My currencies update is way out!

[BREZ]

The built in update for the currencies conversion is too far out!

At this moment €1 = £0.8401 & $1.2703

BUT oanda...

€1 = £0.8864 & $1.3248

[BREZ]

Does anyone know how to correct this?

[rstevenson]

Only oanda can change their rate information.

(I assume you pressed the button to update the currency rates?)

Rob

[BREZ]

Not only did i click update currencies....

BUT
I also set the conversion rate manually.... Left it at that for24 hrs.. then i again clicked update currencies and surprizeed to see it going back to oanda settings.

I will lose out far too much by using oanda!

There must be another option.(Besides using only just euros)

[DrByte]

In Admin->Configuration->My Store, what do you have set for your "Currency Conversion Ratio" ? Maybe you've got it set too far away from 1.0000 ?

[BREZ]

Hi,
It is set to 1.05

[BREZ]

By experimenting, i discovered that the default setting of 1.05 would leave us open to currency exchange losses.

My new setting is now 0.995, this setting is almost exact plus it leaves a minimal margin for movement.

[DrByte]

Your currency must be bouncing above and below the 1.0 mark then. That's fine ... it happens. You need to do what works best for your store.

Keep in mind that oanda and xe only provide an average rate.
If you read the fine print on their website, you'll see that the numbers they provide are reference only.
The actual exchange rate you'll get at your bank or exchange conversion house is ALWAYS going to differ from that average.

You should ALWAYS review the rates obtained, or simply set them manually based on what works best for your combination of currencies and your banking/forex arrangements.

Setting them manually after obtaining accurate rates from your forex/bank will give you the maximum accuracy.