Over the past few years, the ecommerce industry has witnessed new heights and is constantly growing. The industry has flourished like no other, and more & more businesses globally are entering the market.

If you’re new to this market and looking to operate a business, it is essential to configure the currency settings before starting your ecommerce store. On Magento 2, you have the liberty to set up more than 20 currency units of the 200 corresponding countries in the world for your products. As a store admin, you can customize the appearance and display currency symbols in product prices, orders, and invoices. This ensures that you can take your e-store to the global market, enhance customers’ experience, and make more sales. 

In this article, we will deconstruct each step to help you set up currency on the Magento 2 platform, modify the currency symbol, and update the currency rates. This tutorial will help you facilitate your customers to pay you in more than one currency.

How To Configure Magento 2 Currency Settings

Step # 1 : Choose the Allowed Currency/(ies)

• Head to the ‘Configuration’ tab from the Admin panel. Stores >> Settings >> Configuration.
• Select ‘Currency Setup’ on the left panel under the ‘GENERAL’ tab.
• Under the General, open the Currency Options.
  • Base Currency : choose any base currency for the online transaction.
  • Default Display Currency : choose the currency you want to display on your store’s pricing.
  • Allowed Currencies : Select all the currencies you want to allow in your store.

• If the cache refreshment reminder pops up on the system, close it and refresh it.
• Here is how you can set the scope of the base currency:
  • Under Catalog, select Catalog and then go to the Price section.
  • Set the Catalog Price Scope to either ‘Website’ or ‘Global.’

Step # 2 : Configure the Import Connection for Magento 2 Currency

• On the left panel, select Currency Setup under General >> Currency Setup, and open the Fixer.io.
  • Connection Timeout in seconds; Decide after how many seconds the connection will time out and then enter the number of seconds.

Step # 3 : Setting up the Scheduled Import Settings

• Open the Scheduled import Setting section in the Currency Setup tab.
• If you want to auto-update the the currency rate, Enables set Yes, and then do the following:
  • Service: The default value is Web Services, but you can set the value from the drop-down list.
  • Start Time: Set a specific time (In hours, minutes, and seconds) after which the rates will be updated.
  • Frequency: Choose between Daily, Weekly, and Monthly values for updating rates.
  • Error Email Recipient:  You can add your email or other people’s addresses here to receive/send email notifications of the error. To add more than one address, simply separate each email address with a comma (,).
  • Error Email Sender: This is the person who will appear on the email notification.
  • Error Email Template: This is the Email template for the error notification.
• To save, click ‘Save Config’ and apply the changes.
• If the “Cache Management” link pops up, click on the link to refresh the invalid Cache.

Step # 4 : Update the Magento 2 Currency Rates

Before it undergoes any effect, you have to update the Magento currency rate. You can either set these rates manually or import them. On Magento 2, you can also leverage the auto-update option to change them to the latest rates. You can do this through the following steps:

Update the Magento 2 Currency Rate Manually :

• Choose Currency Rates from the Admin sidebar. 
• For each supported currency, choose the rate you want to change and then change or overwrite the new value.
• Hit Save Currency Rates.

Import Magento Currency rates :

• Choose Currency Rates from the Admin sidebar.
• Choose the Import Service. The default value of this field would be “WebserviceX.”
• After clicking on Import, new rates will show up in the Currency Rates list. If the rates have changed since the last update, you will find the old rate underneath for reference.
• Click Save Currency Rates after completing the above steps, and your import will be done.

Import Currency Rates on Schedule :

• Enable cron on Magento 2
• Do the Currency Rate Setup to set up the currencies your store will accept and build up the import connection and schedule.
• Check the Currency Rates list to confirm that the rates are imported on schedule. At that point, wait for the time spent on frequency setting established for the schedule, and check the rates once again.

Modify the Magento Currency Symbols

You can modify the currency symbols by following the steps below.

• Go to Stores >> Currency >> Currency Symbols from the Admin panel.
• Insert the custom currency that you want after clearing the Use Standard
• To enable the new symbol, Save Currency Symbols.
• On the system message, don’t forget to refresh the Cache by clicking the Cache. Management

Magento 2 Multi-Currency Switcher

With the help of the Magento 2 Currency switcher, there is no need to redirect each Magento store view manually based on their currency. The Magento currency switcher will automatically detect the currency based on its geolocation through its IP address. 

Magento 2 currency switcher is not available as a default feature, but it can be integrated through Magento extensions. Here are some popular Magento 2 currency switcher extensions that you can integrate with your Magento store.

Magento 2 Currency Switcher by FME Extension

This Magento 2 currency extension automatically detects the geographical location of the user based on their IP address and sets the currency based on their location. Through this Magento currency switcher, one can use the price rounding off feature, define a currency for each country, or ban a specific user agent from using the currency switcher feature.

Store Switcher by Amasty

This store switcher also works as a Magento currency switcher and identifies the visitors’ location to redirect them to the correct store version, which contains product information and the currency of their locality. You can use this extension to also define the currency and language.

Magento 2 Currency Auto Switcher by MageWorx

Just like other Magento 2 currency switchers, this extension changes the currency based on users’ geolocation through their IP addresses. It works fine with all Magento 2 versions, including the latest Magento version 2.4.X.

Final Thoughts

We hope this guide helped you set up the currency for your e-store. If you still have any questions, feel free to share them in the comments section below.