What: A possibility to process transactions in a different currency than the deposit account currency.
This should be available for the following transaction types:
deposit (buy FX rate should apply)
withdrawal (sell FX rate should apply)
transfer (sell FX rate should apply when posting the transfer transaction type from the origination account and buy FX rate should apply when posting the deposit transaction type in the destination account)
Note: this involves transactions processed via cards, including authorisation holds.
It should be possible to define the buy and sell FX rates either:
per each transaction, when spot FX rates are used for the FX conversion
per day/ week/ updates as needed (i.e. Under Administration > Currency)
For reporting purposes on the transaction level and in the Journal Entries view, it should be possible to retrieve from Mambu:
the FX rate used for a given transaction,
the amount of the transaction in the original currency of the transaction
the amount of the transaction after the FX conversion to the currency of the deposit account (i.e. by how much the deposit account balance has increased/ decreased as a result of the transaction)
Why: Current accounts that allow for processing transactions in multiple currencies a very common business model, offered by multiple financial institutions.
Current accounts can be opened in any currency (which is already supported in Mambu) but also the transactions processed through a given account can be in any currency. E.g. a client who has an account in GBP might need to withdraw money from an ATM while on a trip to Thailand in Thai Baht, or want to transfer money to a friend in Germany that has a current account in EUR.