How To Get Exchange Rates From OFX in Odoo

Global business transactions continue to rise, so the need for accurate and up-to-date exchange rates becomes ever more crucial. Fortunately, there are now several companies that specialise in foreign exchange and payment services. One such company that has gained widespread popularity over the years is OFX, a leading provider of financial services, offering seamless international money transfers and foreign exchange solutions.

Great news for businesses using Odoo and being interested in OFX services! Havi Technology has recently developed a solution that integrates OFX with Odoo ERP. This powerful integration empowers enterprises to quickly get exchange rates from OFX within Odoo and optimise their international financial operations. 

In this blog post, we will delve into OFX Money Transfer, explore how it is seamlessly integrated with Odoo, and discover the steps to obtain exchange rates within your Odoo system. Let's delve deeper into it below! 

What is OFX Money Transfer?

OFX is a leading provider of international payment and foreign exchange services. OFX offers a fast, reliable, and secure way for transferring funds globally to businesses and individuals worldwide. By leveraging its global network of financial institutions, OFX can secure competitive exchange rates and significantly reduce transaction fees, making it a preferred choice for international money transfers.

With a vast array of 50+ currencies and the ability to transfer funds to over 170 countries worldwide, OFX can cater to businesses’ diverse financial requirements.

Seamless OFX integration with Odoo 

Odoo, the #1 open-source ERP platform, is renowned for its modular design and comprehensive business management capabilities. Many businesses have harnessed the potential of Odoo to streamline all their operation, including accounting and financial management processes. Odoo supports various exchange rate services like xe.com, European Central Bank, Bank of Canada, UAE Central Bank, Mexican Bank, and more. This enables businesses to access easily exchange rates for global transactions.

Exciting developments has arrived for businesses! The Havi team has developed a custom module to integrate OFX with Odoo, catering to companies seeking exchange rates from this service. With this integration, businesses can now obtain exchange rates from OFX, and update them in Odoo as easily as with other supported services. 

The integration of OFX with Odoo brings a plethora of benefits. Users gain access to real-time exchange rates directly within the Odoo system, eliminating the need for manual data entry. This integration significantly enhances financial accuracy, creating a smoother and more streamlined experience for all users. 

How to get exchange rates from OFX in Odoo

To obtain exchange rates from OFX in Odoo, please follow these simple steps:

Step 1: OFX Account Setup 

Visit the OFX website and sign up for an account. The registration process is straightforward and typically requires basic information to create your account.

Step 2: Obtain API Credentials 

After successfully registering, log in to your OFX account dashboard. Locate and access your API credentials. These credentials will be necessary to establish a connection between Odoo and OFX.

Step 3: Install Havi - OFX Exchange Rate

The Havi team built a custom module called "Havi - OFX exchange rate" to enable you to easily get an exchange rate from OFX. For further details regarding this module, feel free to get in touch with us. We'll be more than happy to provide you with additional information.

Step 4: Odoo Configuration

Log in to your Odoo account as an administrator and navigate to the “Settings” menu. Go to the “ Automatic Currency Rates” section and choose OFX. Within the “Configuration” section, select “Currencies” to see exchange rates.

Step 5: Update Exchange Rates 

With the OFX integration activated, Odoo will automatically fetch the latest exchange rates from OFX. These rates will be updated at regular intervals, ensuring your financial data remains accurate and up-to-date.

Conclusion

Integrating OFX with Odoo empowers businesses with the tools they need to succeed in the global marketplace. By automating the retrieval of exchange rates, Odoo users can save time, minimise errors, and make well-informed decisions to optimise their international financial operations. The seamless access to real-time exchange rates provided by OFX and Odoo integration elevates financial management to a new level of efficiency and reliability, ensuring businesses can thrive in their international endeavors with confidence.

If you require any assistance in obtaining exchange rates from OFX, please do not hesitate to contact us. Our team is dedicated to providing comprehensive support for a seamless integration experience. Feel free to reach out, and we will be more than happy to help you with any integration needs.