Currency exchange rates can vary depending on the type of transaction being conducted, such as settlement, or posting restaurant charges, or cashing traveler's checks. In addition, exchange rates for buying foreign currency (the usual foreign currency exchange transaction) can also differ from exchange rates for selling foreign currency. Exchange rates are time and date sensitive; they are set up to become effective on a certain date/time and remain in-effect until they are superseded by a rate with a newer effective date. Finally, exchange rates can include a percentage of commission that the property charges for handling the exchange.
Follow these steps to create a currency exchange rate: