> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pik.global/llms.txt
> Use this file to discover all available pages before exploring further.

# How FX Conversion works

> How PIK's Transactional FX engine works, what rates you get, how on-ramp and off-ramp work, and the end-to-end cross-border flow.

PIK's FX Conversion engine lets you convert balances between supported currencies directly within your PIK wallet — at institutional-grade rates, 24 hours a day, 365 days a year. No external exchange needed.

### Conversion Methods Compared

| Method        | How It Works                                               | Rate                                        | Best For                                                |
| :------------ | :--------------------------------------------------------- | :------------------------------------------ | :------------------------------------------------------ |
| Rates (live)  | Converts immediately at the current market rate            | Live at time of submission                  | High-volume automated workflows                         |
| Quotes (firm) | Request a rate first; rate is locked for a validity window | Locked — guaranteed for the validity period | Large amounts, customer-facing confirmations, approvals |

The exact quote validity window is shown in the expires\_at field returned when a quote is created.

### Rate Quality

PIK sources FX rates from institutional-grade liquidity with access to interbank pricing. For AUD/USD specifically, PIK offers highly competitive rates — tighter spreads than retail banks or consumer FX apps. PIK applies a fixed spread on the interbank mid-rate. No variable commissions, no hidden markups.

### Supported Conversion Pairs

| From | To   | Type         |
| :--- | :--- | :----------- |
| AUD  | USD  | Fiat-to-fiat |
| USD  | AUD  | Fiat-to-fiat |
| AUD  | HKD  | Fiat-to-fiat |
| AUD  | SGD  | Fiat-to-fiat |
| SGD  | AUD  | Fiat-to-fiat |
| HKD  | AUD  | Fiat-to-fiat |
| USDT | AUD  | On-ramp      |
| USDT | USD  | On-ramp      |
| USDC | AUD  | On-ramp      |
| USDC | USD  | On-ramp      |
| AUD  | USDT | Off-ramp     |
| AUD  | USDC | Off-ramp     |
| USD  | USDT | Off-ramp     |
| USD  | USDC | Off-ramp     |
| USDT | HKD  | Cross        |
| USDT | SGD  | Cross        |

For the full live pair list and current minimums:

```text theme={null}
GET /api/v1/fx/pairs
```

### On-Ramp and Off-Ramp

| Direction | sell\_currency | buy\_currency | Use Case                              |
| :-------- | :------------- | :------------ | :------------------------------------ |
| On-ramp   | USDT or USDC   | AUD or USD    | Received crypto, want fiat            |
| Off-ramp  | AUD or USD     | USDT or USDC  | Have fiat, want crypto for withdrawal |

### Additional Supported Conversion Pairs

In addition to USDT/USDC on-ramp and off-ramp, PIK supports direct conversion between fiat currencies for wallet management and payout preparation:

| From | To  | Common Use Case                                       |
| :--- | :-- | :---------------------------------------------------- |
| AUD  | USD | Convert AUD receipts to USD for international payouts |
| USD  | AUD | Convert USD holdings to AUD for Australian operations |
| AUD  | EUR | Prepare EUR payout from AUD balance                   |
| AUD  | GBP | Prepare GBP payout from AUD balance                   |
| AUD  | HKD | Prepare HKD payout from AUD balance                   |
| AUD  | SGD | Prepare SGD payout from AUD balance                   |
| USDT | USD | Convert stablecoin to USD fiat                        |
| USDC | USD | Convert stablecoin to USD fiat                        |

For the complete and current pair list including minimums, call GET /api/v1/fx/pairs or see [Supported Currency Pairs](/supported-currency-pairs).

### End-to-End Cross-Border Flow

**Crypto to fiat:**

```mermaid theme={null}
graph LR
    A["Receive USDT or USDC<br/>(Inbound)"] --> B["PIK USDT/USDC<br/>Wallet Balance"]
    B --> C["FX On-Ramp<br/>Convert to AUD or USD"]
    C --> D["AUD or USD<br/>Wallet Balance"]
    D --> E["Payout to<br/>Bank Account"]
```

**Fiat to crypto:**

```mermaid theme={null}
graph LR
    A["Receive AUD<br/>via VAN"] --> B["PIK AUD<br/>Wallet Balance"]
    B --> C["FX Off-Ramp<br/>Convert to USDT or USDC"]
    C --> D["USDT/USDC<br/>Wallet Balance"]
    D --> E["Payout to<br/>External Crypto Wallet"]
```

### Key Characteristics

| Property     | Detail                                                          |
| :----------- | :-------------------------------------------------------------- |
| Availability | 24/7 — no cut-off times or settlement windows                   |
| Pricing      | Fixed spread on interbank rates — no hidden fees                |
| Settlement   | Converted funds credited immediately to target currency balance |
| Scope        | Each conversion is scoped to the account making the request     |

***