Skip to main content

Exchange rates

Feature Request

I do not see how to refresh exchange rates for foreign currencies. On a few occasions I have found that the exchange rates by default in the app are inaccurate and need to be updated. How can this be done to ensure that we have the latest exchange rates in the app?

Posted by An Anonymous User ·
4 comments

Log in to comment and vote

Comments4

  • MarkCanada

    •

    Sep 30, 2024

    For bookkeeping we would need to be able to change the home country amount.

    If we buy something for US$100 and charge it to a CAD credit card, then the US$100 isn’t really relevant - only the CAD amount that has been charged to the credit card in our home currency.

  • Antti Laitinen

    Team•

    Apr 23, 2024

    Hi,

    The exchange rates are always up to date, and we use an external financial service for fetching them. If you find that an exchange rate is not accurate for a particular date, let me know and I will contact the service provider.

    But, please note that the app always uses the exchange rate of the date of transaction by default, and not always the "latest" exchange rate, unless the receipt / invoice is from today. This is by design. Conversions are still rarely 100% accurate, since most users will use the custom exchange rates from their banks, credit card companies or e.g. PayPal to do the conversion. These will always include additional margin fees. If this is of concern, you can set a custom rate, or enter the final charged amount in your own currency.

    Hope this clears this up a bit!

    Best,
    Antti

    • Anonymous User

      •

      Jun 26, 2024

      This is a useful reply. I have a follow-up question. I generally need to send through proof of the conversion rate when I am claiming expenses. Is it possible to know which external service provider is used for the exchange rate calculations so that I can quote this?

      • Antti Laitinen

        Team•

        Jul 1, 2024

        Hi,

        The API we use is this: https://currency.getgeoapi.com/faq/

        They state:

        What is the source of Data?

        Our data is coming from the markets and various central banks such as European Central Bank, National Bank of Poland, National Bank of Romania and others.

        How accurate is the data?

        We are using a multitude of reliable sources to provide the highest accuracy possible. Currency Data is based on the markets and the official exchange rates provided by central banks.

        Hope this helps.

        Best,
        Antti