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How Does Netsuite Convert Currency with "Multi-Currency" Feature?

edited Nov 28, 2019 12:10PM in Accounting / ERP 2 comments

First of all I apologize if this has been asked, answered and filed already... but I cannot seem to find an answer using the forum search.

I wanted to set up multi-currency in our webstore (our base currency is USD) and I checked the box to do the nightly exchange rate refresh. But when I went to our web store and tried using an alternate currency (tried GBP, EUR, CAD) the conversion was laughable. A product that is $99.95 usd was close to $150 CAD (should be ~$99.27), and about €103,00 (should be ~ €67,39)...

Note that I just turned this feature on and the same goes for the nightly refresh of exchange rates... but when I saw these rates I freaked and shut it right off. So what's up with this? How do they get their conversion rates? Did I do something wrong? What am I missing?

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