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Exchange Rates Settings

The Behaviour settings of Currency per Product for WooCommerce Pro plugin helps you to set and display product prices in different currencies on shop, cart and checkout pages. Sometimes you need to show converted prices as per the selected currency on these pages. Therefore we need to use the Exchange rates settings to show converted product prices on your online store.

How does this work?

To understand Exchange Rates settings, go to WooCommerce -> Settings -> Currency per Product -> Exchange Rates link. The default Exchange Rates settings page appears as shown below:

Exchange Rates Settings - Tyche Softwares Documentation

Exchange Rates Settings - Tyche Softwares Documentation

This page consists of 3 sections:

  1. Exchange Rate Options
  2. Exchange Rates
  3. Reset Settings

1. Exchange Rate Options

There are 3 Exchange rate options which together helps you to set the exchange rate updates automatically.

Exchange Rates Settings - Tyche Softwares Documentation

Exchange Rates options

Exchange rates updates

There are 2 ways in which you can update the exchange rates – Automatically and Manually.

Exchange Rates Settings - Tyche Softwares Documentation

Selecting option from the dropdown

When you select Update rates automatically option and click the Save changes button, Update rates now button will appear. You can click on this button to update the exchange rates automatically. This exchange rates update will take place automatically depending upon the Update rate option set.

You can select to update the exchange rates manually by clicking the Enter rates manually option from the Exchange rates updates dropdown. When you do so, you will be able to add an exchange rate for the currency manually under the Exchange Rates section.

Exchange Rates Settings - Tyche Softwares Documentation

Enter exchange rates manually

The default option for this setting is Enter rates manually.

Update rate

This setting lets you select how often currency exchange rates should be updated. When you set Exchange rates updates option to Update rates automatically, Update rate options will be applicable. There are 3 options under Update rate dropdown. You can choose to update the exchange rates daily, hourly, or twice daily.

Exchange Rates Settings - Tyche Softwares Documentation

Update rate dropdown

If you select Update Daily option, the exchange rates update will take place at the same time everyday. Similarly, when you select option Update Hourly, the exchange rate will automatically update every hour and when you select Update Twice Daily, update will take place twice in a day.

There is an indication of the number of hours remaining until the next update under the Exchange rates updates dropdown.

Exchange Rates Settings - Tyche Softwares Documentation

Time remaining for the next update

The default option for Update rate setting is Update Daily.

Update server

It allows you to select a server for updating the currency exchange rates. There are 3 servers to select from the Update server dropdown – European Central Bank, TCMB, Free Currency Converter API (free.currencyconverterapi.com).

Exchange Rates Settings - Tyche Softwares Documentation

Update server dropdown

By default the server selected is European Central Bank. If you choose Free Currency Converter API then you can fill in the API Key in the Free Currency Converter API Key setting as shown below:

Exchange Rates Settings - Tyche Softwares Documentation

Entering API Key

Additional/Discount Exchange Fees Types On Automatic Exchange Rates

With this setting, you can automatically allow additions or deductions to be calculated for your Exchange rate currency. 

Please note that this setting will only work when the ‘Update rates automatically’ is selected in the ‘Exchange rates updates’ setting,

Once you choose to go with this setting, the dropdown will give you four options. They are: 

Exchange Rates Settings - Tyche Softwares Documentation

Fee Types options

You choose to provide the additions by using either ‘Markup with Flat Rates’ or ‘Markup with Percentage’ options. Exchange Rates Settings - Tyche Softwares Documentation

Additional exchange fee types

If you wish to provide deductions, then you can either choose ‘Discount with Flat Rates’ or ‘Discount with Percentage’ options. 

Exchange Rates Settings - Tyche Softwares Documentation

Discount exchange fee types

After choosing, you will have to enter the Additional/Discount Exchange Fee. Enter it in the field right beside the setting name as shown below:

Exchange Rates Settings - Tyche Softwares Documentation

Entering the exchange fee

For instance, let’s say that you wish to charge a 10% additional fee on the exchange rate. For this, you will select (+) Markup with Percentage from the dropdown and enter the exchange rate as 10: 

Exchange Rates Settings - Tyche Softwares Documentation

Example of Markup with Percentage Fee Type

Save these settings. On the frontend, when your customer has selected a product then they will see:

Exchange Rates Settings - Tyche Softwares Documentation

Product Page price

Let us see how it was calculated:

1 USD Rate for INR is 77.79. 

The Exchange Fees is set to 10.

The Product Price in INR is 1000.

Thus, the calculation takes place like this using the formula

= { ( 1 / ( Exchange rate + percentage of exchange ) } * price

= { ( 1 / ( 77.79 + 7.77 ) } * 1000

= 0.01168 * 1000

USD Price = 11.687704 or 11.69

Exchange Rates Settings - Tyche Softwares Documentation

Frontend behaviour

Let us look at another example. 

Let’s say that you wish to provide a discount of 20 on the exchange rate. For this, you will select (-) Discount with Flat Rate from the dropdown and enter the exchange rate as 20. 

Exchange Rates Settings - Tyche Softwares Documentation

Example of Discount with Flat Rates Fee Type

The calculation will be as follows: 

1 USD Rate for INR is 77.79.

The Exchange Fees is set to 20.

The Product Price in INR is 1000.

Thus, the calculation takes place like this using the formula

= { ( 1 / ( Exchange rate – discount of exchange ) } * price

= { ( 1 / ( 77.79 – 20 ) } * 1000

= 0.01730 * 1000

USD Price = 17.3040

Exchange Rates Settings - Tyche Softwares Documentation

Frontend behaviour

In a similar manner, for discount with percentage, you will subtract the percentage from the exchange rate in the formula and add the flat rate to the exchange rate if it is Markup with Flat Rates setting.

2. Exchange Rates

This section allows you to enter exchange rates manually for all currencies listed. All currencies that you add on Currencies settings page will appear under Exchange Rates section. This part will be effective when you select Enter rates manually option for Exchange rates updates setting.

Exchange Rates Settings - Tyche Softwares Documentation

Exchange Rates section

Remember that Exchange rate options will only be applicable if one of the options under Behaviour settings page is set to Convert to shop default currency option or if you enable the Sorting by converted price or Filtering by converted price option on Advanced Settings page.

3. Reset Settings

This setting allows you to reset the Exchange Rates Options and Exchange Rates section to its default value. For this, click on the Reset checkbox of Reset section settings and click the Save changes button.

Exchange Rates Settings - Tyche Softwares Documentation

Reset Settings option

This will reset the Exchange rates updates to Enter rates manually option, Update rate to Update Daily option and Update server to European Central Bank (ECB). In the Exchange Rates section, the base currency and additional currencies added under Currencies settings page will appear with the value 1 set for all currencies.

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