Full details are available in Features by Geography.
What is Get Rate?
The Get Rate feature allows you to obtain a real-time foreign exchange rate for cross-currency payments with a ‘Needs Rate’ status, on the value date of the payment. This status is assigned when the ‘Dynamic’ rate type is selected in the FX Details field of your payment, and after the multi-currency payment is approved by all required approvers.
Rules for Get Rate feature
You can only obtain a dynamic rate:
- on the value date of the payment
- before the cut-off time for the payment type
- for future dated payments on the value date
- for each individual payment with a Needs Rate status, i.e., you cannot select multiple payments from the grid with a Needs Rate status and click Get Rate.
Who can use the Get Rate feature?
Eligible users with Payment Management role permissions and Get Rate/Trade access can obtain a real-time dynamic rate on the value date of the cross-currency payment. User must also log in with a security device to obtain a foreign currency exchange rate.
For more information, please refer to Role Permissions and User Permissions.
The following images are examples of the Get Rate screens.
Get Rate summary screen
Get Rate trade screen
Get Rate video
Obtain a dynamic rate
To obtain a dynamic rate for a payment in a Needs Rate status, follow the steps below.
| STEP | ACTION |
|---|---|
| 1 | Click Payments > Current Payments menu. |
| 2 |
Click View > Needs Rate from the Control Bar to view all payments that require a dynamic rate. If required, you can further refine the payments on screen by using Filter or Sort:
|
| 3 |
Use one of the following methods to display the Get Rate pop-up window:
|
| 4 |
Click Get Rate from the summary screen.
RESULT: The exchange rate and currency equivalent amount is displayed and available to accept the trade within 30 seconds.
|
| 5 |
Click Trade to accept the displayed exchange rate and currency converted amount before the rate expires.
RESULT: A confirmation pop-up window is displayed, and the payment status will change to Trade Successful before it begins processing.
To reject the displayed exchange rate, click Cancel or wait until the countdown expires.
|
Some payments require a contract to be used when paying from or to a particular currency. If the currency requires a contract, the dynamic rate option will not be available to select. In these instances, please contact your local ANZ Markets dealer to book a rate.
Currencies requiring a foreign exchange (FX) contract are listed in the Cross-Currency Payments section of the Processing & cut-off times article.
For more FAQs about cross-currency payments, please refer to Payments FAQs.