Currency and exchange rates
15 June 2023 Less than to read
Overview
There are 2 fields returned when getting transactions which support multicurrency products. These fields are ExchangeAmount and ExchangeCurrency. These values are set by our providers when dealing with transactions across currencies. The transaction amount is always in the base currency of the account.
Exchange rates example
Transactions should always be sent in the base currency of the real-world bank account. For example the transaction amount for a GBP base currency account would be 100 GBP, although the original transaction may have been in EUR. On the bank statement the 100 GBP would affect the balance but they may have added a comment line to say 120 EUR.
When the provider posts statements in Banking Service the following fields are set:
- TransactionAmount: 100 (Base Currency)
- Currency: GBR (Base Currency)
- ExchangeAmount: 120
- ExchangeCurrency: EUR
The descriptions of these fields are:
exchangeCurrency: If this transaction was originally made in a currency that differs from the default currency of the bank account. This field should be specify the original 3-character currency code. This is not mandatory.exchangeAmount: If this transaction was originally made in a currency that differs from the default currency of the bank account, this field should be specify the amount of the transaction in its original currency. Minor units, including signage. This is not mandatory.