Understanding Amounts and Exchange Rates for Scheduled Transfers
Scheduled transfers handle exchange rates differently from regular transfers. Amounts are calculated differently, and your rate gets locked in at a specific time – scheduled date.
How do exchange rates work for scheduled transfers?
Exchange rates change constantly (sometimes by the minute), so we can't guarantee the exact rate you'll get when you schedule a transfer for the future. Your rate gets locked in on the date your transfer is actually scheduled for, not when you set it up. Until that moment, everything you see is an estimate.
For example, you schedule a transfer today for three weeks from now. The amounts shown today are approximate. Three weeks from now, on your scheduled date, we will lock in the current rate and finalize all amounts. That's when your transfer gets booked and processed as a regular money transfer.
What's the difference between the exact send amount and the exact receive amount?
When you schedule a transfer, you pick which side of the equation stays fixed. One amount gets guaranteed, the other stays flexible until your scheduled date.
Exact send amount (You send exactly)
You enter the precise CAD amount you want to send, and that number stays locked. Your recipient's amount will depend on the exchange rate on your scheduled date.
For example, you want to send exactly $1,000 CAD. That $1,000 is guaranteed. Your recipient will get approximately a certain amount in their currency, but the final number won't be determined until your scheduled date arrives.
Use this when you're working with a specific budget or need to send an exact CAD amount.
Exact receive amount (Recipient gets exactly)
You enter the precise amount your recipient needs to receive in their currency, and that number stays locked. What's the CAD amount you'll pay? That'll depend on the exchange rate on your scheduled date.
For example, your recipient needs exactly 60,000 INR (maybe for rent or a bill payment). That 60,000 INR is guaranteed. You'll pay approximately a certain amount in CAD, but the final number won't be determined until your scheduled date.
Use this when your recipient has a specific amount they need to receive.
Why does everything say "approximately"?
Because rates fluctuate daily, we can't give you the exact final amount when you're setting up your scheduled transfer. You'll see estimated amounts based on today's rates, along with the word "approximately" to make it clear these numbers aren't final.
On your scheduled date, three things happen:
- We lock in the current exchange rate
- We calculate the final amounts based on that rate
- You receive an email with the locked-in rate and amounts
After your rate is locked in, your scheduled transfer becomes a regular transfer and follows our standard transfer process (the same one you'd use for an immediate transfer).
What I won’t see for scheduled transfers?
We don't show current live exchange rates or special promotional rates for scheduled transfers. You'll only see the total amount to pay or the total amount your recipient will receive. The focus stays on the final numbers that matter to you, not the rate itself.