Compare OANDA Rates

If OANDA is your source of FX rates, you may wish to check that rates loaded by FXLoader into your ERP are the same as those on OANDA’s website.

There is a large amount of information available on the website, so care should be taken to ensure you are looking at the correct data.

Steps to View OANDA Rates

Go to https://www1.oanda.com/fx-for-business/historical-rates.
This link will take you to the correct page on OANDA’s website for viewing rates:
Set the Currency I have field.
This is called the From currency in FXLoader. Default is USD.
Set the Currency I want field(s)
This is called the To currency in FXLoader. Default is EUR. Several different To currencies can be selected at the same time.
Choose to show the rates as a graph or in a table

Check your Price type
The rates page defaults to showing ‘Bid’ rates (sometimes known as ‘Buy’). The other Price types are Mid and Ask (sometimes known as Sell). Make sure you have selected the correct option before cross-checking rates against those loaded by FXLoader in your ERP or spreadsheet, as these may be Mid or Ask rates rather than Bid. The Price type can be changed in the drop-down menu in the top right of the screen:
Beware of Date Offsets when checking Averages
OANDA provide a Period Average rate on their website, which can be found by choosing to show rates in table form rather than on a graph:
This feature can be useful for checking that the period average rates loaded by FXLoader in your ERP or spreadsheet match OANDA’s. However, you should ensure the date range is correct because many companies use the OANDA closing rate for one day as their Daily Rate for the following day.
For example, the Period Average rates in your ERP for April may be calculated over the date range 1-Apr to 30-Apr. Note that the corresponding date range for OANDA will be 31-Mar to 29-Apr, because of the one-day lag. The correct period can be set in the ‘Range’ section at the top of the screen: