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Managing your currencies and conversion rates

By default, your store on your website will only show your products in the currency for the location of your account.

If you want to be able to show prices to your website visitors in a different currency (selected by the visitor) you will need to install the multi-currency app. The price of each of your products in the alternative currency will be determined by the original price entered and the conversion rate that you have entered for that currency. Payment will still be made to you in the base currency set by the location of your account.

To download the app select APPs & Extensions > Available APPs from the menu. Find and select the ‘Multi-Currency’ app and select INSTALL THIS APP.

Once you’ve installed the app select Settings > Currencies from the menu to begin managing your currencies.

• Adding currencies
• Setting conversion rates
• Automatic currency switching


Adding currencies

Use the ‘Add A New Currency’ section to add currencies to your account:

Find the currency you wish to add in the selection box:

Then select add currency.


Setting conversion rates

In the ‘Currency Settings’ section decide if you want to manually set the currencies’ conversion rates or if you would like the system to do it automatically:


Manually

If you are setting conversion rates manually you will see a conversion rates section containing the currencies that you have added:

Enter the conversion rate into the box for that currency. The currency needs to entered by how many units of the currency are equal to £1. For example if 1 GBP is worth 1.35 US dollars you would enter 1.35 in the box. If 1 GBP is worth 0.52 Omani Rial you would enter 0.52 in the box.

Warning!

Be careful when inputting exchange rates to ensure you have entered them the right way.

Once you have finished entering the exchange rates select save changes.


Automatically

If you have chosen for conversion rates to be set automatically the conversion rates displayed on your website will be set according to the rates provided by the openexchangerates.org API. The ShopWired system checks the latest conversion rates daily.

The exchange rate sent to the system is the ‘spot rate’, which is the actual exchange rate used by international foreign exchange markets. It is unlikely, however, that your customers would have access to this exchange rate, so you should use the ‘Automatic Conversion Percentage Increase’ section to display a more realistic rate to your customers:

For example, if the GBP to USD spot rate is 1.35 a product that costs £100 would display at $135 if you didn’t add in a percentage. When the customer then went to purchase the product, the final purchase would be taken in GBP, so their bank account would convert their USD to GBP to complete the purchase. However, because their bank likely exchanges their money at a lower rate than the actual exchange spot rate they will end up paying more than $135 to equal the £100. Adding a percentage of 5% in the increase percentage field would take the current exchange rate and add 5% to it. In this example, this would make the display price $141.75, which is a more realistic price for your customer.

Once you have entered a percentage select save changes.

With automatic conversions you can use the ‘Displayed Currencies’ section to delete any currencies that you had chosen to display:


Automatic currency switching

In the ‘Currency Settings’ section you can also choose if you want to change the displayed currency automatically depending on the user’s location and/or the customer’s registered country:

Place a tick in the box if you want the displayed currency to show differently.

If no currency is configured in your account for the country the user is located or registered in the displayed currency won't be changed.