Foreign Exchange (FX) in Subotiz Accounts supports real-time conversions between supported currencies. Once converted, funds can be used for global payouts, RMB settlement, and other treasury management activities.
What Is Foreign Exchange (FX)?
FX conversion is the exchange of one currency for another using the current exchange rate.
You can initiate a conversion directly from your available account balance in Subotiz Accounts without using a third-party service or visiting a bank. The system calculates the estimated converted amount based on the current exchange rate. Once submitted, the conversion is completed immediately.
Supported Currencies
Subotiz Accounts currently supports real-time conversions between the following currencies:
Currency Code | Currency |
|---|---|
USD | US Dollar |
EUR | Euro |
GBP | British Pound |
HKD | Hong Kong Dollar |
CAD | Canadian Dollar |
AUD | Australian Dollar |
SGD | Singapore Dollar |
JPY | Japanese Yen |
CNH | Offshore Chinese Yuan |
Supported currencies and currency pairs are subject to availability in the Subotiz Accounts dashboard.
How FX Conversion Works
When you initiate a conversion, the system calculates the estimated converted amount using the current exchange rate. Once a conversion is submitted:
- Deduct the sold currency: The balance of the sold currency is automatically deducted.
- Credit the purchased currency: The converted amount is automatically credited to the target currency balance.
- Generate a conversion record: A conversion record is automatically created, including the exchange rate, converted amount, and transaction time.
The entire conversion process takes place within Subotiz Accounts. There is no need to transfer funds to another platform.
Fees and Conversion Limits
- Fees: No additional fees apply to FX conversions. The exchange rate displayed before you submit the transaction is the rate used for the conversion.
- Conversion limits:
- Minimum amount: Equivalent to USD 0.01 per transaction.
- Maximum amount: There is currently no maximum amount per transaction.
For conversions exceeding the equivalent of USD 1,000,000, contact your Account Manager in advance so the necessary arrangements can be made.
Common Use Cases
FX conversion applies to a range of cross-border business scenarios, including:
- Convert USD to EUR to pay suppliers in Europe.
- Convert USD to GBP to cover advertising expenses in the United Kingdom.
- Convert foreign currencies to CNH before initiating RMB settlement.
- Rebalance funds across currencies based on business needs.
Prerequisites
Before initiating an FX conversion, confirm that:
- You have a sufficient available balance in the currency you want to exchange.
- Funds that are pending or awaiting additional documentation are not available for FX conversion.
Important Notes
- FX conversions are completed using the current exchange rate, which may change based on market conditions.
- After you initiate a conversion, the quoted exchange rate is locked for 45 seconds. If the quote expires before the conversion is confirmed, the system automatically refreshes the exchange rate.
- Once a conversion is submitted, it cannot be cancelled or modified.
- Conversion requests cannot be submitted if the available balance of the sold currency is insufficient.
- Supported currencies, currency pairs, and transaction rules are subject to availability in the Subotiz Accounts dashboard.
Subotiz Accounts supports real-time FX conversions between major currencies with no additional conversion fees. Once a conversion is complete, the converted funds are automatically credited to the corresponding currency balance and are immediately available for global payouts, RMB settlement, and other treasury management activities.