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Exchange Rates

Overview

In finance, an exchange rate or currency rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency.

For each organization, a list of base currencies with which it works is determined.

Tip

If the required currency is not supported by the system, the client can request its addition through the feedback form. Rate currency

This section of PayСore.io Dashboard is intended to make you informed about current currency rates and it's Resources and manage Rate schemes.

Course calculation strategies

Definition

Currency quotation is the fixing of the national currency in a foreign.

There are two types of Strategies:

  • Direct quotation shows the amount of base currency per unit of quoted currency.

  • The reverse (indirect) quotation reflects the number of units of the quoted currency per unit of base currency.

FX Resources

Definition

Resource - is a source of exchange rates of a certain type for the currency pairs it supports.

There are two types of Exchange rates:

  • Fixed : A fixed exchange rate is a regime applied by a country whereby the government or central bank ties the official exchange rate to another country's currency or the price of gold. The purpose of a fixed exchange rate system is to keep a currency's value within a narrow band.

  • Commercial - the rates of commercial banks and exchangers.

Note

Commercial Resource has two rates:

  • Ask (Buy)
  • Bid (Sell)

Here you can get informed about current currency rates in one of supported resources.

There is an ability to filter rates by certain currency pair.

Tip

To filter rate list use currency pair input above the Live rates list.

Screenshots

Resources Live rates

Rate schemes

Rate scheme - is an entity that determines exchange rules for currency pair in your organisation.

Screenshot

Rate Schemes

There are two types of Rate Schemes:

  • System : Default presetted rate scheme, which icludes rules for all system currency-pairs.

    Warning

    System scheme can not be deleted or modified!

  • Custom : An organisation administrator can create custom rate schemes for current organisation.

Screenshots

Rate Schemes Rate Schemes

Rules

Rate scheme rule icludes:

  • Currency pair
  • Resource
  • Source Rate Type
  • Fee rate (%)
  • Fee fix
  • Rate

You can create (add) rule using + New button above the rules list.

Note

For Rules with Commercial Resource user should choose between Ask and Bid source rate.

Screenshot

Rate Schemes Rules