Saturday, May 8, 2010

Currency Exchange Rate Conversion - Rounding

Exchange Rate Conversion has been misunderstood, in terms of  how it should be rounded and as result caused DFM rejections.  Fedtraveler has  www.oanda.com attached to its system, to calculate FX rates. It converts the rate up to 4 decimal places to the right. DFM stated they round to the hundredth's place. However, that would imply that the dollar's place would be rounded.  DAS Travel and DFM has determined that the cents place should be rounded to two decimal places and then rounded up or down.

Example:

Currency I Have: 50 EUR           Currency I Want: 63.7620 USD

In this example, 50 Euros was converted to $63.7620 (USD). You would then record $63.76. The third column is a '2' therefore, the '6' would not be adjusted up or down. Had the '2' been an '8', then the traveler would receive $63.77.

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