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Exchanges allow you to convert one fiat currency balance into another within the same PFI Account. We covered PFI Accounts in more detail in the Accounts section, but at a high level they represent local fiat balances that your organization holds with a specific partner financial institution (PFI). For example, you can convert COP held on a PFI Account into USD on that same PFI Account. It’s important to understand that the funds remain on your PFI Account at all times and are only converted from one fiat currency to another. If you want to move these funds out to an external bank account, you should use one of the Withdrawals flows described in this section.
Borderless is not in the flow of funds, and does not take custody of any client funds at any point throughout this exchange transaction.
An Exchange is a simple transaction that consists of a single step: you request a conversion from one fiat currency to another, and once the PFI executes it, your PFI Account balances are updated accordingly.

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Create a exchange order

You will create an order for an exchange. This will send the exchange request to the PFI, instructing them to convert one fiat currency balance into another within the same PFI Account. Once the exchange is executed, the original fiat balance is debited and the new fiat balance is credited on that PFI Account. It’s important to note that there is no on-chain leg or external bank transfer involved in this flow. All funds remain on your PFI Account at all times - only the fiat currency in which they are denominated changes.
Please use the account id from an PFI Account created above in the Accounts section.
Endpoint: POST /exchanges
curl -X POST 'https://sandbox-api.borderless.xyz/v1/exchanges' \
      -H 'Authorization: Bearer your-access-token' \
      -H 'Content-Type: application/json' \
    -H "idempotency-key: 8f14e45f-e6c3-4f7e-bd56-1b9a2e46f1d6"\
      -d '
{
  "accountId": "cm2c4x3cc000019stwv7um4zl",
  "from": {
    "type": "fiat",
    "fiat": "USD"
  },
  "to": {
    "type": "fiat",
    "fiat": "COP"
  },
  "amount": 1000
}
'

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Receiving fiat into PFI Account

Finally, the PFI will execute the exchange by converting the requested amount from the source fiat currency to the target fiat currency on your PFI Account. Once the conversion is completed and the balances are updated, this completes the exchange flow. You can easily track the status of exchange transactions and export them using the standard transaction endpoints described in this section.
Please ensure you are using the transaction id value which you will receive from the request to create a transaction such as the first step in this sequence on the /exchanges endpoint.
To track the status of your withdrawal transactions and other types of transactions:
We recommend listening to the statuses via Webhook.
Endpoint: GET /transactions/{id}
To request a cancellation of your withdrawal transaction and other types of transactions:
Endpoint: POST /transactions/{id}/cancel
To export your transactions:
Endpoint: GET /transactions/export
Congratulations! You’ve now completed your first fiat exchange!
If you have any questions, please don’t hesitate to reach out to us via email or slack.