In this guide, we will see how to load the official exchange rates published by central banks and tax authorities into Oracle NetSuite automatically, using the Global Exchange Rates API.
Overview
With its standard functionality, NetSuite can update exchange rates automatically once a day, but only with market data from its integrated rate providers (HSBC or Xignite). It also accepts rates loaded from an external source. When you need the rate published by a central bank or tax authority, for statutory reporting, VAT or audit, you can load those rates from Global Exchange Rates with one of the methods below.
1. Automate with Boomi
If you use Boomi, the free Marketplace recipe retrieves official rates on a schedule. Add a Map step and the NetSuite connector after it, applying the inverse in the map (see Things to check). The Boomi guide explains how to install and configure the recipe.
2. Build your own integration
Any integration that can call a REST API and write to NetSuite can do the same. Call /v1/latest for the current rates of a source, for example the European Central Bank:
https://api.globalexchangerates.org/v1/latest?provider=ECB&subscription-key=YOUR_API_KEY
or /v1/historical for a given date, invert the rates and write them to NetSuite. The provider codes are listed on the coverage page, and the full endpoint reference is in the API documentation.
Things to check
- Rate direction: NetSuite expresses rates as base currency units per one unit of the foreign currency. The API returns the opposite, units of each currency per one unit of the provider’s base currency, so load the inverse,
1 / rate. If the API returns 1.08 for USD against EUR, NetSuite with a EUR base expects 0.9259. - Base currency: choose an official source whose rates are quoted against your base currency (see the examples in the FAQ below), or compute cross rates.
- Effective date: use the publication date of the official rate, returned in the API response.
- Testing: validate the integration in a NetSuite sandbox before using it in production.
Frequently asked questions
Does NetSuite update exchange rates automatically?
Yes, but only with market data, using NetSuite’s standard functionality. With the Currency Exchange Rate Integration feature, NetSuite updates rates once a day from its integrated providers (HSBC or Xignite). Official central bank or tax authority rates need a separate service, such as Global Exchange Rates.
Which official exchange rates can I load into NetSuite?
Rates from central banks and tax authorities worldwide. Choose the source that matches the base currency of your company or subsidiary. A few examples, with the provider code used by the API:
| Source | Base currency | Provider code |
|---|---|---|
| European Central Bank | EUR | ECB |
| Bank of England | GBP | BOEN |
| HM Revenue & Customs | GBP | HMRC |
| Central Bank of the UAE | AED | CBAE |
| Reserve Bank of Australia | AUD | RBAU |
| Bank of Canada | CAD | BOCA |
| Banco de México | MXN | BAMX |
The full list, with all provider codes, is on the coverage page.
How often should the rates be refreshed?
Official sources publish once per business day, so a daily schedule shortly after your source publishes is sufficient.
Conclusions
NetSuite can use official exchange rates from any central bank or tax authority: schedule them from the API through Boomi or your own integration, and load the inverse rate.
If you don’t have an API key yet, you can start a free trial. Questions about your setup? Contact us.
