Global Payments

Schedule FX Payments

Author:
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 business of all sizes instant, transparent FX rates for simple foreign currency forwards and allows you to schedule payments online in seconds. No deposit fees required.

Here’s how it works:

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 Koverly Pay”

Choose the “Proceed to checkout” option, for the funds to be withdrawn from your account on the date of the scheduled payment.

If you wish to have 30 additional days to pay with no interest fee and no additional cost, click the gray arrow next to Koverly Pay and choose the option to “Pay in 30 days with no interest or fees.”

You may also select to further extend pay back by selecting an installment plan beyond the first 30 days.  Learn more about Koverly Pay options. 

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

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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