A rate limit is a limit dictating the lowest possible rate you are willing for us to convert your money at. However, it is not a fixed rate, instead if the rate changes negatively to a point below the limit you have set we will not convert your payment until it comes back above that level.
The 2 working day conversion guarantee does not apply to payments under rate limit. If the payment is delayed more than 5 working days, the payment will be cancelled and the money will be refunded to you in full.
As such, a rate limit can delay your payment if the rate changes negatively. Please keep this in mind when setting a limit - the smaller the limit, the smaller the negative exchange rate change it would take to delay your payment, so smaller limits are much more likely to cause delays.
If the rate changes positively, we will always send out the payment at the higher rate, regardless of what the limit is.
To learn how to apply a rate limit to your payment you can read more information here.