Business Accounts lets you convert currencies between your Borderless Cash accounts as a spot conversion (executed at the current market rate) or as a limit order (executed automatically when the market reaches a target rate you set).
This article explains how to create a spot conversion and how to view your conversion history and limit orders. For rate alert configuration, see What are Account configurations.
How can I create a conversion?
You can start a conversion from several places:
- New Conversion button on Conversion tab in Business Accounts section
- Convert button on available in header of Business Accounts section
- Convert button in the header of a Borderless Cash account
- Convert from row action menu available on the Business Accounts overview page
Starting a conversion:
- In the left menu, select Business Accounts. Select the Convert button.
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You will see a toggle New conversion | New limit order at the top
- New conversion: ‘spot’ conversion at the current rate (see below)
- New limit order: execute at a target rate
New conversion (spot)
Prerequisites: at least one Borderless Cash account with sufficient balance in the sell currency
- Select account: A searchable list of your Borderless Cash accounts appears
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Configure conversion: Set the currencies and amount:
- From amount and currency: Choose the currency and amount you want to sell. Available balance is displayed for every currency. More than 27 currencies are available, including AED, AUD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, KRW, MXN, NOK, NZD, PHP, PLN, RON, SEK, SGD, THB, USD, VND, ZAR, and additional currencies depending on your account configuration. Selecting a currency updates the rate display automatically.
- To amount and currency: choose the currency and amount you want to buy. Available balance is displayed for every currency. Entering a buy amount updates the From amount and vice versa.
- Swap currencies button (on the left of the ‘Current rate’): click to reverse the sell and buy currencies in a single step. All fields and the rate display update immediately.
- Convert on: default to current date. Select a future date to schedule this ahead of time. Leaving this as the current date executes a spot conversion immediately upon confirmation. Note a prepayment fee may be incurred to lock in the current rate
- Current rate: shows the live rate in the format. The rate refreshes automatically when you change currency selections. Clicking Show rate history will display the 30, 90 or 180 day Rate history
- Click the Next button to proceed to the review screen
- Review and confirm: review all conversion details before proceeding. The Confirm button submits the conversion and is the final action. You will see a completion page with title 'Your conversion has been completed' once submitted successfully.
New limit order
To create a New limit order, you can follow the exact same steps as creating a New conversion with a couple different configurations:
- Select account: A searchable list of your Borderless Cash accounts appears
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Configure conversion: Set the currencies and amount:
- From amount and currency: Choose the currency and amount you want to sell. Available balance is displayed for every currency. More than 27 currencies are available, including AED, AUD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, KRW, MXN, NOK, NZD, PHP, PLN, RON, SEK, SGD, THB, USD, VND, ZAR, and additional currencies depending on your account configuration. Selecting a currency updates the rate display automatically.
- To amount and currency: choose the currency and amount you want to buy. Available balance is displayed for every currency. Entering a buy amount updates the From amount and vice versa.
- Swap currencies button (on the left of the ‘Current rate’): click to reverse the sell and buy currencies in a single step. All fields and the rate display update immediately.
- Target rate: set rate at which the conversion executes automatically. Setting a rate below the current conversion rate will block you from proceeding.
- Expiry: no conversion date is selectable. Limit orders will automatically cancel on the expiry date if the target rate has not been reached.
- Current rate display: shows the live rate in the format. The rate refreshes automatically when you change currency selections. Rate history will display the 30, 90 or 180 day rate history
- Click the Next button to proceed to the review screen.
- Review and confirm: review all conversion details before proceeding. The Confirm button submits the conversion and is the final action. You will see a completion page with title 'Your limit order has been created' once submitted successfully.
View your conversions
Select Business Accounts from the left sidebar and click the Conversions tab.
The Conversions tab has selectable two sub-pages: Conversions (default page) and Limit orders.
Conversions page in Business Accounts
The Conversions sub-page shows conversion history across your organisation. This is shown in a table with the following columns:
- Status
- Date
- Account
- From: currency and amount
- To: currency and amount
- Rate: conversion rate
On this page, certain actions are available for changing views and finding more conversion information:
- More conversion information: click on a conversion row to view the detailed summary. Timelines and IDs are all visible here. Cancellation will be available here if the conversion is scheduled for a future date
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Filters are available for easier viewing:
- Accounts: selectable Borderless Cash accounts
- Date: creation date ranges
- Status: all statuses (see Conversion and limit order statuses for more information)
- From currency: currencies that you sold
- To currency: currencies that you bought
- All accounts dropdown
- Free text search available to find specific conversions
- Conversions can be exported by clicking the Export button, shown as a downward arrow icon only. Download will start as soon as this button is clicked. All conversions will be exported regardless of selected options.
Limit orders page in Business Accounts
Click the Limit orders sub-tab on the Conversions tab to view your limit order history. This is shown in a table with the following columns:
- Status
- Created on
- Account
- From
- To
- Target rate
- % from current rate
- Expires
This page has the same actions available as the Conversions page for changing views and finding more limit order information.
Conversion and limit order statuses
| Order type | Status | Meaning |
| Conversion | Scheduled | Set for a future date; not yet executed |
| Converted | Executed successfully | |
| Cancelled |
Cancelled before execution. Scheduled conversions are available to be cancelled |
|
| Limit order | Open | Active and awaiting the target rate |
| Cancelled | Cancelled before being Executed | |
| Executed | Target rate was reached and the conversion was executed | |
| Expired | Expiry date was reached without the target rate being met; no conversion was executed. Order is now closed |
|
| Failed | Order could not be executed. This could be because of insufficient funds at time of execution |
Cancellation clarification
If you need to cancel a conversion:
- Scheduled conversions (before execution): scheduled conversions that have not yet executed may be cancellable. Select the cancel option on the conversion from the Conversions sub-page. Cancelling scheduled conversions may result in costs and fees, including a delta if the rate has since changed.
- Limit orders (before filling): limit orders can be cancelled before they are Executed. Locate the order in the Limit orders sub-page and use the available actions.
- Booked (filled) conversions: once a conversion has been executed (booked), it cannot be cancelled or reversed. The Cancelled status you may see in the Conversions list refers to pre-execution cancellations only, not reversals of executed conversions.