Cloudbeds PMS allows you to specify the currencies you want for your connected channels. If most of your channels use one currency, you can set a default currency, and apply that currency to your channels. You can also specify which currency to use for each unique channel you support.
If your channel needs automatic currency conversion, check in this article how to manage different currencies.
Things you should know before getting started
- Cloudbeds PMS supports (is able to import) the currencies and exchange rates available here, which are updated twice daily.
- Cloudbeds PMS does not support Digital Currencies.
- Only connected channels with multi-currency support will be shown in the Currency page.
Overview
A Distribution Default Currency will be preset in your Cloudbeds PMS account and the currency setting for each channel (inside the channel extranet) must match the currency settings in Cloudbeds PMS.
For this reason, in the Distribution Currency page, you will find two tabs that will allow you to match currencies: Distribution Currency (1) and Custom Currency Conversion (2).
If you want to change your default application currency, reach out to our support team.
- Open the Distribution Currency tab,
- Select the currency from the drop-down menu according to the one you have set up inside your channel extranet.
The currency setting for each channel (inside the channel extranet) must match the currency setting inside Cloudbeds PMS.
Example: If your default currency is set to UGX (1), but your channel currency for Agoda is set to ANG, you must set your Agoda currency in Cloudbeds PMS to ANG (2). Please check the following example.
Normally, currencies are converted automatically, but if your currency is not supported, or if you want to manage them by yourself, you can override the daily-updated currency rate by setting up a custom conversion rate. This is especially popular in Central European countries which currencies are not supported in Booking.com or Hostelworld and the automatic exchange rate may not be always beneficial.
Before proceeding to custom conversion rate setup, be aware that it only applies for sending updates to the channel, not for importing bookings.
- Open the Custom Currency Conversion tab
- Turn off the Automatic Conversion option
- Input your custom conversion rate
- Save
To better understand how the custom conversion rates will work check the following article: Distribution Currency - How do Custom Conversion Rates work
Let's use an hypothetical scenario:
- Your Cloudbeds PMS default currency is RSD
- Your Booking.com account currency is EUR
- You have set up the distribution currency for Booking.com in Cloudbeds PMS to EUR
- You have set up a custom conversion rate where 1 RSD = 0.0083333334 EUR
1 - Sending the custom conversion rate
If your room costs in Cloudbeds PMS 3,840.00 RSD and the custom conversion rate is 1 RSD = 0.0083333334 EUR:
Then the room rate will be 3,840.00 RSD = 32.000000256 EUR.
Meaning that, the price sent to booking.com will be 32 EUR.
Note that the OTA will still apply the automatic conversion rate if the guest selects a currency different from your hotel default currency. And it's not possible to control OTAs conversion rates from our side.
For example, the guest will book not in EUR, but in USD. The channel will convert the rate to $36:
2 - Importing the booking after using a custom conversion rate
Still in the same scenario:
- The guest made the booking for 32 EUR in Booking.com but in USD currency;
- Booking.com will convert again the booking from 36 USD to EUR with their conversion rate, and will send 32 EUR to Cloudbeds PMS;
- Cloudbeds PMS will convert the booking rate sent by OTA back to RSD, but applying again the automatic conversion rate;
- After the automatic conversion, the booking will be displayed in Cloudbeds PMS with the Sub Total 3810.96 RSD (that differs from original room rate 3,840.00 RSD).
Meaning that the custom conversion rate only applies for sending updates to the channel, not for importing bookings. When the booking is imported the system will apply again the automatic conversion rate.
There are reasons why Cloudbeds PMS does not apply custom conversion rate when importing the booking:
- Most of OTAs do not allow custom conversion rate and use automatic one, mostly because the guest will check the conversion rate in other sources while making the booking, and may not be aware of your custom rates;
- While testing if applying a custom conversion rate would work to import the bookings, it was noticed that there would be still a difference between the original room rate and the room rate imported from the OTA if the guest decided to book in a different currency available as an option in the channel - as the example above mentioned.
The different between rates would happen since the channel uses other conversion rate source. Plus, the conversion rate of USD to EUR on the OTA is controlled by OTA themselves, and not by Cloudbeds PMS.
Comments
Please sign in to leave a comment.