FAQS

What is an unfunded spot?

An unfunded spot is a special FX product that allows you to lock in an FX Rate and fund the trade at a later date prior to the settlement date.

I want to do an unfunded spot, what should I do?

TheUnfunded Spot product comprises two parts:

Book an FX trade: To lock in your FX rate for a certain fixed amount.

Transaction management: After the trade is confirmed though the 'Book an FX trade' function, you will be able to view the trade through the ‘Transaction management’ function and carry out further actions.

Please remember to fund the transaction by the settlement date.

After booking an unfunded spot, can I make a payment to payee directly using the locked FX rate?

Unfunded Spot cannot be linked directly to a payment. It must first be settled to your WorldFirst account. After the settlement date, you can then chose to ”withdraw“ or ”transfer“.

Can I cancel the unfunded spot before the settlement date? If I fail to fund the transaction before the settlement date, will I be required to pay a fee?

Unfortunately, we currently do not support the cancellation of an Unfunded Spot before the settlement date.

You will be required to pay a fee if you fail to fund the transaction before the settlement date. The fee will be based on the live market rate and your unfunded spot rate.

User Guide

Book an FX trade

Step 1: Book an FX trade

After logging in to the portal,  navigate to 'Fund Management' via the Navi bar，and click "Book an FX trade".

Step 2: Trade amount

1、Select sell currency（Send currency）

2、Select buy currency （Receive currency）

3、Enter the transaction amount. （This amount can be denominated in sell currency or buy currency）

Step 3: Settlemet details

Select settlement date

Possible range of dates: From today to T+2 business days

Step 4: Confirm trade details

Confirm Transaction by accepting FX rate and checking Transaction details. The FX Rate will refresh every 10 seconds.

Step 5: Result

Transaction Management

Step 1: Transaction Management

Click transaction management to enter into the FX trade blotter.

Step 2: Add payment

Step 3: Select payee

Currently, funds can only be settled to your WorldFirst Account. Pay to payee directly is not available.

If you need to make a payout, you should make a transfer from your WorldFirst account after the spot FX trade is settled.

Step 4: Enter amount and date

Step 5: Confirm payment

Step 6: Result

If you do not select "Settle to my WorldFirst currency account instead", the FX trade will be settled to your WorldFirst account after GMT+8 16:00 on the settlement date, otherwise it will settle to your WorldFirst account after GMT+8 00:00 on the settlement date.