Foreign Exchange Quotes

The Foreign Exchange Quote (foreign_exchange_quote) object is the mechanism for generating an exchange rate between two currencies. A quote is an exchange rate that is valid until a certain date. A quote is not a guaranteed rate and is valid until it expires (expires_at). To receive the quoted rate for an FX Payment Order, we recommend originating the Payment Order before the quote expires.

Modern Treasury supports various types of exchange rates, depending on your configuration at each bank. The effective_at timestamp can be used to determine the type of rate, and may have a direct impact on the resulting exchange rate.

Type of FX Rate	`effective_at`	Description
Spot rate	`null`	When no `effective_at` is provided, the resulting Quote is for a “spot” rate.
Daily rate sheet	Today	When the `effective_at` is set to today’s date, the resulting Quote is from your daily rate sheet. This rate sheet is typically pre-negotiated between you and your bank.
Forward rate	> Today	When the `effective_at` is set to a future date, the resulting Quote is a forward rate.

See the Foreign Exchange Quotes API reference for more details.