Quotes
Airwallex's Quotes solution allows you to lock in prices for a period of time, which is particularly useful for commercial transactions, such as in travel booking processes or marketplace platforms. It can help eliminate any FX market risk arising from cross-border transactions. For example, it can help you remove any risk of the FX price fluctuating between the time your business conducts a transaction with one of your own customers and the time at which they convert that revenue to repatriate revenue back to their home domicile. You can also use this solution in workflows with manual interventions, such as 2-step approvals on large transactions.
Transaction flow
The Quotes transaction flow requires you to obtain a price quote before requesting a conversion. The price returned to you on the quote will be guaranteed for the validity period requested, regardless of ongoing market price movements. This gives you certainty in the conversion rate while allowing users on your platform to continue with their existing workflows to book or purchase goods or services.
You can also specify a conversion date on which the conversion will be settled to and from your Wallet. If you do not specify a date, Airwallex determines the default based on your funding mode (see settlement timing).
After retrieving a price quote, you will need to pass the quote ID and relevant details from the quote including buy currency, sell currency, and the conversion date (if specified) to Airwallex in a subsequent conversion request.
Note: Quotes provide a guaranteed FX Rate. The buy_amount and sell_amount provided in the response are indicative. The notional amounts and the dealt (fixed) side can be changed in the conversion request.
Pricing
Quotes pricing builds on the price produced by the Rates pricing engine. Further adjustments are made to the price by considering the validity period of the requested quote.