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PIK offers two FX conversion methods — Rates and Quotes. Both convert balances between currencies within your PIK wallet, but they differ in how pricing works and when the rate is locked. You can use both methods on the same PIK account.

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Rates vs Quotes at a glance

Rates — Convert at the live market rate at the moment of submission. No pre-approval step. Executes immediately. Quotes — Request a firm price quote first. PIK returns a guaranteed rate locked for a short validity window — typically 30 to 60 seconds. You then decide whether to accept or let it expire.

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When to use Rates

  • High-volume, automated conversion workflows.
  • Speed is more important than locking an exact rate.
  • No need to show a customer a confirmed rate before converting.

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When to use Quotes

  • Large amounts where rate certainty matters.
  • Two-step or approval-based workflows.
  • Showing a customer or counterparty a confirmed rate before committing.
  • Protecting against rate movement between quoting and executing.

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Summary

Rates — Live rate at execution, no lock, one step, best for automated high-volume. Quotes — Guaranteed rate for validity window, locked, two steps, best for large amounts and approvals.