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This section focuses on setting currency exchange rates on your website.

Go to Pricing › Currency in admin area of your website.

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Description

This is where you can view your internal currency in which you are billed. Additionally, you can set the following:

1. Showcase currencies
2. Currency exchange rates
3. Synchronization with the Central Bank of the Russian Federation (Synchronization with any other bank requires “Converter 2.0” Module).

OT Box currencies

It’s important to know what currency types can be set during Box installation for correct price calculation and display (as well as deposit, payments and other money transactions). They are the following:

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The first value to be specified in this section is internal currency. This currency is displayed in shopping cart and orders. Internal currency is set at the time of key registration and can no longer be modified on your own. 

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Website owner should contact (make a ticket) Open Trade Commerce’s technical support team if it’s necessary to change internal currency.!

Trade provider’s currency

Trade provider’s currency depends on what provider is set up for your Box.

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Trade provider’s currency is unchangeable and can be found here:

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Showcase currency

Website showcase can support several currencies and display them on product page.

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See below how to add currencies and change their order.

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First, you should decide what currency will be the primary one (it means that it will be the first on the list and will be displayed on the homepage as well as on goods list). For example, we would like to make the following currencies such as USD, RUB, and JPY applicable on website with USD being the main one.

You need to add currencies from the list on the right-hand side to get started.

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Follow these steps to add new currency:

Click dropdown list arrow in the right-hand menu “Add currency”.

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Search for necessary currency in the list that appears: type first two or three letters of currency name in Roman letters or scroll through the list by dragging scroll box on the right of the list.

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Click currency when you reach it. The option you have selected will appear in selection window.

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Click plus button in order to add currency to the list on the left-hand side (new currency will be highlighted in green).

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Rearrange currencies if necessary:

1. Hover cursor over the Move icon (four-headed arrow) on the left of currency name.
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2. Click and hold left mouse button

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1. :
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2. Drag currency up or down and place it as you need without releasing mouse button.
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3. The result is that all currencies will be rearranged:
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Click Delete icon (x) on the right of currency name if you need to delete currency.

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Click “Save” button at page bottom when you’re done.

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Added currencies will be grey once you’ve saved modifications.

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Once being saved, currencies can be added, deleted or rearranged. Be sure to click Savebutton to save changes.

New currency won’t be immediately available on website after all actions were done. It is necessary to set up exchange rate for this currency (see description below) if you need to make it available for display.

Currency exchange rates

All necessary variants of currency conversion are added automatically when changing Showcase currencies, adding trade provider or altering internal currency (by submitting support request). One can see currency exchange rates on the left-hand side while currency rate values including specified margin are given on the right-hand side.

  

This is how it was		This is how it is
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You should select synchronization mode next.

Bank synchronization mode

Using automatic synchronization we always keep currency exchange rate up to date on the website with no periodic manual corrections. Currency exchange rate is synchronized once a day.

“Converter 1.0” Module available for free in all OT Box versions allows synchronization with the Central Bank of the Russian Federation exclusively. We recommend installing “Converter “Converter 2.0” 0” Module 2.0 (it is provided in OT Box Top version 1.7.0 and later) if you need to synchronize currency exchange rates with any other bank. Connection to any bank from the list http://bank.exchange is free with “Converter “Converter 2.0” 0” Module.

Let’s refer to “Default settings” row to activate synchronization with the Central Bank of the Russian Federation and also to specify margin rate.

Select “Synchronization with Central Bank of Russian Federation” option from dropdown list.

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Above example shows that essential settings cannot be permanently deleted. However, the worst case scenario shows that deleted rate will be reset, but in so doing your, personal setting will be ignored.

How to set currency in admin area version prior to 1.7.0

Now we’ll make a list of currencies to be configured. Three steps should be taken to compile a list of currencies.

Part 1. Currency exchange rates “Trade provider – Internal currency”

Trade provider currency depends on which provider is connected to your website.

