How to Add and Manage Currencies in Magento?

In Magento, you can allow customers to view the prices of the products in your shop in different currencies. You can follow the below steps to add and remove the currencies in Magento.

Step 1: Log in to the admin panel of your Magento.

Step 2: Go to System->Configuration->Currency Setup the button in the General section on the left Currency Options panel on the right.

Step 3: The Currency Options panel has a setting called Allowed Currencies from which you can choose which currencies customers can select on the frontend.

 Step 4: From the Default Display Currency drop-down menu you can select the default currency from one of the allowed ones. This is the currency that's displayed on the frontend when a customer visits your site.

Step 5: From the Base Currency drop-down menu you can select the base currency for the payment transaction. This is also the currency which is used for specifying the price when adding/editing products in the admin panel. After you configure the currency options don't forget to click on the Save Config button.

Step 6: You also have to configure the currency rates. To do this go to System->Manage Currency->Rates. In these fields ,you can type the currency rates in relation to the base currency. A faster solution is just to click on the Import button in the upper right corner. In this way all currency rates will be updated; the most recent rates will be imported from Webservicex. Then click on the Save Currency Rates button.

Step 7: If you want to change the currency symbols, you can do that from System->Manage Currency->Symbols.

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