You may not know, Magento 2 currency plays an important role in optimizing impressions and encouraging the payment process of customers on your site.
However, due to the cumbersome management system, many store owners sometimes overlook or underestimate the investment in developing this feature.
Such indifference has gradually killed sales and brought your business into the dark days.
“Wise men learn by other men’s mistakes, fools by their own”.
Display your currency reasonably and nicely by taking advantage of the available tools. This article will give you the most necessary knowledge about Magento 2 currency, how to set it up and the hottest solution to perfect this functionality.
About Magento 2 Currency
What is Magento 2 Currency Setup?
You know, Magento 2 is growing rapidly and is widely used by many store owners and developers around the world. To meet that huge demand, the Magento team has long inserted a default functionality to serve the setup currency in approximately 200 countries.
The configuration of the Magento 2 currency has a direct effect on the price display and payment process of your store.
It’s fine if you sell domestically and have a specific customer base. In this case, you only need to utilize base currency by default.
But what will happen when your store size is large or you intend to expand internationally? A single currency level is obviously no longer a wise choice.
At present, multi-currency in Magento 2 can show off its ability. Of course, the default has its limitations (which we will discuss below), but this is still a powerful feature because Magento is favored by many multinational businesses.
For example, you will need to display USD for the US market, while the German market requires Euro. All of these wishes are fulfilled through operations on the admin panel without any lines of code.
There are 3 types of currency you need to jot down.
|Base Currency||Website||The main currency for all online payment transactions. For multiple store views, the scope of the price must be set in the Catalog configuration.|
|Display Currency||Store Views||Display along with the Product Prices in the frontend.|
|Allowed Currency||Store Views||Your store accepts this currency for payment.|
SWITCH to >> Magento 2 hierarchy << LATER to understand all about the Scope and how to use it.
From our experience working with countless clients from IT to non-IT people, we conclude that most Magento 2 currency beginners are confused between the base currency and display one.
If you fall into this case, don’t forget to read Base Currency And Display Currency In Magento 2 for a comprehensive comparison.
In your process of currency configuration, you may come across the “Currency symbols” term. It lies in product prices and sales documents such as orders and invoices. If necessary, admin users can change the currency symbols and personalize the display of the price separately for each store or view.
The exchange rate between two currencies is the rate at which one currency will be exchanged for another. People can also consider it as the price of one country’s currency denominated in another currency.
By default, you can set Magento 2 currency rates manually, or import it into the store. To make sure that your store has the latest current rates, you can configure them to be updated automatically on schedule.
It shows up at the top corner of your page.
Benefits of Using Magento 2 Multi-Currency
Although you can vaguely guess the advantages of the Magento currency through its definitions and categories, we still want to make it clear that you really understand and decide when to use it properly.
Here are a few outstanding benefits you can easily spot.
Display Customer’s Currency
The first and foremost benefit of Magento multi currency that we can all notice is giving customers the ability to see the product prices at their national currency. Moreover, they can even pay with the currency of their nations when your store is integrated with a Magento 2 currency extension).
Normally, if you don’t leverage Magento 2 currency extensions, international buyers are reluctant to pay in a default base currency instead of their country currency. This unpleasant checkout experience may jolt shoppers from different regions out of their safe zone, and chances are they won’t complete their transaction.
You feel insecure, don’t you? Fortunately, there are some e-commerce solutions available to eliminate dissatisfaction and protect your bottom line. In the last paragraph, we will speak of what they are and how they can improve your currency display.
Let’s take E-shopping from other EU countries as a typical example. According to the European Commission, 35% of online consumers purchased or ordered products/ services cross-borders. Since the interest in cross-border shopping goes up, idealizing your Magento multi-currency display will be critical in skyrocketing global sales.
Eliminate Extra Charges, Reinforce Customer Loyalty
Besides smoothing the checkout stage, Magento 2 multi currency also helps to avoid the fees incurred due to exchange rates. Therefore, customers will not suffer unexpected emotions about the price and be more willing to purchase because of the price transparency from the beginning.
Bear in mind that notifying clearly about pricing is the first step in the process of promoting customer engagement and loyalty. Entrepreneurs should be well aware that a loyal customer base plays an important role in the prosperity of your online business.
Ensure Consistent Pricing Display
Don’t ignore this factor if you want to win customer trust. You should take advantage of Magento 2 multi currency to make sure that customers see your product’s pricing displayed in a simple number to which they’re accustomed.
ABSORB Set Up Magento 2 Multi Language & Multi Currencies to know how to configure Magento multi currencies.
Minimize Cart Abandonment Rate, Refunds, Chargebacks
Last but not least, Magento 2 multi currency can boost your revenue by reducing abandoned carts, refunds, or chargebacks.
If you allow product prices to display in monetary values that customers expected (British will want to see product prices in Pound, especially when they conduct payment, for example), customers will appreciate your straightforward approach without any price shocks.
As a result, they feel ready to buy from you and content with the site experience. Price is a sensitive issue and directly affects customers’ buying decisions. So, find the smartest methods to retain customers and make huge profits for your Magento store.
How to Setup Magento 2 Currency
Alright! After having an overview of Magento 2 currency, you must be anxious to know how to configure the basic currency to be able to manipulate the admin page, right? We got you! Now is all about Magento 2 currency setup.
