With multi-currency processing, you can set up payments with an amount in any currency, which will be settled into your account in ZAR.

The exchange rate used for this transaction is based on the buy rate. This is the rate at which Absa buys foreign currency to exchange into local currency. For example, if your transaction is in USD, we would exchange your USD back into ZAR at the buy rate. 

You will likely find the spot rate if you Google an exchange rate. This is known more formally as the ‘interbank’ rate. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. In the business, this is sometimes called a ‘spot rate’. It is not the merchant rate and you cannot buy currency at this rate, as you are buying relatively small amounts of foreign currency. In everyday life, it is the same as the difference between wholesale and retail prices. 

The used exchange rate for a transaction will be provided to you in the payload of the response in the field <ExchangeRate>.