Multi-Currency¶
Why do we do commerce and have set up a business online? To maximize the reach and sell as much as we can. To sell your products overseas, you should have all the setup needed in Multi-language and multi-currencies to accept and let customers pay! Being an e-commerce-centric, Magento has this feature to let you set multiple currencies.
To accept payments in different currencies and later convert them to the main currency, set the default feature that Magento 2 provides. To fix it, go to the Store tab and select the Configuration option. From the General menu, choose the Currency Setup option. Once done, expand the Currency Option section. It would help if you defined the base currency option value used for all online payments and transactions.
You need to set the Default Display Currency option to let your customers see the currency by default. You can modify the Allowed Currencies option. By doing so, you can allow your customers to choose the preferred currency from the list. When the payment is processed with different currencies, it will be transferred into the base currency using Webservicex Currency service to have the exchange rate in real-time.
Monitor the currency rate settings if you accept payment in multiple currencies because any fluctuation can impact your profit margin.
On top of this, you can create a separate currency for each Store View. How to add a new Store View in Magento 2? Read this article. If you have multiple store views with different locales, further distinguishing them from the main currencies is good. To have the base currency for each store view, go to the Catalog section, select the Catalog option, expand the Price section, and amend the Price Scope option.
Like a multi-language auto switcher, Magento 2 does not allow the same for currency auto-switch. You can look for the marketplace option or ask our expert to fulfill the need. To conclude, Magento 2 provides the base currency functionality that should be enough to serve the domestic level.