Managing your currencies and conversion rates
All prices you enter on your store will be displayed to customers in GBP (£) by default.
You can also display prices to your customers in a different currency, selected by your visitors.
The price of the product in the alternative currency will be determined by the original price entered (in GBP) and the conversion rate that you have entered for that currency.
How To Setup Multi-Currency Display
1. Make sure you have the Multi-Currency APP installed on your account.
2. Click 'settings' from the left menu and then 'currencies'
3. To add a new currency to your site, use the drop down list to select the currency
4. Once you have selected the currency click on the 'add currency' button
5. You can choose whether you want to manually enter the exchange rates for each currency or use our automatic system. To configure the rates manually, follow the instructions shown beneath under the title 'configuring exchange rates manually'
Configuring exchange rates automatically
Everyday, our system checks the latest conversion rates through an API provided by openexchangerates.org
1. If you select 'automatic' from the question 'do you want to select conversion rates manually or use our automatic system' the conversion rates displayed on your website will be set in accordance with the rate provided by the openexchangerates.org API.
2. Our system gets the 'spot rate' for a particular currency, as traded on the international foreign exchange markets, but such exchange rates aren't available to members of the public so you can enter a 'conversion rate increase' % to display a more realistic rate to your customers.
For example, lets say the USD rate is 1.51118. This would convert a product that costs £100 to display as $151.12
When the customer went to purchase this product, the final purchase price would be in £ so their bank would convert their USD account to make a payment in GBP. However they'd pay more than $151.12 (probably something like $160). So you can enter a % increase to display a more realistic exchange rate. For example, entering 5% would make the exchange rate 1.51118 x 105% = 1.586739 making the price displayed to customers $158.67.
Configuring exchange rates manually
1. Currencies you have added will appear in a list beneath the main box, as shown in the example below.
2. The currency will now be available to customers to choose to display prices in
3. To add a conversion rate to a currency you have added, you need to enter the conversion rate into the box for that currency.
4. You need to enter the conversion rate in terms of how many units of the foreign currency are equal to £1 GBP.
For example, the current US Dollar rate is around 1.5 - 1.6 so you would enter, for example, 1.5878. The Euro rate is around 1.2 - 1.3 so you would enter something like 1.2933.
5. When you've entered your rates don't forget to click the 'save changes' button at the bottom and make sure that you view your front end website to check that the rates are working as you intended.
Be careful, some exchange rates are usually expressed in terms of what £1 will buy you of that currency, and other rates are expressed in terms of how many GBP that 1 unit of the foreign currency will buy you.