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FX Order Watch

FX Order Watch

Set your exchange rate with Citibank FX Order Watch, and we'll do the rest.

Wouldn't it be great to know that you could place currency trades in advance, and they would only be completed if rates hit your desired level within your preferred timeframe?

Our new FX Order Watch service does the hard work for you, tracking currency markets so you can focus on the things that really matter.

FX Order Watch lets you set your own preferred exchange rate between two currencies – for example US Dollars and Euro.

Simply let your Relationship Manager know the currencies you want to exchange, the rate at which you want to trade, and the term over which you want the deal to happen.

Choose from different order types, which include:

Simple order

You place one order and we make the trade if the currency hits your desired level within the timeframe. If it doesn’t the order expires. Under Simple order you can choose to do any of the following:

  • Buy Order: To convert one currency to another at a rate lower than the prevalent market rate.
  • Note: The example below, including the indicative exchange rates & FX Commission, are for illustrative purposes only.

  • Sell Order: To convert one currency to another at a rate higher than the prevalent market rate.
  • Note: The example below, including the indicative exchange rates & FX Commission, are for illustrative purposes only.

One Cancels-Other Order (OCO)

You place two orders at the same time. The one that hits the target first is executed while the other order is automatically cancelled. If neither target is hit by the end of the term the order expires.

Once we take your order, we monitor the currency market 24 hours a day, and will only make the trade when the market rate hits your agreed level.

Note: The example below, including the indicative exchange rates & FX Commission, are for illustrative purposes only.

You can also benefit by reaching out to Treasury Sales Officer for below FX Order Watch Combinations to provide your instructions via a recorded call at 04 604 4743. This service is available for minimum transaction size of USD 50,000.00 equivalent to any other available currency:

If Done Order (ID)

This type of combined order consists of two orders whereby the second order (then-leg) will only be watched and executed if the first order (if-leg) is done. It is usually a second take-profit or stop-loss order left after a first order to open new position.

If Done, One Cancels – Other Order (IOO)

This type of combined order consists of three orders whereby if the first order (if-leg) is done, the second and third orders (then-legs) will be watched. When either one of the second or third orders is executed, the remaining one will be automatically cancelled. It is usually used by customer to open a position with two subsequent orders to either take profit or stop loss.

 

Below table illustrates the minimum requirements for each FX Order Combinations:

FXOW Combinations within client’s own Citibank UAE CASA accounts Channel  Min. transaction size
Simple MBOL (eFX features), CBOL, Treasury Sales Officer USD 50,000.00 via Treasury Sales Officer, and USD 5,000 via digital channels
OCO CBOL, Treasury Sales Officer USD 50,000.00 via Treasury Sales Officer, and USD 5,000 via digital channels
ID Treasury Sales Officer USD 50,000
IOO Treasury Sales Officer USD 50,000

Disclaimer

This is a Non-Advised product. Citibank, N.A., UAE does not offer any recommendation for specific transaction with currency pairs, tenors and exchange rates (all 3 combined).

Before you can place an order you must hold cash accounts with us in the original currency and the alternate currency. In addition, your cash account in the original currency must hold sufficient funds to cover the transaction amount. All orders are subject to a minimum transaction amount of USD 5,000 (or currency equivalent).

When you place an order, we will place a hold over the transaction amount in the original currency until the order is executed, cancelled or has expired. This means that the transaction amount will not be available to you during the tenor of the order. All orders will be subject to a commission payable by you to Citi. This commission will be disclosed by Citi to you prior to the placement of an order.

You may specify any watch rate for an order, subject to a minimum ‘cushion’ (meaning that the watch rate specified must be a minimum percentage above or below the current market rate at the time the order is placed). If you subsequently change the watch rate for an order, the new watch rate you specify will also be subject to this cushion (calculated against the market rate at that time). The size of the cushion may vary from time to time depending on currencies selected and market volatility.

If you wish to change or cancel an order prior to execution you can do so. Orders will remain live until you have received confirmation that the order has been cancelled. Orders may not be cancelled or changed once executed.

When an order is executed, the transaction amount will be credited to your cash account in the alternate currency. This normally happens immediately, but in any event no later than the second business day after execution. It is not possible to roll transactions over or otherwise place a new order using the transaction amount without having first received the transaction amount into your cash account.

Please note, it is not possible to enter forward transactions (where the execution price is pre-determined regardless of market movements) using the FX Order Watch service. All orders are executed at spot (that is at the price available in the market at the time the transaction is executed).

Please bear in mind that when the exchange rate to convert a foreign currency to your original base currency fluctuates due to market conditions, there is a risk of loss of principal due to an exchange rate loss. The amount you receive at maturity, when its value is calculated in your original base currency, may be lower than the principle you originally deposited. Regardless of the condition of foreign exchange rate fluctuations, there is a risk of loss of principle because the customer rate applied for converting a foreign currency back into your base currency includes Citi’s foreign exchange commission. Once the order is matched or executed, the product cannot be cancelled and the funds placed are not available for further transactions or withdrawal until the order is executed, cancelled or expired.

Occasionally, for reasons outside our control, it may not be possible to execute an order when the market rate reaches the watch rate during the tenor. These reasons include but are not limited to market volatility or the liquidity of a particular currency may mean that the order cannot be matched in the market at the watch rate selected by you. We shall not be held liable for any loss, cost or claim arising out of or in relation to such circumstances. The order will remain live until the expiry of the tenor.

Warning: This product/service may be affected by changes in foreign currency exchange rates.

Warning: This product/service may be affected by changes in foreign currency exchange rates.

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