You need to set the following ratio if your internal currency is RUB and your trade providers are Taobao and Yahoo:

CNY = n RUB

JPY= n RUB

Part 2. Currency exchange rate “Provider – Showcase currency”

As far as in the example above CNY and JPY are taken as trade provider’s currencies whereas EUR and RUB are specified as Showcase currencies you should set the following:

CNY = n RUB

CNY = n EUR

JPY = n RUB

JPY = n EUR

Let’s take trade provider’s currency and specify exchange ratio for each currency.

In the example above we’ve already specified ratio of currencies against ruble. Next you need to complete this list by adding missing data.

CNY = n EUR

JPY = n EUR

Thus, we’ve got the following results in two steps:

Part 3. Currency exchange rates “Internal currency – Payment system”

There are situations when payment system accepts payments only in a specific currency that is not applicable in the Box. For example, you’ve got “Ukrainian money online” payment system which allows working with buyers from Ukraine. This system accepts payments only in hryvnias without possibility to carry out conversion. Then you should add relationship between the Showcase currency and payment system:

RUB = nUAH

Below are given ways how to add and set necessary currencies. At this point it is important to understand what currencies are necessary.

Currency exchange rates

How to add currency exchange rate

It is necessary to add currency exchange rate for all selected currencies. This will ensure that prices in all selected currencies are recalculated and displayed on showcase and product page.

Click “Add exchange rate” link to add currency exchange rate. This will open a form for adding a currency rate.

Adding currency exchange rate

The first currency always stands for one unit of that currency whereas the second one is considered as a “proportion” which we specify manually.

1. Select currency from the list on the left-hand side.
2. Select currency from the list on the right-hand side.
3. Specify ratio which shows how much of the second currency (on the right-hand side) it takes to buy one unit of the first currency (on the left-hand side). :

Important! Tenths and hundredths of currency value are separated by “dot”. Correct: 50.34. Incorrect: 50,34.

1. Click “Add” to confirm your choice or “Cancel” to cancel. 
2. Currency exchange rate is added to the list.

Specified ratio will be used now when recalculating euros to Russian rubles. It means that currency exchange rate values will be taken into account while converting product price in Showcase currency to other currencies.

Important!

Note that Chinese Yuan Exchange rate should be specified since Chinese Yuan is Taobao primary currency. For example: 1 RUB = 0.16 CHY.

Once all the currencies have been set up you need to click the “Save” button under the currency list.

When you’re done, prices will appear on product page on website in the order you’ve specified according to instructions above.

The first currency on the list will be displayed on the Showcase (€. in the example below).

Edit currency exchange rate

Click exchange rate value to edit currency exchange rate.

Please enter new value in text edit field and save it by clicking check mark button.

Click “Save” button at page bottom in order to confirm changes.

Delete currency exchange rate

Click “Delete” button to the right of exchange rate value to delete currency exchange rate.

Confirm screen will appear asking if you are sure you want to delete currency exchange rate.

Click “Yes” if you are sure you want to delete currency exchange rate. You don’t need to click “Save” button as delete action was already confirmed.

Besides, deleted currency exchange rate won’t be displayed on website.

“Converter” Module: synchronization

“Converter” Module is used to avoid currency exchange losses.

You can set currency exchange rates manually or synchronize them with the Central Bank of Russian Federation in “Pricing” section of website admin area. There is no need to keep track of currency exchange rate and modify it in case of synchronization. However, currency rate can be unfavorable.

“Converter” module helps to solve this problem. It allows setting margin rate, for example, 5-7 %, thereby setting off  losses. This module is available in all versions of the OT Commerce Box (see http://en.otcommerce.com/prices-and-promo#2 for more information on OT Commerce Box versions).

How to enable synchronization

Select “Synchronization with Central Bank of Russian Federation” option to enable synchronization.

Form for setting margin rate will appear once you’ve chosen synchronization mode.

Enter necessary value.

Click “Save” button at page bottom to apply changes.

Notification “Exchange rate will be displayed after saving” will be shown before saving.

Currency exchange rates will be recalculated automatically and shown underneath synchronization form.

Additional currencies will be available on product page in the order we determine according to instructions above:

In such a case, the first currency on the list will be displayed on showcase (in our example:  €.):

How to disable synchronization

Select “Without synchronization” option if you want to disable synchronization.

Add currency exchange rate for all selected currencies manually (see instructions above) when synchronization is disabled.