Currency Converter FAQ

1. Why can't I find the currency I'm looking for?

There may be several reasons why you cannot find a particular currency in the list of currencies.

• Reliable data for the currency is simply not yet available from financial institutions. Examples of such currencies are the Zaire New Zaire and the Yemen Riyal. If you don't find a particular currency, you may want to check this site again in a few months since OANDA is continually expanding its currency coverage.
• The name of the currency you are looking for does not match the name listed in the 164 Currency Converter scrolling lists. For example, you may be looking for the "Peso" for Mexico when this currency is listed as the "Mexican Peso." Please be sure to look for the name of the country first.
• The currency may be listed in abbreviated form. See the table below.

Here is a list of abbreviations we use:

2. Why can't I convert currencies?

Usually this problem occurs when you have skipped a step in the instructions for using the 164 Currency Converter. Be sure to highlight the currencies you want to convert from and to in the currency lists. Click the scrolling arrows to display further portions of the lists. Be sure you click the "Get Conversion Table" button.

3. Why did I get exchange rate information for a date that is different than the date I requested?

Data for some currencies is not available on a day-to-day basis, particularly for some currencies of emerging markets. When the 164 Currency Converter does not have data for the date you request, it will automatically give you information for the latest date. For most currencies, we have exchange rate information for every day since January 1st, 1990.

4. Why is yesterday's exchange rate usually the most recently available?

The 164 Currency Converter is updated daily at 08:00 PM EST. Before that time, the exchange rates are based on all available price points from the previous day.

5. Can you tell me the best time to exchange my money or to buy or sell currencies?

No, we do not give consulting on the exact date and time to exchange your money or buy or sell currencies. Nor can we tell you the best places to exchange money when you need to. To find out the best places to buy or sell your foreign currencies, please contact your local bank.

6. Why have you listed the ECU instead of the Euro?

The ECU (European Currency Unit) is an artificial currency constructed from a basket of European currencies and used by the European Commission and Parliament to allocate their budget. The Euro will replace the currencies of those European countries who meet the Maastricht Treaty criteria for European Monetary Union (EMU). The ECU may not be completely replaced by the Euro because some of the currencies that are included in the ECU basket are not part of the first group whose countries change to the Euro. For the time being we only have data for the ECU since the Euro is not yet traded.

7. How often is data for the 164 Currency Converter updated?

The 164 Currency Converter is updated daily at 08:00 PM EST (Eastern Standard Time) with data from the previous day.

8. How accurate is the 164 Currency Converter?

The results you get by converting any amount of a currency to another is rounded to four decimal digits or four digits after the leading zeros with a few exceptions. If you want to know the exact exchange rate we use at a given moment, take the average of the bid and the ask of the "median price" . The exchange rate we use is based on interbank market rates (see below).

9. Why can't I get the exchange rates you show from a bank?

The prices quoted by the 164 Currency Converter or the "Cheat Sheet for Travelers" are based on interbank market rates and generally reflect the exchange rates for transactions of US $1 million or more. These are the "official" rates quoted in the media, such as The Wall Street Journal. Retail spreads (the difference between the buy and sell prices) for smaller amounts are not reflected in these interbank prices since they vary among payment systems, countries and banks. These retail rates, which are used by credit cards or cash exchanges in banks or other exchange services, usually include 1 to 10 percent margins on the top of the interbank rates. For example, if the interbank rate for 1 German Mark convertered to US Dollar is $0.54, typically you need to present approximately $57 in a bank to get 100 German Mark.

If you go to a bank in your home country, you usually have to pay more of your home currency to get foreign currency than you will receive of your home currency, if you return the foreign currency. This results in the two exchange rates shown in the margin result.

Because these retail rates vary so much in every place, we cannot advise you where to go at any given moment to change currencies. You can usually find out such information from your local bank, travel guides, or people who have visited the place you are heading for.

10. How do I choose the conversion option to fit my need?

Be sure you have chosen the from currency and to currency correctly.

• If you need the "official" rates, choose the "interbank rate";
• If you are going to mostly use your credit cards to pay out those foreign currencies in your operations and your from and to currencies are among the major currencies, you may choose the typical credit card rate which includes a 2% margin on the top of the interbank rate;
• If you are going to mostly use cash, you may choose the typical cash rate which includes a 4% margin on the top of the interbank rate. This is usually close to the rate you get from a bank for major currencies.
• Less frequently traded currencies are usually sold with higher margins.

11. Is the data provided by the 164 Currency Converter comparable to the exchange rates published in the Wall Street Journal?

Yes, it is. The 164 Currency Converter provides averages for the global foreign exchange market gathered from Telerate, Bridge, and Reuters. However, we do not take market closing prices as the "average" price. Instead we take the average from all our collected data, reflecting the fact that the foreign exchange market never really "closes" but operates 24 hours a day on a global basis.

12. Why do the number of prices used to compute exchange rates differ from day to day?

We collect data from live market data suppliers Telerate, Bridge, and Reuters. Banks update these prices continuously on a global basis. However, market activity is lower on weekends and holidays, thus explaining the differing number of prices from day to day.

13. I'd like to get exchange rate information across a number of currencies. May I download custom-designed tables from OANDA to meet this need?

This service will be available soon. Stay tuned!

14. Can I get a daily email from OANDA with specific exchange rates?

This service is not currently available. However, it will be offered in the near future.

15. Is there a way I can get monthly or yearly averages for specific currencies from OANDA?

No, this service is not offered at this time.

16. How can I get exchange rates prior to 1990?