Cross-Border Money Movements or International Movements in the Portal enable you to transfer funds between currencies using Cobre's competitive forex rates. This feature eliminates the complexity of currency exchange by providing transparent pricing, real-time quotes, and seamless cross-border transfers—all within a single platform.Key Benefits#
Transparent Pricing: See the exact exchange rate, fees, and final amount before confirming
Flexible Quoting: Request quotes based on either the amount you send or the amount you want to receive—no manual calculations required
Multiple Currency Pairs: Support for COP, MXN, USD, PEN, and CLP with continuous expansion
24/7 Operations: Move money during standard market hours or leverage off-market capabilities for weekend and after-hours transfers
Instant Visibility: Track every transaction from creation through completion with full audit trails
Available Currency Pairs#
Cobre supports an expanding network of currency pairs across Latin America:| From USD | From COP | From MXN | From PEN | From CLP |
|---|
| USD/COP | COP/USD | MXN/COP | PEN/USD | CLP/USD |
| USD/MXN | COP/MXN | MXN/USD | PEN/MXN | CLP/MXN |
| USD/PEN | COP/PEN | MXN/PEN | PEN/COP | CLP/PEN |
| USD/CLP | COP/CLP | MXN/CLP | PEN/CLP | CLP/COP |
Operating hours vary by currency pair. Contact your Key Account Manager to enable specific pairs or access off-market capabilities.
Dual Quotation Modes#
Base Mode (Source Currency)#
Specify the amount you want to send, and Cobre calculates exactly how much the recipient will receive. This mode is ideal when you need to work within a specific budget or sending limit.Example: "I want to send 50,000 MXN—how much COP will arrive?"Target Mode (Destination Currency)#
Specify the exact amount the recipient needs to receive, and Cobre calculates how much you need to send. This mode ensures precise delivery amounts for invoices, payroll, or other fixed obligations.Example: "The recipient needs exactly 20,000,000 COP—how much MXN do I send?"
Operating Hours and Market Windows#
Standard Market Hours#
In-Market operations schedules vary depending on the market and currency pair. Below are the time windows during which operations can be executed.| Currency Pair | Destination | Schedule |
|---|
| USD/COP | COL | 08:15 - 13:00 |
| USD/MXN | MXN | 09:15 - 15:00 |
| USD/PEN | PEN | 08:15 - 13:00 |
| USD/CLP | CLP | 08:15 - 13:00 |
Note: All times are in local time for the origin currency's market. Operations outside these windows will be queued for the next available trading session.
Off-Market Capabilities#
Cobre enables 24/7, 365-day operations for clients who require flexibility beyond standard market hours. Off-Market capabilities allow you to:Process transfers on weekends and holidays
Execute transactions outside local trading windows
Maintain operational continuity across time zones
Spot Rate vs. Rate Lock: Choosing Your Execution Method#
Cobre offers two distinct ways to execute international money movements, each designed for different operational needs and risk management approaches.Spot Rate Transactions#
What is a Spot Rate?#
A Spot Rate represents the current market exchange rate that requires immediate funding. When you request a Spot Rate quote, you're seeing the live market price at that exact moment—and you must have funds available in your Cobre Balance account to execute the transaction immediately.How Spot Rate Works:#
1
Request a quote showing the current exchange rate
2
The quote remains valid for 3 minutes
3
Select your source Cobre Balance (which must have sufficient funds) and destination Cobre Balance
5
Funds are debited immediately and the exchange executes at the spot rate
When to Use Spot Rate:#
You have funds readily available in your Cobre Balance
You want to execute at the current market rate without delay
You're comfortable with immediate settlement
You don't need time to arrange funding
Rate Lock Transactions#
What is Rate Lock?#
Rate Lock is a risk management tool that allows you to secure a guaranteed exchange rate for up to 72 hours before funding the transaction. This gives you absolute certainty over your FX rate while providing flexibility in timing your payment—protecting you from adverse market movements during the lock-in window.How Rate Lock Works:#
1.
Request a Rate Lock quote for your desired currency pair and amount
2.
Cobre provides a locked-in rate that includes:Your base spread (standard pricing)
An additional rate-lock spread (premium for time-based rate protection)
3.
Choose your lock window (up to 72 hours)
4.
Confirm the Rate Lock—the rate is now guaranteed regardless of market movements
5.
Fund the transaction anytime within your chosen window
6.
Once funded, the transaction settles at the locked rate, not the current market rate
When to Use Rate Lock:#
You need rate certainty but don't have immediate funding available
You want to protect against unfavorable FX movements while arranging payment
You're managing treasury operations across multiple time zones or approval cycles
You need to quote a definitive amount to vendors, partners, or recipients before funding
Understanding the Pricing Difference#
Final Rate = Market Rate + Base Spread
Final Rate = Market Rate + Base Spread + Rate Lock Spread
The length of your lock window (24, 48, or 72 hours)
The currency pair's market volatility
Current market conditions
Transparency Note: Both pricing components are clearly displayed in your quote, so you always know exactly what you're paying for rate certainty versus immediate execution.
What Happens if You Don't Fund a Rate Lock?#
If you lock a rate but don't fund the transaction within your chosen window, the lock expires. At expiry:The locked rate is no longer available
Break fees may apply based on market movements
You'll need to request a new quote (either Spot Rate or Rate Lock) to proceed
Making the Right Choice#
Funds are immediately available
You want the tightest possible spread
Immediate execution aligns with your workflow
Market timing is less critical to your operation
You need time to arrange funding
Rate certainty is more important than minimal spread
You're quoting exact amounts to third parties
You want protection from market volatility during your funding window
You're managing complex approval or payment cycles
Creating an International Money Movement#
Step 1: Access International Money Movement#
1.
Navigate to the Money Movement section
2.
Click the International button
Step 2: Request Your Forex Quote#
Choose Your Execution Method:Spot Rate: Execute immediately with funds from your Cobre Balance
Rate Lock: Secure the rate now, fund later within your chosen window
Base Amount: Enter the amount in the source currency (what you're sending)
Objective Amount: Enter the amount in the destination currency (what you want delivered)
Choose your source currency (MXN, COP, USD, PEN, or CLP)
Choose your target currency
Exchange rate: The forex rate for your currency pair
Rate breakdown: Base spread and rate-lock spread (if applicable)
Market status: Whether the quote is In-Market or Off-Market
Daily quota remaining: Your available transaction capacity
Final amounts: Both source and destination amounts calculated precisely by Cobre
Validity window: Spot Rate quotes remain valid for 3 minutes; Rate Lock quotes remain valid for your chosen lock window
For Spot Rate transactions, quote validity is strictly enforced at 3 minutes. If a quote expires during your transaction setup, you'll see a refresh option to obtain a new rate.
For Rate Lock transactions, quote validity is also strictly enforced at 3 minutes. Once confirmed, your rate is guaranteed for the entire lock window regardless of market movements.
Step 3: Select Your Accounts#
Source Account:
Choose the Cobre Balance account from which funds will be debited.For Spot Rate: This account must have sufficient funds available immediately
For Rate Lock: Funds could be available before your lock window expires
Select the Cobre Balance account where funds will arrive.Note: If you don't yet have the required destination or source account, you can create one during this process without leaving the transaction flow.
Step 4: Review and Confirm#
The transaction summary displays:Execution method: Spot Rate or Rate Lock
Exact source amount to be debited
Exact destination amount to be credited
Applied exchange rate with full pricing transparency (base spread + rate-lock spread if applicable)
Lock window (for Rate Lock transactions)
Funding deadline (for Rate Lock transactions)
Selected source and destination accounts
Market status and timestamp
Spot Rate transactions execute immediately and cannot be canceled
Rate Lock transactions lock your rate immediately, and you must fund within your chosen window
Step 5: Submit and Fund#
For Spot Rate: Click Confirm to execute the money movement. The transaction processes immediately, debiting your source account and crediting your destination account at the locked spot rate.1.
Click Confirm to lock your rate
2.
Your rate is now guaranteed for your chosen window (24, 48, or 72 hours)
3.
Fund your source account before the lock expires
4.
Once funded, the transaction settles at your locked rate regardless of current market conditions
5.
Monitor your lock expiry to avoid break fees
Monitoring Your Transactions#
List View#
The International Money Movement section provides a structured table for monitoring all your cross-border transfers. You can toggle between "Movements" and "Waiting funds" views using the tabs at the top.| Column | Description |
|---|
| Base Amount | The amount in the source currency |
| Exchange Rate | The forex rate applied to the transaction |
| Objective Amount | The amount delivered in the destination currency |
| Source Account | The Cobre Balance account debited |
| Destination Account | The Cobre Balance account credited |
| Status | Current transaction state (Pending, Locked, Processing, Completed, Expired, etc.) |
| Creation Date | When the transaction was initiated |
Waiting Funds Table Columns (Only for Rate Lock transactions):| Column | Description |
|---|
| Amount to Fund | The exact amount in source currency that must be deposited to fulfill the Rate Lock |
| Account to Fund | The Cobre Balance account that must receive funds before the lock expiry (source account) |
| Objective Amount | The amount delivered in the destination currency |
| Destination Account | The Cobre Balance account credited |
| Status | Current transaction state (Pending, Locked, Awaiting Funding, Processing, Completed, Expired, etc.) |
| Conditions | View the rates accorded to that money movement (exchange rate, base spread, rate-lock spread breakdown) |
| Creation Date | When the transaction was initiated |
| Limit Date | Deadline by which the transaction must be funded (lock expiry date/time) |
Detail View#
Click any transaction in the list to access its comprehensive detail view, which provides complete visibility into every aspect of the money movement.Transaction Title: Descriptive name showing payment type, recipient/account, and currency
Primary Amount: The destination amount in large format for quick reference
Status Badge: Current state (Pending, Locked, Awaiting Funding, Processing, Completed, Failed, Expired)
Last Update Timestamp: Most recent status change with timezone
Status Message: Contextual information about the current state
Transaction ID: Unique identifier for reference and support inquiries
Payment Type: International (with visual indicator)
Country of Operation: Currency pair with flag indicators (e.g., USD → COP)
Rate: Applied exchange rate with expandable detail (click to view complete breakdown including base spread and rate-lock spread)
Created By: User who initiated the transaction with email
Creation Date: When the transaction was initiated (with timezone)
Send Amount: Exact amount in source currency
Cobre Balance Account: Source account name
Cobre Balance Tag: Partial account identifier for verification with view option
Receive Amount: Exact amount in destination currency
Cobre Balance Account: Destination account name
Cobre Balance Tag: Partial account identifier for verification with view option
External ID: Your internal reference identifier (optional, shows "-" if not provided)
Description: Transaction purpose or notes
Quota Management#
How Quotas Work#
Cobre manages transaction capacity through daily quotas designed to balance operational flexibility with risk management:USD-Denominated: All quotas are calculated in USD equivalent, regardless of the currencies involved in the transfer
Client-Specific: Each client has unique quota allocations based on their operational profile
Currency Pair Scoped: Quotas are tracked separately per base currency (e.g., MXN-based transactions have separate limits from COP-based transactions)
Market Status Separation: In-Market and Off-Market operations have independent quotas, allowing you to maximize transaction capacity across different time windows
Daily Reset: Quotas refresh every day, providing consistent capacity for ongoing operations
Monitoring Your Quota#
The quota display appears during quote creation and shows:Your remaining capacity for the current currency pair and market status
The total daily allocation
Real-time updates as you create transactions
Planning Tip: Monitor your quota usage throughout the day to optimize transaction timing. If you regularly approach quota limits, contact your Key Account Manager to discuss increasing your allocation.
Troubleshooting#
Quote Expiration (Spot Rate)#
Issue: Your Spot Rate quote expires while entering transaction details.Solution: Click the Refresh button to obtain a new quote. Your currency selections and account choices remain intact—only the rate updates.Prevention: Complete the account selection step promptly after requesting a quote. The 3-minute window allows sufficient time for normal transaction creation.Rate Lock Expiry Without Funding#
Issue: Your Rate Lock expires before you fund the transaction.Break fees may apply based on market movements during your lock period
You must request a new quote (Spot Rate or Rate Lock) to proceed with the transfer
Contact your Key Account Manager if you have questions about break fee calculations
Choose lock windows that align realistically with your funding processes
Set calendar alerts for Rate Lock expiration times
Monitor funding progress to ensure timely completion
Fund early once resources are available rather than waiting until the last moment
Rate Lock Funding Delays#
Issue: Funds are delayed and may not arrive before your Rate Lock expires.Contact Cobre support immediately if you anticipate missing your funding deadline
In some cases, lock extensions may be possible (subject to approval and additional fees)
Have backup funding plans ready for critical transfers
Build buffer time into your lock window selection
Verify all funding channels are operational before locking rates
Maintain relationships with multiple funding sources for critical operations
Quota Exceeded#
Issue: You receive a quota exceeded error when requesting a quote.Check your remaining daily quota in the quote interface
Quotas reset daily—schedule the transaction for the next day if immediate execution isn't required
For urgent needs exceeding current quota, contact your Key Account Manager to discuss temporary increases
Insufficient Funds (Spot Rate)#
Issue: Spot Rate transaction fails due to insufficient balance in the source account.Verify the account balance before initiating transactions
Fund the source account through your standard Cobre funding methods
Consider the timing of pending debits that may affect available balance
Understanding Rate Lock Pricing#
Issue: Rate Lock spread seems higher than expected.The rate-lock spread represents the premium for rate protection over time
Longer lock windows (72 hours vs. 24 hours) have higher spreads due to increased market risk
Volatile currency pairs have higher rate-lock spreads than stable pairs
Compare the rate-lock spread cost against the potential market movement risk
Market Hours Restrictions#
Issue: Unable to request In-Market quotes outside trading hours.Wait until market hours resume, or
Request Off-Market operation enablement from your Key Account Manager if you require 24/7 capabilities
Account Selection Issues#
Issue: Required destination account doesn't exist.Resolution: The system allows you to create new Cobre Balance accounts during the transaction flow. Simply follow the account creation prompts without exiting your current transaction.Prevention: Set up all anticipated Cobre Balance accounts during initial onboarding or when planning to use new currency pairs.
