To request a quote from your bank, create a Foreign Exchange Quote with the currency and amount. Modern Treasury will automatically route the request to the appropriate bank, based on the provided internal_account_id and respond with an exchange rate specific to your organization.

{
  "internal_account_id": "d728aaf5-8e90-43a8-bbfb-c1f0bcabcb50",
  "effective_at": null, // Null effective at OR omitted entirely
  "base_currency": "USD",
  "target_currency": "EUR",
  "target_amount": 1000
}

{
  "internal_account_id": "d728aaf5-8e90-43a8-bbfb-c1f0bcabcb50",
  "effective_at": "YYYY-MM-DD", // Where YYYY-MM-DD is today's date
  "base_currency": "USD",
  "target_currency": "EUR",
  "target_amount": 1000
}

{
  "internal_account_id": "d728aaf5-8e90-43a8-bbfb-c1f0bcabcb50",
  "effective_at": "YYYY-MM-DD", // Where YYYY-MM-DD is some date in the future
  "base_currency": "USD",
  "target_currency": "EUR",
  "target_amount": 1000
}

See the Create Foreign Exchange Quote API reference and examples for details on the available parameters.

Base vs. Target Amount

When requesting a quote, you either specify a base_amount or target_amount, but not both. The amount specified is considered the "fixed" amount, and the unspecified amount is the "variable" amount which is calculated after the exchange rate is applied. You may want to fix the base or target amount depending on your user experience.

Scenario	Description	Amount specified
Variable to Fixed	I want to ensure my Counterparty receives €10.00 EUR; I don't care how much USD is sold.	`target_amount`
Fixed to Variable	I want to ensure I convert (sell) exactly $10.00 USD; I don't care how much EUR my Counterparty receives.	`base_amount`

{
  "internal_account_id": "d728aaf5-8e90-43a8-bbfb-c1f0bcabcb50",
  "effective_at": null,
  "base_currency": "USD",
  "target_currency": "EUR",
  "target_amount": 1000 // Target amount is specified; base amount is omitted.
}

{
  "internal_account_id": "d728aaf5-8e90-43a8-bbfb-c1f0bcabcb50",
  "effective_at": null,
  "base_currency": "USD",
  "target_currency": "EUR",
  "base_amount": 1000 // Base amount is specified; target amount is omitted.
}

See the Create Foreign Exchange Quote API reference and examples for details on the available parameters.