If you sell globally one of the steps you have to take is to configure multi currency in Magento 2 to provide a variety of currencies for your customers. Magento 2 currency rates are part of this multi currency setup.
So, in this article you will learn all about currency rates and how to configure them in your store.
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What are Currency Rates in Magento 2?
The currency rate is the value of one country's currency against the other country's currency that defines how much it costs to exchange one currency for another one.
In Magento 2 currency rates are used if you serve multiple currencies on your store but have one currency for online transactions. In this case prices on your Magento 2 store are displayed in different currencies, but the sum customers are charged with is based on currency rates.
Note: charged sum is also defined by the payment method and its settings.
Set up Currency Rates in Magento 2
In Magento 2 you can set up currency rates manually and configure them to be updated automatically by cron.
Update Currency Rates Automatically
1. Go to Stores > Configuration > General > Currency Setup and choose the import connection. Magento by default provides you with Yahoo Finance Exchange, Fixer.io and Webservicex.
2. Once you select the import service, enter the API Key and set the Connection Timeout in Seconds. It defines the allowed number of second of inactivity before time out.
3. Enable the Schedules Import Settings and choose the import Service.
4. Set the Start Time you want currency rates import to start at and choose the Frequency.
You can import currency rates in Magento on a daily, weekly or monthly basis. But it's best if you do it frequently to provide updated data.
5. Configure the Email Notifications.
- Enter the email address of the Error Email Recipient who will receive an email in case of any error during currency rates import.
- Select the Error Email Sender who will appear as a sender of the email notification.
- Choose Error Email Template for the notification about error during import. Currency Update Warnings email templates is set by default.
Note: you can customize email template in Magento 2 to add the data you need to it.
Once you fill out all necessary fields, currency rates will be automatically updated on your store. However, you can still edit them after they've been imported.
Edit Currency Rates Manually
To update currency rates manually go to Stores > Currency > Currency Rates. You can Import currency rates from the selected Import Service if you didn't configure the automatic import.
Besides, you can edit each currency rate separately.
Very often prices in different currencies are displayed with decimals after they've been converted which is kind of confusing.
Unfortunately, you can't round prices in Magento 2 by default. However, you can do it with the Magento 2 Currency Switcher Extension and the multiple rounding methods it provides.
Ensure the best customer experience with one of the best multi-store extensions.