Articles on: Clever currency toolkit

9.04 Rate alerts

What does it do?

A rate alert notifies you when the exchange rate in a currency reaches your target.

Why would I use it?

If you have done your homework and know what exchange rate you want to buy at, rate alert saves you time by watching our rates and automatically notifying you when your target is reached. You can use multiple alerts if you want to watch for a range of exchange rates.

How does it work?

You simply enter the target rate in one or more currencies (or multiple rates in a single currency) and we'll automatically email and notify you in-app when a target rate is reached. You can then click through to buy the currency (although you'll need to be quick, as exchange rates can go up and down at any time).

Give me an example

Richard is off to Orlando in 3 months time and wants to know if and when the US Dollar hits $1.35 again – the exchange rate is currently $1.30. He creates multiple alerts for USD at $1.33, $1.34 and $1.35 so that he knows if the dollar is trending towards his target. Two months later he gets an alert that the rate has hit $1.33 and then a few minutes later £1.34. Does he dive in at $1.34 or keep his nerve and wait out for $1.35?

Anything else I need to know?

Exchange don't always go up, so be prepared to dive in and order at the prevailing rate in time to receive your currency before you depart. You can use the rate tracker to isolate a good rate to target based on historic performance in that currency, and you can use the diary reminder to ensure you don't forget to order in time should the rate alert not fire.

Updated on: 27/04/2023

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