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​Understand how PIK’s Transactional FX engine works, when to use it, and how conversions fit into the broader PIK product.
PIK’s FX Conversion engine lets merchants and platforms convert balances between supported currencies directly within their PIK wallet — at competitive rates, available 24 hours a day, 365 days a year. There is no need to move funds to an external exchange or FX provider. The conversion happens entirely within PIK. FX Conversion is designed to solve a specific problem: you receive funds in one currency but need them in another. For example, you accept USDT from international customers but want to hold or pay out in AUD. Rather than withdrawing USDT and converting elsewhere, you convert inside PIK and the resulting AUD balance is immediately available in your wallet.

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How it fits into the PIK product

FX Conversion sits between receiving payments and making payouts. The typical flow is: Step 1 — Receive funds. A customer pays you in USDT or AUD via a PIK payment or direct wallet credit. Step 2 — Convert. Use PIK’s FX engine to convert the balance to your target currency — for example USDT to AUD, or AUD to USD. Step 3 — Hold or pay out. The converted balance sits in your PIK wallet ready to be held, used for further conversions, or paid out to an external bank account.

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Two conversion methods

PIK offers two ways to execute FX conversions depending on whether you need price certainty before committing: Rates — Convert immediately at the live market rate. Best for high-volume, time-sensitive conversions where you want to transact instantly without pre-locking a price. Quotes — Request a firm price quote first, then decide whether to accept it. The quoted rate is guaranteed for a short validity window. Best for larger transactions, approval workflows, or situations where you need to show a customer a confirmed rate before executing. Both methods are available via the PIK API and result in the same outcome: funds are debited from the source currency balance and credited to the target currency balance in your PIK wallet.

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Key characteristics

Available 24/7 — PIK’s FX engine operates continuously. There are no cut-off times or settlement windows for conversions between supported currencies. Fixed spread pricing — PIK applies a fixed spread to all FX conversions. There are no variable fees or hidden markups. The rate you see is the rate you get. Settled instantly — Converted funds are credited to your target currency balance immediately upon conversion confirmation. There is no settlement delay. Wallet-scoped — Conversions happen within a single PIK wallet. You cannot convert funds from one connected account’s wallet into another account’s wallet. Each conversion is scoped to the account making the request.