What Are FX Limit Orders?

FX limit orders let you set a target exchange rate for a currency conversion. Instead of converting at whatever rate the market offers right now, you tell TreasuryPath the rate you want, and the platform watches the market for you. When the rate hits your target, the conversion executes automatically or you get notified, depending on your chosen execution mode.

Think of it like a stock limit order. You pick your price, place the order, and walk away. TreasuryPath handles the rest.

When to Use Limit Orders

Limit orders work best when you have flexibility on timing but want a specific rate:

Non-urgent FX needs where you can wait for a better rate rather than converting immediately
Budget-driven targets where your finance team has modeled a specific rate into projections
Large conversions where even small rate improvements translate to meaningful savings
Reducing manual effort so your team does not need to watch rate screens and time conversions

If you need the conversion done right now, use a standard payment instead. Limit orders are for when you can afford to wait.

How to Create a Limit Order

Navigate to Payments and click New Payment
Toggle Limit Order on at the top of the form
Select your source account and destination account (any supported currency pair)
Enter the conversion amount
Set your target rate and choose the rate direction (at or above / at or below)
Choose your execution mode: auto-execute or notify only
Set an expiry date (maximum 30 days from today)
Click Submit to send the order through your team’s approval workflow

Once approved, TreasuryPath begins monitoring exchange rates continuously during market hours (weekdays). When the market hits your target, the system either executes the conversion automatically or notifies you, depending on your execution mode.

Understanding Rate Direction

When setting your target rate, you choose a direction that determines when the order triggers:

At or above

The order triggers when the rate reaches at least your target. Use this when you want a rate that is equal to or better than a minimum threshold.

Example: You are converting USD to EUR and want at least 0.92 EUR per dollar. Set direction to “at or above” with target rate 0.92. The order triggers when the rate is 0.92 or higher.

At or below

The order triggers when the rate drops to at most your target. Use this when you are buying a currency and want to pay no more than a ceiling rate.

Example: You are converting EUR to USD and want to pay no more than 1.09 USD per euro. Set direction to “at or below” with target rate 1.09. The order triggers when the rate is 1.09 or lower.

Execution Modes

When creating a limit order, you choose how the system should respond when your target rate is hit:

Auto-execute - TreasuryPath automatically executes the conversion and creates a payment. The payment is auto-approved since the original limit order already went through your approval workflow.
Notify only - TreasuryPath sends you a notification that your target rate has been reached. You can then decide whether to execute the conversion manually. This is useful when you want human review before large conversions go through.

Order Lifecycle

Your limit order moves through these statuses:

Status	What it means
Pending Approval	Your order has been submitted and is waiting for team approval
Active	Approved and actively monitoring exchange rates during market hours
Triggered	Target rate was hit and you have been notified (notify mode only)
Executed	Conversion completed successfully and a payment has been created
Expired	The expiry date was reached before the market hit your target rate
Cancelled	You or a team member manually cancelled the order
Failed	The conversion encountered an error after multiple attempts

Monitoring Your Orders

The Limit Orders tab in the Payments section shows all your active and historical orders. For each order you can see:

Sparkline chart showing recent rate movement for the currency pair
Distance to target displayed as a percentage, so you know how close the market is to your rate
Current status with color-coded badges
Order details including amount, target rate, and expiry date

To cancel an active or triggered order, open it and click Cancel Order.

Frequently Asked Questions

What currencies are supported?

FX limit orders support all tradable currency pairs available on the platform, including major pairs (USD, EUR, GBP, JPY, CHF) and many emerging market currencies.

How often are rates checked?

TreasuryPath monitors exchange rates continuously during market hours (Monday through Friday). Rates are not checked on weekends when FX markets are closed.

What is the slippage buffer?

To account for normal market movement, TreasuryPath uses a 2% buffer when matching rates. This means your order may trigger when the rate is within 2% of your target, ensuring you do not miss opportunities due to momentary rate fluctuations.

Can I cancel a limit order?

Yes, you can cancel any order that is in Pending Approval, Active, or Triggered status. Orders that are currently being executed (mid-conversion) cannot be cancelled.

What happens when a limit order executes?

In auto-execute mode, when the target rate is hit, TreasuryPath automatically creates a payment record. The payment is auto-approved since the original limit order already went through your approval workflow. In notify mode, you receive an alert and can execute manually.

What is the maximum duration for a limit order?

Orders can be active for up to 30 days. After 30 days, any unfilled order automatically expires.

What happens if the conversion fails?

If an API error occurs during execution, TreasuryPath retries up to 3 times with a cooldown period between attempts. If all 3 attempts fail, the order moves to Failed status and you are notified. If the rate spread is too wide, the system waits and retries on the next rate check without counting it as a failure.

How to Use FX Limit Orders