Currency Exchange Rates

Inntopia uses the OANDA™ data service as the source of exchange rates used for currency conversions. OANDA™ provides an online currency converter that shows the current exchange rates for any currency pair.

Inntopia performs an update from the data feed service once a day at midnight ET, retrieving the exchange rates as of 21:00 GMT on the previous day. These rates are used for all transactions processed during the following day.

Exchange rates are usually expressed as a pair of rates – Bid and Ask:

  • Bid is the number of units of a currency you get when you exchange currency A for currency B.
  • Ask is the exchange rate (actually the inverse) you get when you exchange currency B for currency A.

For example, if you exchanged 10,000 AUD for EUR on June 30, 2011, the relevant price would be the Bid price (0.73546), so you would have received 7,354.56 EUR. If you turned around and used the 7,354.56 EUR to buy AUD, the relevant price would be the Ask price (0.73570), so you would only receive 9,996.69 AUD. This difference is the profit made by the traders of currency. The Inntopia system currently uses the midpoint between the Bid and Ask.

Note: Either the reseller or the supplier will have exchange rate risk in any multi-currency situation. This risk exists whether or not the pricing is standard or package-based.