How to Auto Update Currency Rates in Magento 2

If you are willing to expand business internationally, it is crucial to showcase product pricing to the customers in their local currency. Magento 2 currency set up allows the store owners to display the pricing on the storefront in multiple currencies. On switching the currency, product pricing must be converted with the updated exchange rates. Setting up currency conversion rates means setting currency rates of a country in exchange to the base currency set in Magento 2. The currency exchange rates keep fluctuating constantly, and therefore, the store owner must update the currency rates regularly in Magento 2.

Updating the currency rates manually in Magento 2 can be tedious and therefore you require to update them automatically with the current market rates. By default, Magento 2 provides an option to update the currency rates automatically through Fixer.io and other third-party APIs.

In this blog post, I will show you a complete step-wise method to auto update currency rates in Magento 2.

Without further ado, let’s begin!

Method to Auto Update Currency Rates in Magento 2

Follow the steps below to update currency rates automatically in Magento 2:

• Navigate to Stores > Configuration > General > Setup.
• Open the Currency Options.
  • Choose the Base Currency that is used for making online payment transactions.
  • Set the default display currency that is used to show the pricing in your Magento 2 store.
  • Select the currencies that you want to accept payment in your store from the allowed currencies list. For selecting multiple currencies, you can scroll down and choose it.

• The default Magento 2 provides fixer.io, currency converter API, and scheduled import settings.
• In the Fixer.io section, enter the API key and set the connection timeout in seconds.

• Open the Currency converter API section, and set the time of inactivity before the connection gets timed out.

• Enable the Scheduled Import Settings and then select the import service.
  • Enter the time at which you want to import the currency rates and select the frequency.
  • In Magento, the currency rates can be updated on daily, weekly or monthly basis. To get updated data, it is crucial to carry out frequently.
  • Provide the email address of the Error Email Recipient, who will receive an email in case of any problems while importing currency rates.
  • Choose Error Email Sender who will appear as the sender.
  • In case of any errors during import, select the Error  Email Template for the notification.

The currency rates will automatically appear on the store as soon as you enter the necessary details, and you can even edit after getting them imported on your store.

Conclusion

To grow your business globally, configure currency switcher in Magento 2 store and make it easier for customers to make payments in their preferred currency. The customers feel more comfortable to determine product prices and opt for shopping in their local currency. As a result, it helps increase conversion rates and enhance sales.

I hope this blog post will help through the same. In case you still have any queries or doubts, feel free to comment. I will be happy to help you.

Also, do not forget to share this Magento 2 tutorial with your Magento friends via social media.

Thanks for reading!