If your exchange rate source has been set to use an external API, you will have the option of setting whether to use the live exchange rate from this source when converting prices or to use your own custom rate.
Live exchange rates
Each currency has its own exchange rate setting that is used to determine which exchange rate will be used when converting prices. By default the live exchange rate will be used but you have the option of using a custom rate for some currencies while the rest use the live exchange rate.
Note...If you have set the exchange rate source to 'Use custom defined rates' then you will not have the option on any currency to use the live rates and will have to set a custom rate for each currency. More information on exchange rate source can be found in the Exchange Rate section
With the exchange rate set to use the live rate, the plugin will automatically fetch the live rate from the source periodically. The rate that is currently held by the plugin for this currency will be shown under the currency name and will be against the stores base currency.
In some cases, the source that you are using may not have the exchange rate for a particular currency. In this case an error message will be shown instead of the live rate and you will need to set a custom rate for this currency.
The plugin will also give you a notification if any of the currencies that you have added to your store are not supported by your chosen exchange rate source. If you see this notification then make sure you set a custom rate for these currencies.
Watch out...If you don't set a custom rate for currencies that are not supported by the exchange rate source, the plugin will default to a 1:1 exchange rate. This could turn out to be very costly for you so make sure each currency has an exchange rate set.
Custom exchange rate
If your using the live exchange rates in your store or not, you can set a custom exchange rate for a currency. The plugin will use this rate regardless of what live exchange rate it holds for the currency. The live exchange rate will still be shown under the currency name as mentioned above, but this will be purely for your reference.
Setting a custom exchange rate for a currency
- Navigate to Woocommerce > Settings > Multi Currency > Additional Currencies and find the currency that you want to set a custom rate for.
- Under the Exchange Rate setting set the drop down to Use custom rates.
- A text box will appear under the drop down in which you can enter the exchange rate that you want to use.
Remember...When first setting a custom rate, either for an individual currency or for all currencies - when setting the exchange rate source to 'Use Custom Rates' - remember to actually set a value and not leave the field blank otherwise the plugin will use a default 1:1 exchange rate
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