An exchange rate tells the plugin how to convert your store currency into another currency. This page explains how rates are set, which services the plugin can use to get them, and how to keep them up to date.
Automatic or manual
Every currency has a Rate Mode:
- Auto: the plugin gets the rate from an exchange rate service.
- Manual: you type the rate yourself. The plugin never changes it.
You change the mode when you edit a currency. See Manage Currencies for the steps.
Update rates by hand
Go to the Currencies tab and click Refresh exchange rates. The plugin loads a new rate for every currency that is in Auto mode. If the service cannot be reached for a currency, the old rate is kept.
Exchange rate services
The free plugin uses Yahoo Finance. It needs no account and no key.
In Pro you can choose another service in Advanced → Currency exchange rate APIs. Some services need an API key. You get the key by creating an account on the service’s website, then you paste it in the API Key field.
Most services give a free plan with a limit on the number of requests and on the currencies you can use. Under the service selector, the plugin shows a link to the service so you can read its limits. Check the limits before you choose, especially if you update rates often.
When you save a new exchange rate service, the plugin loads new rates for all currencies in Auto mode straight away.
Update rates automatically (Pro)
In Pro, you can let the plugin update the rates for you. See Auto-update exchange rates.
Tips for stable prices
- Rates change all day. If you do not want prices to change often, use a Manual rate, or update rates once a day.
- Add a small fee to protect your profit when the rate moves. See Manage Currencies.
- Orders save the rate that was used when the customer paid, so old orders do not change when a rate changes.