Developer

Exchange Rate

Agents can use the Exchange Rate option to configure exchange rates between currencies that are set up during system installation, which provide a default rate for transactions. In addition to setting up exchange rates, agents can view previous exchange rates. For example, if you change the exchange rate from USD to EUR, you see the old exchange rate in the exchange-rate history search results.

Countries establish the ratio of their currencies and commit to maintaining those exchange rates. Different currencies have different values. When calculating the conversion ratio that is applied to your current conversion, you must account for conversion fees. Many banks and other converters calculate the fee as a percentage of your total conversion, so the more money you convert, the higher the fee. Only after accounting for the fee can you accurately calculate the conversion ratio that is used in the transaction.


Exchange Rate