How to Set Custom Conversion Rates for OTAs

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Sometimes you would want to set custom conversion rate for a specific channel so that your default myfrontdesk rate converts to the OTA currency according to the conversion rate you set manually. 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.

Myfrontdesk 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.  

Before proceeding to custom conversion rate setup - be aware that it only applies for sending updates to the channel, not for importing bookings

How to set up currency for channels
  1. Click on the gear icon 'Manage'
  2. Click on 'Currency' under Channel Distribution menu
  3. Click 'Distribution Currency' tab
  4. Select the currency you have set up inside your channel extranet
  5. Click the 'Full Refresh' button to send an update to your channels

The currency setting for each channel (inside the channel extranet) must match the currency setting inside myfrontdesk.

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 myfrontdesk to ANG (2). Please check the following example.

To change your default application currency please contact our support team.

How to set up custom conversion rates

Conversion Rates: 

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 following the steps below

Check this article from our Knowledge Base to check which currencies Cloudbeds supports: Currency Conversion Information

  1. Click on the gear icon 'Manage'
  2. Click on 'Currency' under the Channel Distribution menu
  3. Click 'Custom Currency Conversion' tab
  4. Turn off the 'Automatic Conversion' option
  5. Input your custom conversion rate
  6. Click on 'Full Refresh' button to send an update to your channels
    Please note that the system will not automatically update the rates on the OTA's extranet each time right after a custom rate is changed. Please perform a full refresh or wait for the next adjustment to be triggered by the system.

To change your default application currency please contact our support team.

How Custom Conversion Rate works when sending the rate to OTA and receiving the booking
  • Let's say your myfrontdesk default currency is RSD
  • Your Booking.com account currency is EUR
  • You set up currency for Booking.com in myfrontdesk to EUR
  • You set up a custom conversion rate where 1 RSD = 0.0083333334 EUR

1. Your room cost in myfrontdesk is 3,840.00 RSD

2. With the custom conversion rate 1 RSD = 0.0083333334 EUR, its price should be 3,840.00 RSD = 32.000000256 EUR.

3. 32 EUR is the price which will be sent to booking.com

Please note that OTA will still apply the automatic conversion rate if the guest will select 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, which will convert the rate to $36:

4. The guest makes a booking for 32 EUR (*If the guest books a room in a currency different from your OTA default currency, it will be converted to your default currency by OTA and then will be sent to myallocator. In this example - booking.com will convert again the booking from 36 USD to EUR with their conversion rate, and will send 32 EUR to myallocator)

5. Myfrontdesk will convert the booking rate sent by OTA back to RSD but applying the automatic conversion rate

Literally, that means that the custom conversion rate only applies for sending updates to the channel, not for importing bookings

After automatic conversion, the booking will be displayed in myfrontdesk with the Sub Total 3810.96 RSD (that differs from original room rate 3,840.00 RSD)

There are reasons why myfrontdesk doesn't apply custom conversion rate when receiving 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 how could applying custom conversion rate work when receiving the booking - still gives the difference between original room rate and room rate received from the OTA, in case the guest books with the currency different from your default OTA currency, as it will be converted using OTA automatic conversion rate.
    For example, you control the conversion rate for EUR, but the guest will book in USD. The conversion rate of USD to EUR on OTA is controlled by OTA, and not myfrontdesk
FAQ

1. Where is the exchange rate taken from?

-They are pulled from openexchangerates.org

2. How often are the exchange rates updated?

-They are updated twice daily

3. Is there any restriction on how many times per day a user can update the exchange rates?

-No, there is no restriction.

Have more questions? Contact Support

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