Foreign exchange, in plain language

Not yet. Today you can use live reference rates, the converter, historical charts, email rate alerts, indicative quotes and consultation requests. International transfers, forward contracts, orders and multi-currency accounts are planned and will be provided through a licensed payments partner.

A licensed payments provider will be the entity of record for transfers. Canary Financial is the technology and distribution layer and will not hold customer funds. The partner's name and licence details will be shown before you commit to a transfer.

When our payments partner is connected. We have not set a public date. Use any "Coming soon" button on these pages to be emailed when it launches.

Our plan is the mid-market rate plus one disclosed margin, shown before you confirm, with the amount your recipient receives shown first. Final pricing, any fees, minimums and limits will be set with the partner and published before launch.

The midpoint between the buy and sell prices for a currency pair in the wholesale market. It is the fairest benchmark for comparing quotes. Banks and providers add a margin to it — sometimes shown, often built into the rate.

From the European Central Bank's euro foreign exchange reference rates, re-based to the US dollar (via the Frankfurter API). They are published once per working day, around 16:00 Central European Time, and cover around 30 major currencies. They are for information only, not prices you can deal at.

Usually three parts: a visible fee, a margin built into the exchange rate, and sometimes charges from intermediary (correspondent) banks along the way. The margin is often the largest part on bigger amounts. Compare what the recipient actually receives. Our quote checker shows the margin in any rate you are offered.

Currency markets trade continuously on weekdays, and prices respond to economic data, interest-rate expectations, politics and flows. Reference rates capture one moment per day; dealable rates move all the time.

Typically the recipient's full name and address, their bank's name, their account number or IBAN, and the bank's SWIFT/BIC code. Some countries also use local codes — for example sort code ( UK), BSB ( Australia), IFSC ( India) or CLABE ( Mexico).

It depends on the currencies, the countries, the payment network used, cut-off times and the banks involved — from the same day to several business days. The executing provider confirms timing when you book.

Regulated payment providers are required by anti-money-laundering rules to verify customers, and may ask about the purpose of a payment and the source of funds, especially for larger amounts.

Once a conversion is booked, the rate is usually binding; cancelling may mean covering any loss if the rate has moved. Once money has been sent, recovering it depends on the banks involved. Always check details before confirming.

Money transmitters generally register with FinCEN as money services businesses and hold licences in the states where they operate; many list an NMLS ID you can look up on NMLS Consumer Access. Check a provider's registration and licences before sending money.

Be suspicious of any email or message that changes bank details, especially for property, invoices or large payments. Confirm new details by phone on a number you already have. Never send money to someone you have only met online, or because of pressure to act immediately.

No. Canary Financial does not hold customer funds for FX. When transfers launch, funds will be handled by the licensed payments partner.

An agreement to exchange currency at a rate fixed today for settlement on a future date. It protects you if the rate moves against you, but you give up any gain if it moves in your favour, and you are committed to complete it. Providers usually require a deposit.

Because of "forward points", which reflect the interest-rate difference between the two currencies over the contract period, plus the provider's margin.

A limit order books a conversion automatically if the rate improves to your target. A stop-loss books it if the rate worsens to a floor you set, capping the downside. They are often used together.

An order commits you to a conversion when the rate is reached. A rate alert just tells you — you decide what to do. Canary's rate alerts are available now; orders are coming soon.

An account that holds balances in several currencies, often with local receiving details so customers abroad can pay you like a domestic payment. It lets you convert when you choose rather than on every payment. Planned for Canary FX business customers.

Paying many recipients — often in different countries and currencies — from one upload and one approval, instead of one wire at a time. Planned.

"Know your business" — the checks a regulated provider performs on a company and its owners and directors before providing payment services. See business onboarding.

Choose a currency, a target and a direction. We compare it with each new ECB reference rate (published once per working day) and email you once when it is reached, then close the alert. You can have up to five active alerts per email and cancel from the confirmation email.

Yes. The converter, charts, rate table, alerts, comparison and scenario tools are free and need no account.