When you pay in US Dollars to TransferWise, we lock in the real exchange rate at the moment you finish setting up your transfer on your TransferWise profile.
It will stay locked as long as your money arrives to us by 7 p.m. Eastern Standard Time the following working day.
If your money arrives to us after this point, we'll instead apply the real-time rate at the moment we convert to your recipient's currency. To protect your money from negative rate movement, we apply a 3% rate limit.
This means that, if the exchange rate falls more than 3% relative to the rate at the moment you finished setting up your transfer, we won't convert yet.
We'll hold your money for up to five working days until the rate climbs above your 3% limit. Once it does, we'll go forward to conversion as quickly as possible.
If it doesn't rise within this five days, we'll refund you in full.
Please also see What Exchange Rate Will I receive?