Where do exchange rates for imported transactions come from?

Vger's Avatar

Vger

17 Apr, 2009 10:42 PM

Hi, congratulations on having the only PFS with realistic support for multiple currencies. I am a 15 year veteran of Quicken (on Mac) that just (mostly) migrated to MoneyDance, especially for this critical feature!

However, I am still puzzled about exchange rates and where they come from. I have bank and credit card accounts in both the US and Canada and use USD as my base currency. I recently downloaded 3 months worth of transactions from my Bank of Montreal account, and find that, as I would hope, each one is associated with a slightly different exchange rate. However, these transactions pre-date my setting up MoneyDance, so I did not consciously provide any exchange rates for that time period. Where are these values coming from, and can I rely on them? The critical thing I need, of course, is to be able to see Canadian and US income and expenses aggregated on a common USD basis for budgeting, etc.

If I want to establish a longer historical record of exchange rates within my data file, is there any way to import a CSV file like that produced by http://www.oanda.com/convert/fxhistory ?

And BTW, can I also import historical prices for securities this way also? I imported price histories from Quicken via QIF files, can I get such info selectively from the web somewhere? Does the Text File Importer extension do this type of thing?

Thanks!

  1. 1 Posted by Ben Spencer on 22 Apr, 2009 07:14 PM

    Ben Spencer's Avatar

    Hi

    The exchange rates you are referring to are obtained from a web service provided by finance.yahoo.com. These numbers are looked up when you download the transactions as opposed to the bank having an exchange rate associated with each transaction and including it with the download. It has been my experience that finance.yahoo.com is a highly reliable source of exchange rates.

    I'm afraid the current incarnation of Moneydance has no feature that allows the user to import historical records for exchange rates and securities. I tink this would be a very useful feature. If you post a request for such a feature in the suggestions category it will be considered in the next round of Moneydance development.

    Sincerely Ben Spencer

  2. Ben Spencer closed this discussion on 22 Apr, 2009 07:14 PM.

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