Foreign Refunds Need Both the Original and the Current Exchange Rate
How historical and current exchange rates help businesses process international refunds accurately
The rate on the purchase date says what the customer paid. The rate on the refund date says what the refund costs. Currencylayer returns both.
The refund needs two exchange rates. The rate on the day of the purchase says what the customer was charged in the store's currency. The rate on the day of the refund says what returning that amount costs now. The market moved between those two dates, and the difference is a currency gain or loss that belongs in the books.
Refund code that stored only the converted total has lost the first rate. Converting back at today's rate returns an amount that differs from what the customer paid, and finance has no record of the gain or loss to book.
Currencylayer covers 168 world currencies and precious metals, with rates collected from commercial sources and banks around the world. It returns live rates and the rates for any date back to 1999, so a refund can recover the rate for the purchase date even when the order never stored it. On paid plans, the conversion endpoint takes a date and converts an amount at that day's rate in a single call. The currency exchange rates API gives developers access to dated rate information for building reliable refund and reconciliation workflows.
A refund flow that keeps both rates stores the rate and its date with the order at checkout, then fetches the current rate when the refund is issued. Orders placed before that change still reconcile, through the historical lookup for their purchase date.
Currencylayer is part of the APILayer suite, alongside IPstack, Weatherstack, Userstack and Exchangeratesapi.
Developers can test Currencylayer on the free plan at https://currencylayer.com/.
About APILayer
APILayer runs a suite of APIs for developers, including IPstack, Weatherstack, Userstack, Exchangeratesapi, Currencylayer, Aviationstack and Marketstack.
Emiliano Trozzi
APIlayer
+1 512-226-8080
marketing@apilayer.com
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