Frequently Asked Questions#
What's the difference between Spot Rate and Rate Lock?
Spot Rate requires immediate funding and executes at the current market rate with the tightest spreads. Rate Lock lets you secure a guaranteed rate for up to 72 hours before funding, protecting you from market movements but including an additional rate-lock spread for that protection.When should I use Rate Lock instead of Spot Rate?
Use Rate Lock when you need rate certainty but don't have immediate funding available, when quoting fixed amounts to vendors or customers, or when you want protection from market volatility during your funding window. Use Spot Rate when funds are available and you want the tightest possible spread.What happens if I don't fund my Rate Lock before it expires?
The lock lapses and break fees may apply based on market movements during your lock period. You'll need to request a new quote to proceed with the transfer.How is the rate-lock spread calculated?
The rate-lock spread varies based on your chosen lock window (24, 48, or 72 hours), the currency pair's volatility, and current market conditions. Longer windows and more volatile pairs have higher spreads. All pricing is transparently displayed in your quote.Can I cancel a Spot Rate transaction after submission?
No. Once a Spot Rate transaction is confirmed, it executes immediately and cannot be canceled. Always verify all details carefully before clicking Confirm.Can I cancel or extend a Rate Lock after confirming it?
Once locked, the rate is guaranteed for your chosen window. Cancellations are not permitted. Lock extensions may be possible in exceptional circumstances—contact Cobre support immediately if you need to discuss an extension. Additional fees will apply.What happens if my quote expires during account selection?
For Spot Rate transactions, the system provides a refresh option that updates the exchange rate while preserving your currency selections and account choices. For Rate Lock transactions, once confirmed, your rate remains locked regardless of current market movements.Can I set up recurring international transfers?
Currently, each international transfer must be initiated manually. This ensures you have full control over timing, amounts, rates, and execution method (Spot Rate vs. Rate Lock) for each transaction.How are quotas calculated across different currency pairs?
All quotas are calculated in USD equivalent. A 50,000 MXN transaction and a 2,000 USD transaction both consume capacity from your overall limit based on their USD equivalent values at the time of execution. Both Spot Rate and Rate Lock transactions count against your quota.What's the difference between In-Market and Off-Market quotes?
In-Market quotes are requested during standard trading hours and leverage primary market liquidity. Off-Market quotes are available outside standard hours (including weekends and holidays) and utilize Cobre's extended liquidity network. Each has separate quotas and potentially different pricing due to market conditions. Both execution methods (Spot Rate and Rate Lock) are available for In-Market and Off-Market operations.Can I use Rate Lock for quotes smaller than $50 USD?Yes. The minimum transaction amount is from $1 USD equivalent, which applies to both Spot Rate and Rate Lock transactions.How do I know which quotation mode to use?
Use Base Mode when you're working within a budget or sending limit and need to know the recipient amount. Use Target Mode when the recipient must receive an exact amount (like an invoice payment) and you need to know the sending requirement. Both modes work with Spot Rate and Rate Lock.What happens to my Rate Lock transaction if market hours end while it's active?
Your Rate Lock remains valid and protected throughout your entire lock window, regardless of market hour changes. Once you fund the transaction, it settles at your locked rate.If the market moves in my favor after I lock a rate, can I get the better rate?
No. Rate Lock provides protection from adverse movements, but also means you settle at the locked rate even if the market moves favorably. This is the tradeoff for rate certainty—you're protected from downside risk but don't benefit from upside movements.How can I increase my daily quota?
Daily quotas are managed by your Key Account Manager based on your operational profile and relationship with Cobre. Contact your KAM to discuss quota increases.Why do exchange rates differ between requests a few minutes apart?
Forex rates fluctuate constantly based on market conditions. Even small time differences can result in rate changes, which is why Spot Rate quotes have a 3-minute validity window to ensure you're working with current market pricing.Can I have multiple Rate Locks active at the same time?
Yes, you can maintain multiple active Rate Locks simultaneously, each with its own lock window and funding deadline. Track all active locks carefully to ensure timely funding and avoid break fees.
Need Additional Support?#
Contact your Cobre Key Account Manager for assistance with:Enabling new currency pairs
Adjusting quota allocations
Accessing Off-Market capabilities
Rate Lock strategy and optimization
Technical issues or transaction investigations
Platform training and optimization guidance
