Multi-currency collections
Cord keeps three currencies distinct and never mixes them: the selling currency (what you quote and charge the client in), the accounting currency (what your business keeps its books in) and the platform currency (what Cord charges you for your subscription in: MXN in Mexico, EUR in Spain, Germany and France, and USD in the other countries). This article is about the first one.
The selector offers the currencies of the 12 countries where Cord operates (MXN, USD, CAD, BRL, EUR, GBP, COP, ARS, CLP, PEN) plus four international-trade currencies (JPY, CNY, CHF, AUD). It is not an open catalog: a currency that no exchange-rate source publishes and no bank can settle is not offered, so you do not discover the problem only when it is time to collect.
Create a quote in another currency
When drafting the quote, in step 3 of the editor, Terms, you will see the Which currency are you quoting in? selector.
- Choose the selling currency (for example, change it from MXN to USD).
- Your items’ prices are entered in that currency. If you change the currency after entering items, their prices are not converted: review each one.
- If your books are in another currency, the editor shows Rate today and Your protected rate: under How cautious do you want to be? you choose a +1%, +2% or +5% buffer.
- When you save, the rate is locked for 30 days.
The exchange rate comes from real, dated sources, starting with the European Central Bank reference. If no source publishes the pair, the quote is not saved and you are told why: Cord never makes up a rate.
Online payment by currency
| Method | Currencies |
|---|---|
| Card (Cord Payments) | The selling currency, if your payments account supports it. |
| SPEI (Mexico) | MXN only. In another currency, your client pays by card even if you have SPEI on. |
| Bank transfer with a reference (Spain, Germany and France) | EUR only, on the invoice and on the quote’s payment page. |
| Bank transfer with a reference (United Kingdom) | GBP only, on the invoice and on the quote’s payment page. |
| Bank transfer with a reference (United States) | USD only, on the invoice and on the quote’s payment page. |
| SEPA Direct Debit | EUR only, on the invoice and the portal. |
| ACH bank debit | USD only, on the invoice and the portal. |
| Bacs Direct Debit | GBP only, on the invoice and the portal. |
| Pre-authorized debit (Canada) | CAD only, on the invoice and the portal. |
| Mercado Pago | Whatever Mercado Pago supports on your account. |
Bank transfer with a reference and bank debit are new and may not be enabled on your account yet; if you don’t see them, write to us. See Bank debit and Bank transfer with a reference in the documentation.
If your bank’s settlement currency is different, the payment network may apply conversion and cross-border fees. Check the net amount under Payments before reconciling.
Invoicing and exchange rate
When the selling currency differs from your accounting currency, the invoice declares the exchange rate locked when quoting and the converted total; quoted amounts are never rewritten. Invoicing a multi-currency quote without a usable rate does not go through: Cord asks you to recalculate it.
- Mexico: the CFDI declares the currency and the exchange rate. A payment complement for a payment in another currency is not automatic: it needs the official rate of the payment date.
- European Union: if you invoice in another currency, the PDF also prints the tax amount in euros.
- LatAm rails (being turned on): ARCA uses the locked rate if your accounting currency is ARS (otherwise ARCA’s official rate); the DIAN requires the rate to COP; SUNAT requires it for the withholding in soles; the SII and the NF-e only issue in their national currency.