The Multi-Currency feature allows you to accept cash transactions in other currencies.
On this article you will learn how to setup, edit and deactivate multi-currencies.
- Once you setup the acceptable foreign currencies for your property, you will be able to add transactions using different currencies;
- At the moment, the multi-currency only works for cash transactions;
- In order to set custom conversion rates for your connected channels - please visit the following article: How to Set Custom Conversion Rates for OTAs
Foreign Currency Activation
Once you login to your Cloudbeds PMS account:
- Click on Manage
- Access Currencies tab
- Click on Add Currency
The default currency will be used as a base currency for conversions.
If your default currency does not match to the expected currency, check the following article for further details - How to change the main application currency in Cloudbeds PMS?
You will be presented with a new side panel with a list of available foreign currencies (170+) to choose from.
- To make activating currencies easier, you can use the search bar on top of the currency panel so that you can easily search for currency names or currency codes.
- Click to enable the desired currencies
- Choose if you want to let the system auto-update the currency conversion or if you want to set it manually
Check further details about each option below:
Myfrontdesk is integrated with a third-party system (OpenExchangeRates) to retrieve exchange-rates for all available currencies and calculates the cross conversions by keeping USD as a base currency.
To enable this option, turn ON the toggle as shown below
The auto-update will sync the exchange rates twice a day (day 01:00 PM GMT/ night 01:00 AM GMT).
You have the option to switch 'Auto-Update' OFF to use manual rates where you can set the rates for each individual currency separately. Updating an exchange rate manually can give you more control over the exchange rate.
These rates will be used to convert foreign currency into local currency.
- Click on Save
All the Multi-Currency content can be found here.