How do I configure currencies in Magento?

To configure currencies in Magento, follow these steps:

1. Access Currency Configuration

Log in to your Magento Admin Panel and navigate to Stores > Configuration > Currency Setup.

2. Configure Base Currency

Under the Currency Options section, select your desired Base Currency. This is the primary currency used for all product prices and calculations in your Magento store.

3. Configure Allowed Currencies

In the Allowed Currencies field, select the currencies you want to offer on your store. Hold down the Ctrl (or Command for Mac) key to select multiple currencies.

Customers will be able to view product prices in these allowed currencies when browsing your store.

4. Configure Currency Rates

Magento provides two options for currency rate updates:

  1. Automatic Currency Updates: Enable this option to automatically update currency rates from a third-party service provider.
  2. Manual Currency Rates: If you prefer to update currency rates manually, enter the exchange rates for each allowed currency relative to your base currency.

If you choose automatic updates, you'll need to specify the service provider and enter any required API keys or credentials.

5. Configure Currency Formatting

Under the Currency Options section, you can configure various currency formatting options, such as:

  • Number of decimal places
  • Decimal separator
  • Thousand separator
  • Currency symbol position (before or after the amount)

These settings control how currency values are displayed throughout your Magento store.

6. Save Configuration

Once you've configured all currency settings, don't forget to click the Save Config button to apply your changes.

After configuring currencies in Magento, customers will be able to view product prices and complete transactions in their preferred currency. This enhances the shopping experience and can potentially increase conversions by providing a localized experience for international customers.