How do I set the exchange rate for Foreign Currencies?

Caryn

How do I set the exchange rate for Foreign Currencies?

Aussiebandit

Hi @Caryn - you can't set the exchange rates in Expensify. You might like to have a read of the help documentation here for How we Determine the Conversion Rate and Currency Conversion Surcharge

https://docs.expensify.com/setup-for-admins-and-accountants/advanced-configuration-for-managers-and-accountants/currency-and-conversion

Rachael Hopkins

Hi @Caryn, this thread might also help.

Daveweez

Please vote for my idea here:
https://community.expensify.com/discussion/304/override-fx-rate-on-the-individual-expense-level#latest

This idea is to the ability to manually change the FX rate for individual expense line. I envision this being an option that the Admin would enable on the policy level. This would of course warrant a flag in the Report Notes so that approvers can see that the FX rate was changed (Maybe even showing what the old rate vs new rate is).

Use case example:

Lets say I am traveling to Europe and I exchange $100 to €75 in the airport (FX rate is 0.75). That exchange rate the airport vendors gives is usually a few points worse than the actual rate that Expensify uses (FX rate of 0.833). So when I report that I spent €75 EUR, Expensify will use the Expensify rate and the report will show $90 to be reimbursed. In this case, I lost $10 on the conversion.
In this scenario, I would like to override the FX rate in Expensify to specify that it should be 0.75 and that way I would get reimbursed the full $100 and be made whole.