Weekend FX conversion FAQ

What is Weekend FX Conversion?

Currently, UQPAY platform does not support weekend conversion and advance conversion.
In future, we will open for Weekend Conversion capability gives you the ability to get rates and create conversions during weekend by locking in FX rates with UQPAY.

Stay Tuned!

When will Weekend FX Conversion be available?

Weekend FX Conversion is now available for clients based in EMEA, US, Australia, New Zealand and Japan, subject to approval.

We're working behind the scenes to roll this out to clients in more APAC countries. Speak to your Customer Success Manager if you would like to know more about getting started.

What is regarded as the weekend?

Weekend FX Conversion runs from 5 pm on Fridays to 5 pm on Sundays ET, to align with, same as the weekend closure of the FX markets.

Is Weekend FX Conversion available to everyone?

No, there is an approval required for accessing Weekend FX Conversion. We will open for only certain clients with conditions. Please check with our Customer Success Manager for more information.  

In addition, if UQPAY suspects that Weekend FX Conversion is being used for speculative reasons, your access to Weekend FX Conversion will be revoked. We also reserve the right not to honour your weekend trades under these circumstances.

How do I apply for Weekend FX Conversion?

Clients who are interested in applying should review our Terms of Use first. To proceed with the application, contact your Customer Success Manager.  

Is there a mark-up on weekend conversions?

Yes, a mark-up is applied in order to manage the FX risk during off-market hours.  Mark-ups are fixed but the price is set using the last available cached rate on Friday evening.  The price of a trade is quoted on the platform.  

What FX Tenors are supported?

Whilst Weekend FX allows you to get rates and lock them in over the weekend, however, trades will not be processed during the weekend.  

TOM and SPOT. TOM (T+1) trades will settle on the Monday following the weekend while SPOT (T+2) trades will settle on Tuesday.

Forwards are not available on the weekend.

When will the converted funds be available?

Since conversions are TOM or SPOT, the funds will be available in 1 or 2 working days.

Is there a limit on the maximum conversions allowed?

Only the usual conversion limits which are also applied during the week.

How can Weekend FX Conversion be accessed?

if clients need to apply for access to be enabled, contact your Customer Success Manager in the first instance.

Once approved for Weekend FX Conversion,  you can convert using Virtual Account or through the API using the same calls that work during the week:

• Get Detailed Rate
• Create Conversion

Note: Weekend FX Rates are only available using the Detailed Rates call. They are not available via Basic Rates yet.  

What happens if a SPOT next (T + 3) or Forward conversion date is requested?

A failure is returned as we don't offer Forwards or SPOT next conversions on the weekends.

What currency pairs are supported?

Initially, we are offering 108 currency pairs, we expect this number to grow over time.  

Will the currency pairs listed always be available over the weekend?  

We are always subject to constraints and available liquidity in the FX market. There may be rare occasions when we can't get rates on a Friday evening to use over the weekend due to market events, etc. If this is the case, the currency pair in question will be unavailable over the weekend.

Can I change the conversion date or cancel a conversion booked on the weekend?

No, these options are not available currently.  

What happens if I fail to fund in time?

We will bring over the conversions to the next day just like we do for conversions booked during the week. Failure to send sold currency funds by settlement cut-off time may result in loss which will be added to your invoice.

Will Weekend Conversion impact my margin requirements?

No. Since weekend trading is for Spot and TOM only, there will be no change to the margin required.