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Setting a Fixed Currency exchange Rate

JayDev758JayDev758 Member Posts: 4

Hello there

I have similar issues with my currency. My currency (XCD) rate is tied (fixed) to the USD, meaning our rate doesn't change on a daily basis.

Our local bank rates are as follows:

Cheque /Wire Buy: 2.6882
Cash Buy: 2.67
Sell Rate: 2.7169
Mid rate: 2.70255

Is there an option in Wave Accounting to set a fixed exchange rate?

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edited August 29, 2018 in Bank Connections

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    CharlotteCharlotte Member Posts: 671 admin

    Hi @JayDev758 - Wave uses a daily updated feed of mid-market exchange rates from xe.com to convert your foreign exchange transactions. At this time though, it isn't possible to manually set your own rates or a fixed rate. We'd love to help if you have any further questions - please let us know!

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    MediPaperMediPaper Member Posts: 9

    I too would see a huge time saver in an option that would allow for a fixed Fx. I live in Hong Kong and the HKD is fixed to the USD too. We don't use mid-market rates as they generally don't include bank costs, including credit card Fx rates which can be 5% higher. Perhaps Wave can consider this as a feature. Thanks

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    WaterholeWaterhole Member Posts: 1

    Ditto with this issue from Belize where the Belize Dollar is tied to USD 2-1. No other exchange rate is used in daily commerce.

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    SaleemSaleem Member Posts: 2

    why on earth would Wave now allow you to set own FX rate.

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    BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @Saleem

    Check out This Article on updates coming to our accounting in the transactions page including foreign exchange! Hopefully this answers your question. No ETA at the moment, but our team is diligently working on getting these updates to your soon.

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