When it comes to international payments, you need a safe, secure payment method that suits the needs of you and your business. Hermex is here to help you choose the best trade type to meet your requirements. Market orders are just one of the three international bank payment options that we offer – for more information on the alternatives; take a look at our Spot Contracts and Forward Contracts.
What is a market order?
A market order allows you to buy or sell currency at a desired target rate. For instance, if your business holds a currency that it wants to convert, but only wants to convert once the rate reaches a certain level, placing a market order enables you to keep track of the changes and execute your deal when the rate hits your desired number.
It is important to be aware that market orders can also be referred to as ‘limit orders’ or ‘unrestricted orders’. However, although the names are different, the premise is the same – your deal to exchange currency will only occur when a selected rate is reached.
How does it work?
As a member of Hermex’s exclusive client base, you’ll automatically be appointed a designated account manager, who you’ll speak to directly when making any decisions about overseas payments. This is part of our bespoke service, and helps us to ensure that every single one of your payments is overseen by an expert, and your account is kept organised and efficient at all times.
Whether you’re making a one off foreign payment or a regular on-going exchange, if you decide that you’d like to go ahead with a market order, you’ll need to speak with your designated dealer and verbally agree your desired rate you require for your deal to be executed. If the rate is achieved then your dealer will contact you and send out a contract note detailing your deal and asking you to supply all of the necessary details for your international payment to go ahead.
Once your instruction has been taken, you can sit back and wait for the rate to hit your preferred level, safe in the knowledge that when it does, your deal will be executed automatically. The benefit to you is that Hermex will complete the transaction for you as soon as the exchange rate hits your desired figure, meaning no valuable time is wasted.
Is it right for me?
A market order could be right for you and for your business if:
- You have a desired exchange rate in mind for your international payment
- You don’t need to exchange your money urgently
Got a question about forward contracts? Our approachable, knowledgeable dealers will be happy to help. Call us on 0207 856 2490 or email email@example.com for more information about any aspect of sending money abroad.