Multi currency: The importances, features and how to set up it in Magento 2

Multi-currency

To attract a great number of international shoppers, you need to generate a multi currency eCommerce website. This is a great way to boosts international sales and enhance the overall usability of a given store. Magento 2 allows you to set up the currency for up to 200 countries around the globe. The store owners can manage currencies and their rates right in the admin panel easily. Let’s see how to set up the multi-currency in Magento 2 step-by-step.

Magento Multi currency features

multi currency

 

Customers prefer to shop online in their local currency. So it is crucial that before launching your e-store, you set up the multi currency feature to engage them and boost international sales. The currency symbol is displayed in product prices, orders, and invoices. The store owner has the power to customize its appearance. The multi currency chooser will show in the header of the storefront if your website can accept more than one currency. The main advantages of multi currency  support are:

  • Avoid extra charges and ensure customer retention and loyalty: Multi-currency feature helps customers reduce the charged extra fees for currency conversion on their credit card statements
  • Price consistency: Customers can see the pricing of your products introduced in a simple, rounded number (10 Euros).
  • Payments via bank transfer. Shoppers will be able to pay with alternative payment methods.
  • Decrease cart abandonment returned money and charge-backs. The Multi-currency feature help to reduce shopping cart abandonment and refund and chargeback rates. The prices are shown to customers utilizing real-time foreign exchange rates.

There are 3 types of currency

  • Base Currency (Website): The main currency for all online payment transactions. For multiple store views, the extent of the price must be set up in the Catalog configuration.
  • Display Currency ( Store Views): Show along with the Product Prices in the front-end.
  • Allowed Currency (Store Views): Your store accepts this multi currency  for payment.

How to set up Multi currency in Magento 2?

  • Log in to your Magento Admin account;
  • Move to Stores → Configuration;
  • Under the General tab, find the multi currency setup settings;

Multi currency

  • Select your preferred Base Currency, Default Display Currency, and Allowed Currencies;
  • Refresh your cache if you have formerly set your cache settings to enabled.

How to display separate prices for different websites in Magento 2

  • Log in to your Magento Admin account;
  • Move to Stores → Configuration;
  • Click the Catalog tab and select the Catalog section;
  • Under the Catalog Price Scope, select the Website option in order to show different items prices on various websites.

Multi currency

  • To show the same product in different currency units on various websites, you’ll need to move to Catalog → Products, click the names of the items you need to have listed on those sites, scroll down to the section called Product in Websites and leave a  checkmark in front of the Names of the Websites you want those items to display

Multi currency

How to Set Currency Exchange Rates in Magento 2

Now we will show you how to configure different exchange rates in Maơgento 2 so as to convert the prices of your items from one currency to another.

  • Login to your Admin account and move to Stores → Currency Rates;
  • Select the suitable  Import Option to import currency rates from 1 of the 3 available data sources.

Multi currency

  • Because I selected the US Dollars as our default currency, all of the prices of items will be shown in $ monetary units by default. However, if you’ve chosen multiple Allowed Currencies in the Currency Configuration settings, the shoppers will be able to select the multi currency prices they want to be displayed.

Multi currency

Multi currency

In summary, Magento 2 multi currency isn’t a very puzzling field and can support your e-store to prosper quickly if you take advantage of it properly. We still highly recommend multinational and growing businesses around the world to upgrade Magento 2 multi currency with the support of trustworthy extensions. We — MageSolution offers tons of themes and extensions that can skyrocket your revenue and increase conversions. Check us now: MageSolution and ArrowHiTech portfolio. Besides, if you wish to improve your Magento store, even more, feel free to contact us for a free consultation!

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