Multiple Currencies Same Credit Card

Denis will be better able to answer this question, but FYI, even the banks use a single (home) currency. Transactions on the card are usually appended with the stated amount in the foreign currency, and the converted amount.

I completely agree with you, but till the moment you got your credit card bill you don't know how much the bank will charge you for currency conversion, what I would suggest is enable multiple currencies and at some point you will have to define the exchange rate for your credit car, I really don't know if I'm being clear in my example...

I think if you are able to log all the transactions and then convert it in the moment you receive the bill will be easier then log all with the exchange you suppose the bank will charge and after apply the correction.

I

I've never thought about having transactions in many currencies for the same account. But it seems very reasonable for credit cards, as you mentioned. We should think about it and come with some convenient way to do it.

I have a real example, at least for brazilian credit cards. I don't know if there are significant differences comparing to other countries, but in our case, the reference currency is the dollar and we have usually several convertions.

1) When we use the credit card in france for example, at the time of the charge, the bank register the value in euro and converts to dollar. If I buy something in dollar, the value is registered in the same format. If I access the facture, I will find this:

Date Transactions Country Value - R$ Value - US$
18/05/10 HOTEL XXXXXXXXXXXXXXXXXX FR 0,00 120,15
/ / **** 97,60 EURO
06/07/10 Amazon.com AMZN.COM/BILL WA 0,00 59,99
/ / **** 59,99 AMERICAN DOLLAR 0,00 0,00

Some time later, a conversion rate is applied. In our case, usually 2.5% of the value.

Date Transactions Country Value - R$ Value - US$
20/05/10 RATE ON SHOPPING ABROAD 0,00 3,00
/ / **** 3,00 AMERICAN DOLLAR

2) When the facture is closed, so another convertion happens, from dollar to the credit card currency. As an example, 20 each month the credit card closes and in june 20 the dollar is R$ 1.8017. If i spent U$1000.00, so I will have to pay R$1801.70.

3) The last problem regards to the payment. The payment date is 05 next month, so another currency exchange rate is applied. If in july 05 the dollar is at R$ 1.7790, we pay the value registered in june 20 (R$1801.70), but the difference comes to the next facture (august 20), in a transaction named ADJUSTMENT OF EXCHANGE RATE CHANGES (in this case a credit of R$ 22,70).

Complex thing, but I hope I've been clear.

What's the update status on this? I have the same problem. My main currency is TWD, but I have a recurring credit card charge in USD. I'd like to be able to set an alternate currency for that charge, and have Financisto auto-convert it when the charge is made.

I also have the same need. Travelling a lot, I use financisto to keep track of expenses on the go.
It's really boring having to duplicate all the accounts (cash, credit card x 2, debit card, etc.) and set them to the local currency.

It would be better if financisto would handle multicurrencies on every account.

Also, a batch exchange rate download for all "currently used" currencies would be much appreciated, without having the burden to select any currency and download the exchange rate.

Thanks,

  Ivan

I fully support above request of multicurrencies at least for the credit accounts. Nowaday, people travel and pay by same credit card they use at home. They also do shopping on internet. Therefore, support multi currencies in credit card account is real needed. I understand that most users of Financisto want to register the expenses in real time (after finish the purchase) rather than waiting for the detail of credit card statement. The question is then what exchange rate Financisto uses during registered the transaction? My suggestion is using the latest available rate in database which can be downloaded before traveling. However, the program should allow user to change the exchange rate of each foreign currencies transactions when user doing the reconcilation after receiving the monthly statement.

I wholeheartedly endorse the aforementioned proposition regarding the inclusion of multiple currencies, particularly for credit accounts. In contemporary times, individuals traverse borders and make payments using the very credit cards they employ domestically. Furthermore, they engage in online shopping endeavors. Consequently, the implementation of support for multiple currencies within credit card accounts becomes a bona fide necessity. I am cognizant of the fact that a significant number of Financisto users prefer to promptly record their expenses, immediately following the conclusion of a purchase, rather than awaiting the comprehensive credit card statement.

The crux of the matter, therefore, pertains to the exchange rate employed by Financisto during the registration of said transactions. My recommendation entails utilizing the most up-to-date rate available in the database of brazil https://dddcodigo.com/ system, which can be conveniently obtained prior to embarking on a journey. However, it is imperative for the program to grant users the flexibility to modify the exchange rate associated with each foreign currency transaction whilst conducting the reconciliation process subsequent to receiving the monthly statement.