FX Rates (Daily)

File name: YYYYMMDD_FXRatesNew.csv

The FX Rates report has the Visa and MC FX rates by corridor until the next cutoff (see cutoff times above). All rates are quoted to four decimal places with USD as the sending currency. The ISO character currency codes are used.

• Sending currency code: Always USD–originating currency
• Beneficiary currency code: ISO character currency code (e.g. MXN, EUR, GBP)
• Visa FX rate: Visa’s FX rate for the corridor
• MC FX rate: Mastercard’s FX rate for the corridor

FAQ

1. Which column in the FX rate file corresponds to the conversion rate returned in the FX API?

TabaPay publishes the FX rate table daily. Rates are in effect midnight GMT. The rate table contains the following information:

1. 840 (US origination) or 124 (Canadian origination) originating currency
2. Beneficiary currency
3. Buy rate
4. Sell rate

• Buy rate for transfers originating from USA (840) or originating from Canada
  (124) as the originating currency
• Sell rate for transfers being sent in the beneficiary currency
  

2. FX Rate File - How do we decode the rates? It was brought to my attention that the prefix on the rate has some codes that indicate how to interpret the rate?

All Buy and Sell rates have 6 decimals places. The left digits prefixing the 6 decimal places are the number of decimal places.

Examples of rate interpretations below:

• 6345678 is 0.345678

• 7123456 is 0.0123456

• 5987654 is 9.87654

• 10567890 is 0.0000567890

3. FX Rate File - Which rate is currency to settlement? Is it the Inverse rate?

While TabaPay publishes the rate as is from the network, we inverse the rates (i.e. 1/ base currency rate) when the base currency is not USD (840) for some TabaPay clients.

For example, if the TabaPay client uses the sell rate because they send in beneficiary currency, and they like to get the inverse rates, then the product of the inverse rate and transaction amount will correspond to the settlement debit the next day.

As a rule, all TabaPay settlement is in the base currency of the merchant and acquiring bank:

• All US merchants settle in USD,
• All Canadian merchants settle in CAD

4. Does the FX Rate API have the latest rates for the day at 12:00am?

TabaPay passes the Visa and MasterCard FX rates directly to our clients. We publish the FX rates from each network daily. Our FX API will also be reflective of the latest FX Rate from the network. Rates are in effect midnight GMT daily.