Lock FX rates and manage settlement currency risk in cross-border marketplace payouts

Steps

1. Create a Wise Business or Platform account and obtain API credentials (API token) from the Wise Developer portal with the transfers:write and rates:read scopes.
2. Create a quote via POST /v1/quotes specifying sourceCurrency, targetCurrency, sourceAmount or targetAmount, and type=BALANCE_CONVERSION; the response includes a quoteId and a rate with a validity window (check the current duration in Wise API documentation as it may vary).
3. Create a recipient account for the seller via POST /v1/accounts specifying currency, type (e.g., aba for US, sort_code for UK), and account holder details; retrieve the accountId.
4. Create the transfer via POST /v1/transfers referencing the quoteId, target account ID, and a unique customerTransactionId for idempotency; this locks the FX rate for the duration of the quote's validity.
5. Fund the transfer via POST /v1/transfers/{id}/payments using source_balance_id to pay from your Wise balance; if your Wise balance is in a different currency, Wise converts at the locked rate.
6. Track status via GET /v1/transfers/{id}; handle outgoing_payment_sent (funds left Wise) and funds_converted (FX complete) milestones, and surface transfer reference number to the seller for their records.