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Global Payments

Schedule FX Payments

Nov 2, 2022

Locking in foreign currency rates today for future bills is fast and easy on the Koverly platform. 

With scheduled FX payments, you can: 

  • Lock in rates for future bills
  • Save time managing payments
  • Maintain consistent pricing and margins

This enterprise-level payment feature provides businesses of all sizes instant transparent FX rates and the ability to schedule payments online in seconds. No deposit fees required.

Here’s how to do it:

In your Koverly account, go to the “Bills” tab under the “Bill Pay” section and select the foreign currency bill that you are ready to pay.

When the bill details appear in the right hand section of the dashboard, click “Continue to Checkout.”

Near the top of the Bill Pay Checkout, you will see “Date of the payments,” which initially defaults to the current date. 

To change the date, click on the calendar icon and select the date for which you would like to schedule the payment. 

Once selected, Koverly will instantly generate a guaranteed forward FX rate for the purchase, as well as the amount of your total payment. 

From here, you may “Proceed to checkout” or “Pay with KoverlyPay.”

If you choose "Proceed to checkout" funds will be withdrawn from your account on the date of the scheduled payment and the vendor will receive payment 2-4 days after that date.

If you choose "KoverlyPay" the payment will be made on the date of the scheduled payment by Koverly and you will pay in fixed weekly installments starting the following week.   Learn more about KoverlyPay options. 

Once you complete the checkout, your FX rate will be locked in and your payment will be scheduled. 

There are no deposit fees required to schedule a payment. However, if you cancel a scheduled payment, you will be charged a $25 fee plus the difference in FX rates at the time of purchase and when the payment is canceled. This will be pulled automatically from your account at the time of cancellation.

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