How to setup currency in Magento 2

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All of the websites selling products use one or numerous kinds of currency without which things might start to get messy. Configuring currency in Magento 2 is crucial as it determines the valid currencies customers are allowed to use as processing order(s) on your store.

The currency symbol appears in both product prices and several related documents such as orders, invoices, pay- bills, etc.  Configuration process is quite straightforward. Decreases in value are important to the product on your online store. Choosing the appropriate default currency, consequently, needs to be considered carefully.

In this tutorial, we will learn how to setup and configure currency, change type of currency in Magento 2. The most noticeable part in topic is the currency exchange since exchange rate is required to be checked frequently.

Getting ready

To step through the recipe, you first need to specify which currency you desire to display prices on your online store and which additional currencies you accept for customers’ payment. Magento 2, surprisingly, allow you to engage currencies of more than two hundred countries all over the world which support you in market expansion. For the purpose of this recipe, let’s assume that we need to configure three currencies US Dollar (the displayed prices), European Euro and Pound Sterling (accepted payment).

How to do it

Step 1: Currencies selection

First of all, you must log in to the back-end of Magento.

ON the admin side bar, go to Stores and choose Configuration.

In the left panel under General, choose Currency Setup and click to expand the Currency Options

  • In the Base Currency, choose the primary currency in the online transaction.
  • In the Default Display Currency, assign the currency that you want to use for prices displaying on your online store.
  • In the Allowed Currencies, select any currencies you allow for the payment in your store. If your store support multiple currencies for customers’ payment,  hold down the Ctrl key as you select from the list.

Click Save Config. and make sure you update your cache.

In our example, we set Base Currency as US Dollar, Default Currency as US Dollar and Allowed Currencies including US Dollar, Euro and British Pound.

To define the scope of the Base currency, on the left panel, choose Catalog under the Catalog category.

Scroll down to expand the section of Price, set the Catalog Price Scope to either Global or Website.

Now, go to Stores, under the category of Currency, choose Currency Symbols, click and check whether they are all correct. Make any necessary adjustments.

Also under the category Currency as above, choose Currency Rates. Click on the Import and check the exchange rates are correct. If the exchange rates are accurate, click Save Currency Rates. Make sure your cache is updated.

 

Open a new browser and go to your home page. In the top right corner, check the currencies with a drop-down containing all the listed. Select one of them to test whether the currencies are all correct.

Step 2: Import Connection Configuration

Scroll back to Store, under the category of General, choose the sub category Currency Setup and scroll down to explore the Webservice X section. In this section, you can enter the amount of time of inactivity to set the seconds allowed before the time-out connection.

Step 3: Scheduled Import Settings

Remaining in the Currency Setup, explore the section of Scheduled Import Settings.

  • The Enabled set to Yes allows currency rates to be automatically updated.
  • The Service is set to define rate provider. The default setting is Webservicex.
  • The Start time allows you to schedule to update the rates.
  • The Frequency section define how often the rates are updated.
  • The Error Email Recipient define the email address of the people who receive emails notification as an error occur during the import section. Multiple email address can be entered and separated by commas.

Depending on the currencies you choose for products selling on your online store and payment methods, the currencies and currency rates can be updated in the back-end so that on the front-end, customers can easily switch and buy in their preferred currency.

Besides the schedule import settings, you can reset your currencies and exchange rates manually by repeat all the steps mentioned above.

Now, let’s recap and find out what we have done throughout the preceding recipe by open a new browser and do your own check.

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About Author

Daniel is a Magento developer with 5 years of experience with customizing Magento extensions, Magento templates. He's main author at Magento explorer

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