Managing Currencies in Magento Run Shopping Carts

Magento content management system allows money transactions in a number of methods. It is the perfect eCommerce CMS for developing and maintaining a successful online store. In this blog post we will be highlighting the necessary things required to deal with money in Magento. It will cover:

  1. How to Setup Currency Options
  2. How to manage Currencies
  3. How to Customize Currency Symbols

Setup Currency Options in Magento Stores

Magento allows online transactions using multiple currency rates. But you need to explicitly specify the different currencies which you will be accepting from your customers. This can be done by setting up currency options in Magento.

  • Log in to the Admin Panel
  • Select System > Configuration
  • Select ‘Currency Setup’ tab from the Configuration Panel in the left
  • Expand the ‘Currency Options’ section by clicking it

Carry out the following steps:

  1. Select the base currency used for transaction in the ‘Base Currency’ list
  2. In the ‘Default Display Currency’ list, select the currency to be displayed product pricing in the store
  3. Select all currencies that are accepted as payment in your store from the ‘Allowed Currencies’ list
  • Click the ‘Save Config’ button to save the changes made

Managing Currencies in Magento

Managing currency rates for online shopping carts is a prerequisite for every eCommerce websites. It is because the currency rates fluctuate with time which may affect business in the long run. But store managers can easily update them at regular intervals in Magento CMS.

  • Log in to the Admin Panel
  • Select System > Manage Currency > Rates
  • Click the field in the column for the currency and type the changes
  • Click ‘Import’ to import the latest currency rates from the WebServicex Import Service
  • Save the changes made by clicking the ‘Save Currency Rates’ button

Customize Currency Symbols

Each currency needs a currency symbol to depict it. In Magento, you can either use the standard currency symbols or custom signs in your Magento store. Follow the steps below to customize them:

  • From Magento Admin Panel Select System > Manage Currency > Symbol
  • Enter a custom symbol to use for each currency or use a standard symbol from ‘Use Standard’ checkbox
  • Click ‘Save Currency Symbol’ button to save the changes made

If you are unable to follow any of the above tutorials, then request a quote with us. We would love to assist.