How exchange rates work

Understand how Logam converts foreign currency amounts to your home currency

1. Step 1: When you add an expense in a foreign currency, Logam automatically fetches the exchange rate for that expense's date from the Frankfurter API, which publishes European Central Bank (ECB) rates.
2. Step 2: Rates are published on business days only. If your expense falls on a weekend or public holiday, Logam uses the most recent prior business day's rate.
3. Step 3: The converted home-currency amount is shown on each expense and summed up in the breakdown. Logam supports 28 currencies: AUD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, MXN, MYR, NOK, NZD, PHP, PLN, SEK, SGD, THB, TRY, USD, and ZAR.
4. Step 4: If Logam applied a provisional rate at the time of an expense, use the 'Refresh rates' button above the expense list to update to the actual rate once it is published.