Rapyd Bytes: Get Daily Rate

In this video, you’ll learn how to use the Get Daily Rate request to capture a snapshot of fx rates between currencies. Use the Rapyd API to integrate into your platform, or go directly to the Client Portal to use the feature.

00:00
hello and welcome to Rapid bites today we’re going to look at Daily rates and the daily rate object rapid is an API first company and here in Rapid bytes we’ll show you how to work with our API to accept hold and disperse funds in various countries using local payment methods thanks for watching again we’re going to be using the rapid API to check daily rates for FX currencies this is when you’re making a foreign exchange payment or payout this is also a get request using the rapid API you can also

00:33
go to the client portal to use this feature so right now I’m on the API reference page um under get daily rate and the daily rate section really this is a snapshot of the exchange rates that is fetched each day or on a specific time right now 9 pm UTC and it displays the foreign exchange markup fees and or the rates and so here is the daily rate object with the fields really the only required Fields would be action type and that’s where you can choose payment or payout it’s really the same rates but that is

01:12
information that is fields that you could pass through to present to your customers to your audience and then there is buy or uh uh by currency and buy and sell currency so we could see it down here uh this is marked red as required by currency is marked red as required and then sell currency so those were will be added as query parameters we’ll take a look at that in a second in Postman and here we can choose between the two um and using these are different uh examples uh euros in USD to Singapore and USD so it’s going to be have a

01:56
different rate even though there are payment but if they were the same currencies compared for each it would really be the same rate I’m going to head over to postman now if you haven’t gotten started or downloaded the rapid Postman collection you can do so in the link below in documentation or follow the video and that also has the link to download the The Collection as well and so I’m going to search up daily get to daily rate and here we go and so again we can choose payment or payout and buy currency and sell currency so I’m gonna

02:32
sell uh x amount of Singapore dollars to obtain US dollars and so here we go um so this is the rate is how much you will get as I sell uh one Singapore dollar I’ll get 0.73 041 uh one four sorry eight five uh US dollars that will add up and then as I switch that up now I’m selling US dollars to obtain Singapore dollars I’ll get uh over one Singapore dollar per US dollar and just to show you if I do payout it’s the same rate this is just can be helpful in information that is passed through so let’s just play around with it now

03:28
again selling um now selling uh British pounds for Singapore dollar uh you know really we could do any any currency okay now we’re selling British pounds and getting Hong Kong dollar that’s one up to 9.5 uh let’s now we’re buying Mexican pesos that’s gone up to 21.88 um what’s another uh Canadian oh there we go actually what is Canadian dollar um CAD there we go um and there is uh yeah these are just different examples we can do euros to

04:32
British pounds are selling British pounds four Euros payment and so yeah the basically this will continue to refresh each day we could see the date of where the last refresh happens and yeah you can list also all the different currencies for a payment method that shows up when you do lists countries um and so that has all the currencies here and then if you do this payment method by country let’s say Singapore dollar and I want to know uh what currencies are for this specific payment and you you’ll find of course cards have a lot

05:31
right there we go and so that is what it pays in but of course there’s FX the FX feature with rapid in which as you receive funds those can be converted with a dynamic currency conversion so that’s just a little example of uh the get daily rate API call I’m gonna head over to the rapid client portal to show you what this looks like in here and so I’m going to go to here disperse and you can go to more actions check FX rates and so some of the things that we’re doing and see I love this this is the graph of

06:24
as it’s gone up and down up and down and so 1.1 .1 I believe yeah we’re buying Euros from let’s do USD again we could even flip them there’s the 0.7 and so yeah I love this tool you can also go to settings here on the left and then FX rates and wow yeah here is a huge map of different currencies and all the exchange rates for each you can also customize tables this is this is not all the currencies that are off you know look at all these down here and I can add add these I believe it’s up to five so I would have to

07:24
um that is I would have to remove one and then add one and man look at uh the Japanese Yen that is a lot um it’s a really cool tool if you have any questions you can comment below or open up your browser and go to head to community.rapid.net or open up a new tab or just log in that URL and create a topic and ask about the get daily rate API call or get daily rate object and connect with any of one of our developers and our team and we happy to connect with you and connect with other fintech developers as well so thanks for

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watching have a great day