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Another way to use the table is to use the Currency Rate field and another numeric field to calculate the amount of a third field in your local currency. We'll discuss this more in the use case below. Note that if you update the current currency rate with the system's free Fixer.io API, there are important limitations. See Fixer.io Free License Limitations for more information.
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Update the Currency Rate
The currency rate is updated by a rule that runs daily and finds records where the Currency Rate field is empty or the Currency Last Updated field is greater than or equal to 23 hours old. By default, the rule is disabled and the Currency Last Updated field is blank, but the Currency Rate field contains a historical value in all the records.
For the rule to set the current currency rate, you must enable the rule and edit the Currency Last Updated field in at least one record. Once the rule runs for the first time, an Update Fields action sets the Currency Last Updated field to the current time and date so that the rule is triggered once daily.
Fixer.io Free License Limitations
By default, the system uses a free Fixer.io API key that has the following limitations:
- 100 requests per month
- Only EUR can be used as a base currency
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Use Case
In certain situations, you might have contracts with companies that use currencies different from your own. For example, if you work for an American company using the American dollar, you might have a contract with a European company that uses the Euro. In this case, the contract might be established using the Euro, but for internal purposes you want to know the exchange rate to the American dollar. With the help of the Currencies table, you can calculate this exchange rate from within the contract.
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