From the time you submit a transfer request, we lock in the exchange rate for 24 hours to protect you from typical rate fluctuations.
To set exchange rates, we use the global spot exchange rate that refreshes every 30 seconds. This means that while you fill out the transfer request form, you may see a message notifying you that the exchange rate has changed.
From the moment you submit the request, however, we lock in the exchange rate for 24 hours to protect you from rate fluctuations while you gather all the necessary documentation or move the funds to Covercy's account for transfer.
In the event that market prices move by more than 0.5% by the time we execute your transaction, we may have to requote your transaction. If that happens, we will always contact you first for approval, and give you the opportunity to get a full refund of your transaction.
If it takes longer than 24 hours to get everything in order, we'll send you an email notification if the exchange rate changes.
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