How to Setup Currency in Magento 2 Store?

July 02, 2020

The eCommerce industry is growing at a rapid pace and it has now become #1 priority for many businesses worldwide.

This is especially due to the COVID-19 Pandemic, as it has forced nearly all businesses to shut down shops and adopt the eCommerce model.

If you’re also planning to launch an online store for your business, it’s important to set up the currency settings of your Magento 2 store before launching.

Fortunately, Magento 2 provides an option to set up your currency for up to 200 countries around the world.

And today, we are going to teach you exactly how to set up currency in your Magento 2 store.

Steps to Configure Currency in Magento 2 Store

The currency of your Magento 2 store basically determines what currency your customers are allowed to use while placing their orders on your online store.

Let’s dive into the step-by-step process to easily set up the currency in your Magento 2 store.

Step #1 - Choose Allowed Currencies

First of all, open the Admin Panel and navigate to Stores > Settings > Configuration.

Now, under the “General” on the left side panel, click on the “Currency Setup”.

After that, open the “Currency Options” section.

In the currency options, select your primary currency from the “Base Currency” in the online transaction.

Then, assign “Default Display Currency” to the currency you use for displaying the price on your store.

After that, go to the “Allowed Currencies” list and collect all currencies that you want to include for the payment on your store.

To select multiple currencies, hold the Ctrl key on your keyboard and select each option.

NOTE: If the system message appears reminding you about the cache refreshment, close it and refresh the cache later.

Now, you also need to determine the scope of your base currency.

For this, go to “Catalog” on the left side panel, select “Catalog” and open the “Price” section.

Then, set the “Catalog Price Scope” to either Website or Global.

catalog price scope

Step #2 - Set Import Connection

Now, the next step is to set your import connection in Magento 2 store.

For this, go to “General” on the left side panel and select “Currency Setup”.

Then, open the “WebserviceX” section and in the “Connection Timeout in Seconds” field, fill the accepted duration of inactivity before the connection times out.

webservicex

Step #3 - Complete Scheduled Import Settings

In the same “Currency Setup” tab, now open the “Scheduled Import Settings” section.

After that, if you want the currency rate to get updated automatically, select “Yes” in the “Enable” section.

Then, perform the following activities:

Set “Service” by choosing the existing list and then set the default value as “WebserviceX”.
Set “Start Time” to automatically update the rate.
After that, Set “Frequence” to either Daily, Weekly, or Monthly for the rate updating.
Then, enter the email address at which you want to receive email notifications whenever any error occurs in the “Error Email Recipient” field. If you want to get notified on multiple email addresses, then use comma to separate them.
Now, set “Error Email Sender” who will appear on the email notification.
Next, set “Error Email Template” for using the email template for error notification.
Lastly, click on the “Save Config” to complete the process.