Methodology and exchange rates
This page describes how FXConverter obtains, stores, and displays exchange rates. The figures on the currency pages are the result of that process.
Exchange-rate source
FXConverter retrieves exchange-rate data from Open ER-API. FXConverter does not describe that relationship as a partnership, sponsorship, or endorsement.
How FXConverter retrieves rates
FXConverter retrieves exchange-rate data periodically and stores the result. The interval can change. This page does not promise a fixed number of minutes between retrievals.
A public page does not call Open ER-API when you open it. The page reads the quotes FXConverter has already stored.
Stored latest rates
The rate shown as the latest stored exchange rate is the most recent quote FXConverter accepted into its current store. “Latest” means the latest stored quote, not a live market feed.
USD as the reference
Stored quotes use the US dollar as the common reference. Each quote says how many units of that currency correspond to 1 USD. For example, a stored quote for a currency is “units of that currency per 1 USD”, not a direct price against every other currency.
How a currency pair is calculated
A conversion from currency A to currency B is derived from those two USD-anchored quotes:
rate from A to B = quote(B) ÷ quote(A)
The amount in B is the amount in A multiplied by that rate. FXConverter does not store a separate rate for every pair.
Timestamps
Two times are kept with a stored quote. The provider time is the timestamp supplied with the retrieved data. The FXConverter time is when FXConverter successfully stored that quote.
The public line “As of … UTC” uses the FXConverter storage time of the quote for the currency you are converting from. It is not a market timestamp and it is not the time the page was generated.
Freshness
FXConverter classifies a stored quote by its age. A quote can remain available after it is classified as stale. When that happens, the page says the rates are stale and that the conversion uses the last accepted quotes. Freshness is not the same thing as how often retrieval runs.
Historical rates
Historical pair rates are derived from historical USD-anchored quotes, using the same A-to-B calculation. History is stored by UTC date. Days without a stored quote are omitted. Historical figures are not a forecast and they are not a live feed.
History for a pair is linked from that pair’s page. Those history pages are not a separate market feed.
Indicative rates
Displayed rates are indicative reference information. They are not guaranteed transaction prices, and they are not bank, broker, or card quotes.
A price you are actually offered can differ because of spreads, fees, commissions, markups, the other party’s pricing, timing, and other conditions of that transaction. Check the rate with the institution that will carry out the transaction before you rely on it.
What FXConverter is not
FXConverter is not a bank, a broker, a currency exchange office, a payment provider, a money-transfer service, a trading platform, an investment service, or a financial adviser. It does not execute currency transactions.
This explanation is a description of the service. It is not financial advice.