Orders

Depending on your permissions, you may be able to place an order on the system. Essentially, this is the ability for you to set parameters for when you would like to execute a spot deal depending on the rate. The different type of limit orders are explained below.

A spot deal:

A deal booked to make a foreign currency payment within the next two days.

FX Order (BR):

The customer places an order to buy or sell currency on or before a certain Expiry Date and Expiry Time at an agreed rate. The customer agrees a rate which is more favourable than currently available in anticipation of benefitting from more favourable market conditions. If the rate becomes available on Bank of Ireland FXPAY before the Expiry Date and Expiry Time, the deal is executed as a Spot Deal.

For customers in the Republic of Ireland:

For example, a customer has a need to buy sterling and sell euro and the current market price is 0.88 or 88p. The customer has the view that the market will move in their favour and is targeting 89p. The customer places an order to buy £10,000 sterling if the rate hits 0.89 or 89p before the Expiry Date and Expiry Time. If the rate becomes available on Bank of Ireland FXPay before the Expiry Date and Expiry Time, then the order will automatically become a deal booked for the rate and amount specified. The customer will receive an email to notify them that the deal has been executed. If the rate i.e. 0.89 or 89p does not become available on Bank of Ireland FXPay before the Expiry Date and Expiry Time, nothing happens and the order expires. An email will issue when your order expires.

For customers in Bank of Ireland UK

For example, a customer has a need to buy euro and sell sterling and the current market price is 1.13 or €1.13. The customer has the view that the market will move in their favour and is targeting €1.14. The customer places an order to buy €10,000 euro if the rate hits 1.14 or €1.14 before the Expiry Date and Expiry Time. If the rate becomes available on Bank of Ireland UK FXPay before the Expiry Date and Expiry Time, then the order will automatically become a deal booked for the rate and amount specified. If the rate i.e. 1.14 or €1.14 does not become available on Bank of Ireland UK FXPay before the Expiry date and Expiry Time, nothing happens and the order expires. An email will issue when your order expires.

Stop Loss:

The customer places an order to buy or sell currency on or before the Expiry Date and Expiry Time at an agreed rate. In anticipation that market conditions will deteriorate, the customer seeks to agree a rate in order to “put a stop” on losses. If the rate becomes available on Bank of Ireland FXPay before the Expiry Date and Expiry time, the deal is executed as a Spot Deal.

For customers in the Republic of Ireland:

For example, a customer has a need to buy sterling and sell euro and the current market price is 0.88 or 88p. The customer has the view that the market will move against them and is targeting 0.85 or 85p. The customer places an order to buy £10,000 sterling if the rate hits 0.85 or 85p before the Expiry Date and Expiry Time. If the rate becomes available on Bank of Ireland FXPay before the Expiry Date and Expiry Time, then the order will automatically become a deal booked for the rate and amount specified. The customer will receive an email to notify them that the deal has been executed. If the rate i.e. 0.85 or 85p does not become available on Bank of Ireland FXPay before the Expiry Date and Expiry Time, nothing happens and the order expires. An email will issue when your order expires.

For customers in Bank of Ireland UK

For example, a customer has a need to buy euro and sell sterling and the current market price is 1.13 or €1.13. The customer has the view that the market will move against them and is targeting 1.12 or €1.12. The customer places an order to buy £10,000 euro if the rate hits 1.12 or €1.12 before the Expiry Date and Expiry Time. If the rate becomes available on Bank of Ireland UK FXPay before the Expiry Date and Expiry Time, then the order will automatically become a deal booked for the rate and amount specified. The customer will receive an email to notify them that the deal has been executed. If the rate i.e. 1.12 or €1.12 does not become available on Bank of Ireland UK FXPay before the Expiry Date and Expiry Time, nothing happens and the order expires. An email will issue when your order expires.

WARNING: THESE PRODUCTS MAY BE AFFECTED BY CHANGES IN CURRENCY EXCHANGE RATES.

One Cancels Other (OCO):

This is a pair of orders which are essentially a combination of an FX Order and a Stop Loss. The customer agrees a minimum and a maximum conversion rate at which they wish to deal. The customer seeks to obtain some benefit from favourable market movements but also to limit their losses. The deal is executed as a Spot Deal at whichever rate first becomes available on Bank of Ireland FXPay on or before the Expiry Date and Expiry Time.

For customers in the Republic of Ireland:

For example, a customer has a need to buy sterling and sell euro and the current market price is 0.88 or 88p. The customer has the view that the market may move in either direction. The customer wants to capitalise on any movement in their favour (allows them to pay less euro for a sterling amount) but also wants to limit the loss if the market moves against them (need to pay more euro for a sterling amount). Therefore, the customer places an OCO for two rates, targeting 0.87/87p or 0.89/89p. The customer places an order to buy £10,000 sterling if the rate hits either 0.87/87p or 0.89/89p before the Expiry Date and Expiry Time. If the rate becomes available on Bank of Ireland FXPay before the Expiry Date and Expiry Time, then the order will automatically become a deal booked for the rate and amount specified. The other order will then be cancelled. The customer will receive an email to notify them that the deal has been executed. If the rates i.e. 0.87/87p or 0.89/89p do not become available on Bank of Ireland FXPay before the Expiry Date and Expiry Time, nothing happens and the order expires. An email will issue when your order expires.

For customers in Bank of Ireland UK

For example, a customer has a need to buy euro and sell sterling and the current market price is 1.13 or €1.13. The customer has the view that the market may move in either direction. The customer wants to capitalise on any movement in their favour (allows them to pay less sterling for a euro amount) but also wants to limit the loss if the market moves against them (need to pay more sterling for a euro amount). Therefore, the customer places an OCO for two rates, targeting 1.14/€1.14 or 1.12/€1.12. The customer places an order to buy €10,000 euro if the rate hits either 1.14/€1.14 or 1.12/€1.12 before the Expiry Date and Expiry Time. If the rate becomes available on Bank of Ireland UK FXPay before the Expiry Date and Expiry Time, then the order will automatically become a deal booked for the rate and amount specified. The other order will then be cancelled. The customer will receive an email to notify them that the deal has been executed. If the rates i.e. 1.14/€1.14 or 1.12/€1.12 do not become available on Bank of Ireland UK FXPay before the Expiry Date and Expiry Time, nothing happens and the order expires. An email will issue when your order expires.

Track a Rate (ILO):

When you click on the 'Track a Rate' tab, you have the opportunity to track a target rate(s) for a currency pair(s), over a specified time period(s) chosen by yourself. You simply input the target rate for the particular currency conversion you wish to track (e.g. Euro/Sterling) and you will receive an email alert if the specified target rate for that currency conversion becomes available on Bank of Ireland FXPay. This is not an order, but simply an alert. Please note, it is not guaranteed that this rate will be available when you next login to Bank of Ireland FXPay. You will also be notified by email once the time period you have specified for tracking this rate has expired.