Does the Exchange Rate Change?

One of the most common concerns when making international transfers is exchange rate volatility. Currency markets are dynamic, with rates fluctuating constantly based on global economic conditions, market sentiment, and countless other factors.

At Covercy, we use the global spot exchange rate, which refreshes every 30 seconds. This ensures you always see the most current market rate when viewing your transfer options. While filling out your money transfer request, you may occasionally notice a message indicating that the rate has been updated.

However, once you submit your transfer request, we lock in your exchange rate for a full 24 hours. This rate lock protects you from typical market fluctuations while you gather any necessary documentation or transfer funds to your Covercy account.

This 24-hour guarantee gives you peace of mind and flexibility. You won't need to rush through the verification process or worry about rates moving against you while completing your transfer.

In rare cases where market prices move by more than 0.5% before we execute your transaction, we may need to requote your transfer. If this happens, we will always contact you first for approval. You'll have the opportunity to accept the new rate or receive a full refund of your transaction—the choice is yours.

If circumstances cause your transfer to take longer than 24 hours to complete, we'll send you an email notification if the exchange rate changes. This keeps you fully informed throughout the process.

Our transparent approach to exchange rates is part of our commitment to providing a trustworthy international transfer service. You'll always know exactly what rate you're getting and have protection against short-term market volatility.

Ready to make your first transfer with rate protection? Create your free account today and experience the Covercy difference.