better idea of how much the market needs to fluctuate in order for the transfer company to be able to offer you the rate you want.
  • Fees charged. In addition to any transfer fee you have to pay as standard, do you have to pay an extra fee when you place a limit order?
  • Length of order. How long is your order valid for? Some companies offer orders for up to twelve months, while others only allow you to place orders for six months.
  • How the order can be placed. Can you place a limit order online, over the phone or maybe using a mobile app?
  • Minimum amount. Is there a minimum limit you are required to transfer using a limit order? For example, does the company set a minimum of $30,000.
  • Notification process. How does each provider notify you once your order has been placed?
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What are the pros and cons of limit orders?


  • Stay up to date. Limit orders allow you to make the most of market fluctuations, even while you’re asleep.
  • Get the exchange rate you want. Limit orders allow you to get better value for money when you send funds overseas.
  • Change your order. Until your desired rate is reached, you have the freedom to withdraw or change your order.


  • High amounts. Limit orders are typically only available for larger transfers, for example, $20,000 or more.
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What are the risks of limit orders?

One thing to be wary of after placing a limit order is growing impatient and just accepting the current rate on offer, while another is the fact that you may have to wait months for your order to be executed and you could forget about it.

The other disadvantage of limit orders is that the exchange rate could keep on improving after your desired rate has been reached, but because you’ve already locked in your order you are unable to take advantage of the rising market rate.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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