How to Setup Currency Rates Update in Magento 2 - HBWSL Magento2 Blog
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How to Setup Currency Rates Update in Magento 2

Magento 2 allows you to accept payments in different currencies depending on the currency settings you’ve configured for different store views. We’ve covered how to configure currency settings in the first part of our tutorial series on how to setup currency in Magento 2.

When you are dealing with multiple currencies, you need to keep in mind the currency conversion rates. If you accept payments based on old currency rates, you may lose your profit margin.

It is very important that your currency rates are updated on your store. Magento allows you to set up how frequently you want to update the currency rates.

In this tutorial, you’ll learn how to:

Configuring Currency Rates Update Settings

Magento 2 gives you the option to update currency rates from one of the three options:

  • Yahoo Finance Exchange
  • Webservicex

You need to specify which option you want to use for currency rates update. You also need to configure the update option you’ve selected.

Step 1: Go to Stores => Configurations (under Settings).

Configurations submenu in Stores

Step 2: Click on Currency Setup tab from the left sidebar in General configuration settings.

Import Options in Currency Setup

You’ll see Yahoo Finance Exchange, and Webservicex sections in the Currency Options page.

Step 3: Expand the section you want to use for currency rate import.

Yahoo finance exchange import configuration

You’ll see the Connection Timeout in Seconds field in your selected import option.

Set the number of seconds for which your connection stays idle when trying to establish an import connection before it times out.

Step 4: Expand the Scheduled Import Settings section.

Scheduled Import Settings

You’ll need to fill in the following details to schedule currency rates update import:

  • Enabled: Set this to “Yes” to automatically update currency rates.
  • Service: Select the service from where you want to update the currency rates.
  • Start Time: Set the time when your rate import should start.
  • Frequency: Set frequency of the rate updates. You can set the update frequency to:
    • Daily
    • Weekly
    • Monthly
  • Error Email Recipient: Specify an email address, where a notification should be sent if there is an error in the rate import process.
  • Error Email Sender: Set which email should be used to send the error notification.
  • Error Email Template: Set which email template should be used for error notification email.

Step 5: Click on Save Config button to save the currency rate update settings.

You’ll be prompted to refresh invalidated cache types through system pop-up message.

Cache management popup

Follow steps from our tutorial to flush the cache.

For automatic rate updation to work, you need to make sure that Cron settings on your server.


Updating the Currency Rates on Your Store

If you want to update the currency rates on your store, follow these steps:

Step 1: Go to Stores => Currency Rates (under Currency).

Current Rates submenu in Stores

Step 2: You’ll be displayed the Currency Rate page.

Currency rates page

Here you will see an Import Service setting and a currency list along with text fields. The currencies displayed on this page are the ones you’ve set as Allowed Currencies in the currency options.

You can either update the currency rates automatically or manually.

To update rates automatically, follow Step 3 and then jump to Step 5.

To update rates manually, jump to Step 4.

Step 3: Select the rate provider you want to update currency rates from, using the Import Service drop-down list.

Import Rates Automatically

Step 4: Fill in the conversion rates for all the currencies you accept on your store.

Update rates manually

Step 5: Click on Save Currency Rates button to update currency rates.

You’ll be prompted to refresh invalidated cache types through a pop-up message.

Saved Rates - Cache Management

Follow steps from our tutorial to flush cache in Magento 2.

Your store is now updated with new currency rates. This concludes our tutorial on how to setup currency rates update in Magento 2.

Follow the last part of our currency setup tutorial series to learn how to use different currency symbols in your store.

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