Let’s practice together!
Step 1: Clarify the Accepted Currencies
On the Admin panel, click Stores > Settings > Configuration.
Under General, choose Currency Setup.
Expand the Currency Options section, you’ll see:
- Base Currency: Set to the primary currency used for online transactions.
- Default Display Currency: Set to the currency that displays pricing in the store view.
- Allowed Currencies: Select all currencies that you accept as payment in the store view. Don’t forget to select your primary currency.
For multiple currencies, hold down the Ctrl key (PC) or the Command key (Mac) and click each option.
When the system urges you to refresh the cache, click Close (Close box) in the upper-right corner of the message. However, cache refreshment can be done later.
Step 2: Setup the Import Connection for Currency rate
Then, open General > Currency Setup.
Configure your currency service connection with 2 service options: fixer.io and Currency Converter API.
- Choose the Fixer.io section > Fill in your fixer.io API key.
- Connection Timeout in Seconds: the number of seconds of inactivity to allow before the connection times out.
* Currency Convertor API service: repeat the above actions.
Step 3: Finish the Scheduled Import Settings
Continue with Currency Setup > select Scheduled Import Settings.
Switch Enabled to Yes if you want to automatically update currency rates.
Customize the update options:
- Service: the rate provider. Fixer.io is the default value.
- Start Time: the hour, minute, and second that the rates will be updated as scheduled.
- Frequency: determine how often the rates are updated. You can set to one of the following Daily, Weekly, Monthly.
- Error Email Recipient: Type the email address of the person who is in charge of errors during the import process. Separate multiple email addresses with a comma.
- Error Email Sender: the store contact that appears as the sender of the error notification.
- Error Email Template: Pick the email template used for the error notification.
Remember to click Save Config when you complete this step.
Step 4: Renew the Currency Rates
Noticeably, you must update Magento 2 currency rates with the current values before they go into effect. Follow the instructions to update the rates manually or to import the rates automatically. Check Magento User Guide for more details on Magento currency configuration.
Drawbacks of Currencies in Default
As we’ve promised above, this section will tell about the default disadvantages in the creation and management of Magento 2 multi currency.
Any user can notice a problem with the customer’s checkout. Default doesn’t permit customers to checkout with different prices according to the regional rates. Instead, the currency for checkout is fixed in all store views as the base currency.
Try putting yourself in the shoes of your customers.
How inconvenient it is when they see the total order value in an unknown currency. Patient consumers may use a calculator, but most will abandon the cart when things don’t work out as they expected.
For example, when navigating on your site, a Vietnamese buyer still sees prices displayed in VND in the Vietnamese store view. Yet, the total orders are now in USD when they arrive at the checkout step. Do you expect him to take out his calculator to change the price by VND? Forget it! Chances are he’ll leave you.
Don’t worry, because you have us with you. Being Magento store owners, we share the same pain points. Have you ever thought of clearing away this limitation to make your shopping experience more enjoyable? If yes, stay tuned! The last paragraph would present popular solutions you cannot skip.
Save the best for last!
The Best Solutions to Perfect Your Magento 2 Currency
Despite trying to bring maximum convenience, the default still fails to ensure the best experience for consumers. No matter how careful you set it up, the customer payment step is still facing the display of the base currency.
Magento 2 currency can really only fully release its power when integrated with 3rd party extensions. Here are the 2 most popular tools preferred by tons of store owners on the market.
Try it and feel for yourself!
Magento 2 Checkout with Display Currency
Checkout with Display Currency enables users to checkout with the currency display under the scope store view instead of the base currency of the whole website. This extension plays a crucial role in improving customer experience in multiple store view websites.
- Pay with store view display currency;
- Harmonize with all payment methods;
- Show store view display currency in Sale documents and transaction emails.
INSTALL Magento 2 Checkout with Display Currency to diversify your Magento display currency!
Magento Multiple Store View Pricing
Our second recommendation is a useful tool to facilitate the installation process and display prices for each store view of admin users. Thus, you can attract a stable number of customers from different store views as well as target accurate segments via your individual pricing strategies.
- Allow differentiating the product prices for the same items per store view;
- Easily personalize special prices, group prices and tier prices for same items per customer segment in different store views;
- Set up various special prices for a product per store view of Magento 2 store;
- Activate base currency for each store view and customers can conveniently checkout with that base currency of their store view;
- Clearly show product prices both on the category page and product page in each store view;
- Be compatible with all product types.
DON’T SKIP Magento 2 Multiple Store View Pricing if you want to optimize your pricing strategy!
In a nutshell, Magento 2 currency isn’t a very confusing field and can help your store develop quickly if you take advantage of it properly.
Basically, you should measure the pros and cons as well as the need to use multi-currency for your store to make clever decisions.
We still highly recommend multinational and growing businesses around the world to leverage Magento multi currency with the support of reputable extensions.
Be wise and your business will shine!
BSS Commerce is one of the leading Magento extension providers and web development services in the world. With experienced and certified Magento developers, we commit to bring high-quality products and services to optimize your business effectively.
CONTACT NOW to let us know your problems. We are willing to support you every time.