Xero and Multi-Currency

I'm curious about how it manages multi-currency transactions. If you've dealt with foreign currencies in Xero, can you share your experience? And are there any hidden costs or fees related to this?

M

Posted by Mariyah Erickson

Xero

Accounting, Finance

Latest activity: Sep 28, 2023

Xero and Multi-Currency

I'm curious about how it manages multi-currency transactions. If you've dealt with foreign currencies in Xero, can you share your experience? And are there any hidden costs or fees related to this?

A

Posted by Anonymous #7122Sep 28, 2023

There are no hidden fees but you'll need to subscribe to the 'Established' plan, which is the only Xero plan that supports multi-currency at this time. Xero receives exchange rates from XE.com on an hourly basis & selecting a base currency / adding foreign currencies is a fairly easy process. This may be helpful:

https://central.xero.com/s/article/About-multicurrency

J

Posted by Janet HoodSep 28, 2023

I've been using Xero primarily with USD and EUR. It updates exchange rates daily, but you can also manually enter rates if needed. This has been quite useful for invoice accuracy. As for fees, Xero itself doesn't charge anything extra for multi-currency support, but you need to be on their Premium plan.