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Understand the difference between PIK’s Rates and Quotes conversion methods and choose the one that fits your use case.”
PIK offers two FX conversion methods — Rates and Quotes. Both convert balances between currencies within your PIK wallet, but they differ in how pricing works and when the rate is locked. Understanding the difference helps you choose the right method for each use case. You can use both methods on the same PIK account — they are not mutually exclusive.

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Rates vs Quotes at a glance

Rates — You convert at the live market rate at the moment you submit the conversion request. No pre-approval or quote step is required. The conversion executes immediately. Quotes — You request a firm price quote first. PIK returns a guaranteed rate that is locked for a short validity window — typically 30 to 60 seconds. You then decide whether to accept the quote and execute the conversion at that rate, or let it expire.

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When to use Rates

Use Rates when:
  • You are processing high volumes of conversions and need to move fast.
  • The exact rate is less important than speed and simplicity.
  • You are running automated, programmatic conversion workflows.
  • You do not need to show a customer a confirmed rate before converting.
Rates is the simpler integration — a single API call executes the conversion with no extra steps.

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When to use Quotes

Use Quotes when:
  • You need to show a customer or counterparty a confirmed rate before committing.
  • You have a two-step or approval-based workflow — for example, a team member must approve large conversions before execution.
  • You are converting large amounts where rate certainty matters.
  • You want to protect against rate movement between quoting and executing.
Quotes adds one extra step — fetch the quote, then execute — but gives you a guaranteed rate within the validity window.

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Summary comparison

Rates — Rate type is live market rate at time of execution. Locked rate: no. Steps required: one (convert). Best for: automated high-volume workflows. Quotes — Rate type is guaranteed for validity window. Locked rate: yes. Steps required: two (quote then convert). Best for: large amounts, approvals, customer-facing rate display.