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How to Manage Currencies in Magento?

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Magento is versatile e-commerce development platform, which has many features that help merchants to flourish their businesses on net. Magneto e-commerce development has caught attention of business community and nowadays they prefer this platform to launch their business.Magento is a feature-rich eCommerce platform solution that offers merchants complete flexibility and control over the functionality of their online channel.

Magento’s intuitive administration interface allows you to tailor your site to your unique business needs.Magneto’s currency option give you more flexibility to add more currencies. In this article we will take look at how to manage and add currencies in Magneto

After you install Magento by default there’s only one allowed currency which is used for pricing and payment transactions. From the admin panel in Magento you can add & manage more allowed currencies, change the default display currency and configure other currency-related settings.

To add, edit and manage basic currency options, log in to the admin panel of your Magento and go to System menu > Configuration > Currency Setup button in the General section on the left. This will display a few panels on the right. The first one is Currency Options.

Here’s how you can manage currencies in Magento

Click on ‘Currency Setup’ to expand and configure the basic currency settings:

manage currency in magento

The options in this panel are:

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Base Currency

This is the base currency used for payment transactions. This is the currency that’s directly associated with the price of products as set in the admin panel,

Default Display Currency

This drop-down menu helps you to select which is to be the default currency that is used to show the prices of products on the frontend of your online store. When a customer initially visits your store that’s the currency that will be displayed. You can select a default currency only from those that you have enabled from the Allowed Currencies option. A default currency can be set per store view.

Allowed Currencies

This option provides a long list from which you can choose which currencies should be available on the frontend. To select more than one currency, press and hold the ‘Ctrl’ button on your keyboard and click with the left mouse button on the currencies that you want to allow. If there’s more than one allowed currency, there will be a drop-down menu on the frontend from which customers can select one of the allowed currencies. When they do that the prices of products will be shown in the selected currency. The prices will be re-calculated based on the rates that you’ve set in the admin panel.