Currency Configuration

Before setting up individual currency rates, you must first set the scope of the base currency. It is set to global by default, which applies the base currency setting to the entire store hierarchy. If you have a multisite Magento installation, you can manage multiple base currencies by setting the scope to the website level.

You also specify the currencies that you accept and which currency you want to use for the display of prices in your store. In the following illustration, the scope of the base currency is set at the website level, so each website can have a different base currency.

Currency scope diagram Scope of Base Currency

Step 1: Choose the Accepted Currencies

  1. On the Admin sidebar, go to Stores > Settings > Configuration.

  2. In the upper-right corner, set Store View to the store view where the configuration applies.

  3. In the left panel under General, choose Currency Setup.

  4. Expand Expansion selector the Currency Options section and set the following options:

    • Base Currency — Set to the primary currency that you use for online transactions.

    • Default Display Currency — Set to the currency that you use to display pricing in the store view.

    • Allowed Currencies — Select all currencies that you accept as payment in the store view. Make sure to also select your primary currency.

      For multiple currencies, hold down the Ctrl key (PC) or the Command key (Mac) and click each option.

    General configuration - currency options Currency Options

  5. When prompted to refresh the cache, click the CloseClose box) box in the upper-right corner of the system message.

    You can refresh the cache later.

  6. Define the scope of the base currency:

    • In the left panel under Catalog, choose Catalog. Then, scroll down and expand Expansion selector the Price section. (This section only appears if the scope is set as Store View: Default config.)

    • Set Catalog Price Scope to either Global or Website.

    Catalog configuration - price options Price

Step 2: Configure the Import Connection

  1. Scroll back up to the top of the page. In the left panel under General, choose Currency Setup.

  2. Expand Expansion selector the WebserviceX section.

  3. In the Connection Timeout in Seconds field, enter the number of seconds of inactivity to allow before the connection times out.

    General configuration - WebserviceX currency options WebserviceX

Step 3: Configure the Scheduled Import Settings

  1. Continuing with Currency Setup, expand the Scheduled Import Settings section.

    General configuration - currency scheduled import settings Scheduled Import Settings

  2. To automatically update currency rates, set Enabled to Yes. Then, do the following:

    • Service — Set to the rate provider. The default value is Webservicex.

    • Start Time — Set to the hour, minute, and second that the rates will be updated according to the schedule.

    • Frequency — To determine how often the rates are updated, set to one of the following:

      • Daily
      • Weekly
      • Monthy
    • Error Email Recipient — Enter the email address of the person who is to receive email notification if an error occurs during the import process.

      To enter multiple email addresses, separate each with a comma.

    • Error Email Sender — Set to the store contact that appears as the sender of the error notification.

    • Error Email Template — Set to the email template used for the error notification.

  3. When complete, click Save Config.

  4. When prompted to update the cache, click the Cache Management link. Then, refresh the invalid cache.

    System message - refresh the invalid cache Refresh Cache

Step 4: Update the Currency Rates

The currency rates must be updated with the current values before they go into effect. Follow the instructions to update the rates manually or to import the rates automatically.