If you want to send money at a specific rate, usually one that's better than the rate currently available, you can set up a market order. 

In this article, we’ll cover:

1. What is a market order?
2. When would I need a market order?
3. How do I create a Market Order?
4. Can I change or cancel a market order?
5. I'm worried I'll forget about my order?

What is a market order?

When you make a market order, you can specify the rate at which you’d like to exchange your currencies (your target rate). The current rate doesn’t matter. The foreign exchange markets are constantly moving and we’ll monitor them for you. 

After you’ve placed your market order and set your target rate, your work is done, and we'll take it from here.

Once your rate is achieved, your contract is created automatically and we’ll notify you via email, allowing you to transfer currency at your ideal rate.

If you're looking for Xe Rate Alerts, which don't create an obligation for payment once the target rate is set, please click here.

When would I need a market order? 

Market orders are a great option for transfers that aren’t time sensitive. Some transfers, such as bills or educational payments, need to be made by a certain date - but if your transfer doesn’t come with its own hard deadline, you can take advantage of market orders to make the most of your money when making a transfer.

You choose your ideal rate and we’ll let you know when you can get your money moving at this point. 

How do I create a Market Order?

You can create a Market Order from your account on Xe.com (this feature isn’t available in the app).

1. Log in to your Xe account on the website.

2. Click Market Orders on the left-hand menu.

3. Click Create Order.

4. Enter an amount in either the You have or You want currency fields.

5. In Limit Rate, enter the exchange rate you'd like to achieve.

6. Choose a recipient:

   • Select Saved recipient to add one now, or

   • Choose Provide later to add a recipient after booking the order.

7. Click Continue.

8. Review your order details, agree to the Terms & Conditions, and confirm your Market Order.

Can I change or cancel a market order?

Yes, you can do this at any time before the target rate is reached and your market order is triggered.

To cancel your market order, log in to your account on the website and select Market Orders from the options on the left to see your active orders.

I'm worried I'll forget about my order

It’s easy to forget about something you set up a while ago, so we cancel all inactive market orders that have not been updated for more than 12 months. 

We understand that many of you still need this service. To help you keep track of your active market we'll send you a reminder every 3 months, so you don’t forget. 

Log in to your account and edit all your existing market orders now if you want them to remain active, or you can cancel your existing arrangements and create new orders within your account.