- Best for sending to a wide range of countries
- Recipient can get the money to bank account, cash pickup location or mobile
- Instant money transfers available
If you have to make a transfer overseas, but the exact date is flexible, a well-placed limit order could get you a good deal.
With a limit order, you set instructions to carry out your transaction — a forex trade or money transfer, for example — once the market price reaches your specified exchange rate.
Maybe you think a currency is overvalued right now, and want to wait for its price to go down. You could set up a rate alert, but you’d run the risk of your target exchange rate being reached at a time when you can do nothing about it (for example, you may be asleep).
With a limit order, once your goal rate becomes available, the transfer will be locked in and carried out automatically.
Thanks to the limit order, Anika managed to send an extra 7,600 INR to her nephew.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Limit orders do not guarantee that your transfer will happen, as they rely on the exchange rate reaching the specified value.
For example, maybe you think the dollar will go down — but what if it keeps going up? If you placed a limit order hoping the dollar would go down, you may find yourself waiting endlessly.
A limit order is one of many ways to lock in desirable exchange rates. Other methods include:
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