Dynamics Community Forum Thread Details

Reliable Public Exchange Rate Sources for Automatic Currency Updates in Business Central

Hello everyone,

We have a client requirement to automatically update currency exchange rates in Microsoft Dynamics 365 Business Central from an external source.

I am familiar with configuring the Currency Exchange Rate Service. The following public sources are being considered:

However, the client wants to understand the original source from which these providers fetch their exchange rates and how we can assure them that the rates are reliable and trustworthy.

For FloatRates, I found that source information is available only for certain currencies. It is not clear how all the remaining currency rates are sourced and validated.

As another option, we can integrate Business Central directly with an official bank or reference-rate provider. Since the implementation is for INR, I reviewed FBIL; however, only a limited number of currency exchange rates are available, and the published rates do not always appear to be up to date.

https://www.fbil.org.in/#/home

How do you normally address this requirement with clients? Is it acceptable to use public exchange-rate providers, or is direct integration with an official source the better approach? INR, USD, GBP, EUR

Please share your point of view. No AI-generated answers, please.

Categories:

Dynamics 365 Business Central

Dynamics 365 Business Central migration

Microsoft Dynamics NAV

Hi, I run into the same problem in Canada with the Bank of Canada. Not all currencies are available.

There are really two main options.

1. Most commonly I just use float rates. Pretty much all clients I work with use this service. A big note about float rates. It updates the rates hourly, the last update is around 11pm GMT. So just make sure your job queue pulls in that final rate of the day (somewhere around 11:30pm GMT). I am in the pacific time zone so typically I set this to 4:30pm.

Also, you can create an account for float rates and pick a specific source and then weight those sources. For example I have a USD fx rate that looks at the bank of canada and european central bank: