Currencies

In different language regions, different currencies are used, so we need to ensure their correct display. Prices of items can be entered by setting their values for each currency or by calculating the amount based on the conversion of the base entered price and the currency exchange rate. The conversion can be set as a fixed amount or adjusted dynamically based on the current exchange rate. When converting from the base currency, it may be challenging to round the values of items, as is often the case (e.g., 19.99). In some cases, due to decimal places and rounding, this may be difficult or even impossible.

Usually, the choice of currency is designed in a similar way to the selection of language and can be set by default based on the visitor's location or the language the visitor has chosen.

Frequently Asked Questions

Why is displaying local currencies important for international sales?: Buyers want to see the price in their own currency. When they see a price in a foreign currency, they have to calculate themselves and this creates friction. Displaying local currency increases trust and conversion in international markets.
How does Magento manage multi-currency?: Magento supports automatic currency conversion with exchange rate settings (manual or automatic via external sources). Each store or page can display a different currency. Order billing is usually in one base currency.
Is it necessary to actually accept payment in multiple currencies?: Not necessarily - displaying prices in local currency is already beneficial on its own, while payment is made in your base currency (e.g. EUR). Payment solutions like Stripe also enable actually accepting payments in multiple currencies.
How often should exchange rates be updated?: We recommend automatic rate updates once a day. Manual setting is risky - outdated rates lead to incorrect prices. Magento supports automatic refresh via ECB or Open Exchange Rates API.
Does displaying multiple currencies affect SEO?: Currencies do not directly affect SEO rankings. But if you have separate language pages with separate currency display, this encourages longer time on site and higher conversions - which indirectly positively influences SEO signals.