Geography: This article is applicable for ANZ Transactive - Global customers banking in Australia, New Zealand, Hong Kong and Singapore.
Full details are available in Features by Geography.
Full details are available in Features by Geography.
About Get Rate
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.
Get Rate screens
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.
|
Get Rate FAQs
Can I reject the accepted dynamic rate after I have selected Trade?
Once you click Trade, the payment will commence processing.
Can I lock in a dynamic rate if there are currently insufficient funds in my account?
When you click Get Rate from the Get Rate summary screen, the system will check the available balance/funds for the debit account. If there are insufficient funds at the time Get Rate is selected, you will be presented with the below error, and the payment will remain in a Needs Rate status:
"The total amount of the payment exceeds the Available Balance/Available Funds."
When funds are available, you can attempt to Get Rate again.
When can I obtain a dynamic rate for a Future Dated payment?
On the value date of the payment, eligible users can use the Get Rate feature to obtain a dynamic rate.
Can I ‘Get Rate’ after the payment cut-off time?
The Get Rate feature can only provide a dynamic rate on the payment value date. If the approved payment pending a dynamic rate has passed the cut-off time, then the value date will need to be updated to the next business date. The Get Rate feature can then be used on the value date to retrieve the dynamic rate.
Why do I need to ‘Get Rate’ after the payment is approved?
Once the payment instruction is approved, use the Get Rate feature to obtain the dynamic rate. The rate can be approved and sent to the bank for processing or rejected and retried at a later stage during the value date. If the payment has missed cut-off time, you can update the payment to the next business date and retry the Get Rate feature for the latest foreign exchange rate.
Why can't I select a Dynamic rate for a particular currency?
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.
Which currencies are supported?
A list of supported currencies for each jurisdiction is available in the Processing & cut-off times article.