FX Rates Report Format

The FX Rates report has the Visa and MC FX rates by corridor until the next cutoff. All rates are quoted to six decimal places with USD as the sending currency. The ISO 4217 3-digit currency codes are used.

• Sending currency code: Always 840–originating currency
• Beneficiary currency code: ISO character currency code (e.g. 826, 978, 484)
• Visa FX rate: Visa’s FX rate for the corridor
• MC FX rate: Mastercard’s FX rate for the corridor

FAQs

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. Mastercard rates become effective at 12:05 PM PT and Visa rates become effective at 12 PM UTC (4 AM PT). 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
5. Buy rate for transfers originating from USA (840) or originating from Canada (124) as the originating currency. This is the inverse of the buy rate in column 3.
6. Sell rate for transfers being sent in the beneficiary currency. This is the inverse of the sell rate in column 4.

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, as well as the inverse buy and inverse sell rates, have 6 significant digits. These are the rightmost 6 digits. The left digits before the rightmost digits 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 0.000056789

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 provide the inverse rates (i.e. 1/ base currency rate) when the base currency is not USD (840) for our client's convenience.

For example, when sending in the beneficiary currency, the TabaPay client should use the sell rate. The client could divide the amount by the sell rate or multiply the inverse sell rate and teh transaction amount. This will correspond to the settlement debit the following day.

The inverse rate follows the same encoding as the buy or sell rate. So, as an example, 5987654 corresponds to a rate of 9.87654

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 reflect the latest FX Rate from the network. Rates are in effect midnight UTC daily.