Magento currency management, Go lets you customize your store for currencies that are used in more than two hundred countries around the world. To add and edit the basic currency options, log in to the admin panel of your Magento and go to System menu>Configuration>Currency Setup button in the General section on the left. This will display a few panels on the right. The first one is Currency Options. Click on it to expand it and configure the basic currency settings:

Base Currency: –This is the base currency used for payment transactions. This is the currency that’s directly associated with the price of products as set in the admin panel, and if you change the base currency the price will stay the same; it will not be re-calculated using the rate of the knew base currency.

By default, the base currency is configured only globally. This means that, for example, if you have a multi-store with a few websites, the base currency is set for all websites. If you want to, however, you can have a different base currency per website. To do this go to System menu>Configuration>Catalog button in the Catalog section on the left>Price panel on the right (the Current Configuration Scope drop-down menu in the upper left corner should be set to Default Config). In the Price panel, there’s a drop-down menu labeled Catalog Price Scope, set it to the website and click on the Save Config button in the top right corner.

Then set the Current Configuration Scope drop-down menu in the top left corner of the website for which you want to change the base currency, after that click on the Currency Setup button in the General section on the left, expand the Currency Options panel on the right, Unmark the Use Default checkbox next to the Base Currency setting and use the drop-down menu to select the currency (don’t forget to click on the Save Config button).

Default Display Currency: from this drop-down menu, you can select which is to be the default currency that is used to show the prices of products on the front end. When a customer initially visits your store that’s the currency that will be displayed. You can select a default currency only from those that you have enabled from the Allowed Currency option. A default currency can be set per store view.

Allowed Currencies: This option provides a long list from which you can choose which currencies should be available on the front end. To select more than one currency, press and hold the Ctrl button on your keyboard and click with the left mouse button on the currencies that you want to allow. If there’s more than one allowed currency, there will be a drop-down menu on the front end from which customers can select one of the allowed currencies. When they do that the prices of products will be shown in the selected currency. The prices will be re-calculated based on the rates that you’ve set in the admin panel. We’ll come to this later. Keep in mind that if the rate of a currency (in relation to the base one) is not specified, the currency will not be available on the front end even though it’s enabled.

Currency Rates and Symbols

After you allow more currencies you need to set their rates. Otherwise, they will not be available on the front end. To do this go to the System menu>Manage Currency>Rates.
On the page that opens you’ll see a table row labeled with the base currency. In this row there’s a text field for each of the allowed currencies (the label is above the text field):

There’s also a text field for the base currency itself, and it should be set to 1.

You can configure the rates in a couple of ways. One way is to type in the field for each of the allowed currencies the rate of the particular currency in relation to the base currency. This means, of course, that you have to know the conversion rate. This rate will stay the same until you type a new one. This rate will stay the same until you type a new one

You’ve configured rates to be updated automatically from System>Configuration>Currency Setup> Scheduled Import Settings panel.

An easier way is just to click on the Import button in the upper right corner. All rates will be set/updated with the most current currency rates (fetched from Webservicex):

When you click on the Import button all existing rates, regardless of whether they were imported or typed manually, will be updated. After that, don’t forget to click on the Save Currency Rates button.

When you allow currencies from System>Configuration>Currency Setup the common symbol associated with the particular currency will be used on the front end. You can, however, change the default currency symbols with any of your choices. To do this go to System>Manage Currency>Symbols. On the page that opens you’ll see a table with each allowed currency and its corresponding symbol:

To change the symbol for a currency un-mark the Use Standard checkbox for that currency and type (or copy/paste) the symbol in the field. Don’t forget to click on the Save Currency Symbols button.

After you allow the currencies that you want and you set their rates a block with a drop-down menu will appear on the front end from which customers can select one of the allowed currencies:

If the customer chooses a different currency than the default one, the prices will be adjusted using the rate set in the admin panel.

Updating Currency Rates with Scheduled Import Settings

As we explained in the previous section you can set fixed rates manually or you can import current rates from a web service. Both of these methods can be performed from
System menu>Manage Currency>Rates. You can also import current rates from a web service automatically. You can enable and configure this method using the settings in the Scheduled Import Settings panel. This is one of the panels displayed when you go to System>Configuration>Currency Setup:

To update currency rates automatically set the Enabled drop-down menu to Yes. Magento is pre-configured to use the web service Webservicex which is the only choice for the Service setting. From the Frequency drop-down menu, you can select how often should the rates be updated. You can select Daily, Weekly and Monthly. By default, it’s set to Daily which, when it comes to currency rates is the most sensible choice.
If you want to receive email messages in case something happens and the automatic update cannot be performed type an email address in the field for Error Email Recipient.