International sales can be challenging. One of the biggest challenges is showing prices in the preferred currency for visitors.
It can be off-putting for them to browse your shop in a foreign currency. Besides not knowing what each product costs, they’re not even sure if you ship to their region.
Websites are visited internationally, and people around the world purchase products online, which is why WooCommerce website owners strive to make the shopping experience as smooth as possible for their customers.
The WooCommerce multi-currency plugins / WooCommerce currency switcher plugins provide comprehensive results to this problem.
Here, you’ll find plugins that allow visitors to select a currency, update the currency automatically based on their locale and handle currency exchange rates behind-the-scenes. But before, a little take on why you need multi-currency pricing.
Three struggles businesses face without multi-currency pricing
In case you haven’t implemented multi-currency pricing support, you might be losing out on retention and conversion opportunities.
Constantly changing exchange rates
International exchange rates are always fluctuating, which can be frustrating for your customers who aren’t buying in their own currency. This is because a different amount is debited each month when their credit card is charged.
Because the difference is only a few dollars or cents, this may not be enough to cause a major loss for low-cost SaaS applications, but it is nonetheless annoying. For high-priced SaaS programs that cost hundreds of thousands of dollars each month, the difference can be significant. According to them, this creates a budgeting nightmare.
Let’s imagine you want to charge $1000 for a product in US dollars. Singapore is one of your topmost location for paid customers. The SGD to USD conversion rate has varied roughly 10% in the last twelve months, which means that the $100K product they signed up for has now become $110K.
If the variations rates are 20%, 25% or even greater, the discrepancies can be considerably more dramatic.
Foreign currency conversion fees
If you’ve ever purchased something online from a foreign company, you’ve seen the impact of foreign currency conversion costs, which may be as high as 5%.
When you’re shopping for headphones for your work-from-home routine online, a savings of less than 5% may not seem like much. Though the charge on your card may be many dollars, you consider it a cost of doing business overseas from your computer.
However, for large-scale B2B transactions, these fees can quickly pile up. That Singaporean customer who pays you $1000 every month? Foreign currency conversion fees might cost them up to $700 each year!
The final effect is that the actual cost of your product or service is substantially more than advertised (or expected), which is bad news for your turnover rate.
Despite the fact that you are not liable for the high fees, some consumers may refuse to return to the shop.
The mainline is that you only have one chance to create an impression, so make it count.
Same currency sign but different currency
Now this is crucial.
When you’re in Europe and you’re buying anything from a United States website, you’ll notice that the pricing isn’t in your currency. If you’re based in Canada, Australia, or Singapore, though, seeing the $ symbol doesn’t always mean the currency is set to your currency.
The fact that these countries employ a dollar-based currency can be perplexing for international purchasers.
This can lead to an unpleasant surprise when you reach the checkout step and discover it was all in US dollars the whole time.
That’s a lot of consumers you might be losing out on, especially because the solution (multi-currency functionality) is so simple to set up.
Benefits to implement multi-currency pricing
Along with solving some pretty serious issues for online shoppers, multi-currency support offers many unique benefits for eCommerce store owners and scaling SaaS companies:
Take advantage of psychological pricing
Installing some type of currency conversion tool is an easy way to display your prices in your clients’ local currencies.
The problem with these is that they work in real-time, which means that your pricing will not only vary but will also be displayed quite precisely. In fact, it’s almost too exact.
There’s a reason why you’d choose a $49 price point over $50.47, for example.
Aside from being cleaner and more modern, lowering the left number in your pricing point by one can boost sales by up to 24%. That’s why around 70% of retail pricing ending in the digit 9, this is such a frequent pricing strategy.
The good news is that various currency support makes psychologically-focused pricing a breeze to implement.
Customers can pay by bank transfer
Not everyone prefers (or even has) a credit card to pay their invoice and many purchasers prefer the flexibility and power that comes with paying by bank transfer in their preferred currency.
Allowing a corporation to take payments out of your account by direct debit is a risk that some of us simply do not want to face.
Allowing customers to pay by bank transfer can lead to a number of new revenue opportunities. This is especially true for larger organizations, so if you’re pursuing enterprise deals, you’ll want to make this a payment option available.
Set up multiple bank accounts to handle international payments
Although multi-currency support makes your clients’ lives immeasurably easier, there is one disadvantage.
You’ve probably recognized that by allowing your consumers to pay in their preferred currency, you may suddenly bear the burden of international currency translation expenses.
However, there is an easy way around this: open many bank accounts in different countries or currencies.
If you want to take advantage of multi-currency compatibility and your firm is aiming to extend into new territories, you should set up a few subscription billing platforms like Chargebee.
Why do you need a WooCommerce multi-currency plugin?
By default, WooCommerce displays all online store pricing in US dollars (USD).
As a result, WooCommerce website owners must display their prices in their visitors’ native currency. It has the potential to significantly improve their whole purchasing experience. As a result, it’s a good idea to show prices based on the user’s location.
Of course, without plugins, doing it manually will be your worst nighmare.
Therefore, just install a multi-currency plugin or currency-switcher plugin on your WooCommerce store and switch the currency dependent on the location of your customers. Furthermore, they are simple to set up and use.
The majority of plugins will automatically convert currencies in real-time, avoiding any confusion or inaccurate pricing.
Now, over 93% of online retailers accept international payments and offer international commerce. Thus, you can sell your products outside of national borders with ease without any geographical limitations.
Best WooCommerce multi-currency plugins
You should be familiar with the plugins you can use to add currency converters and more complex ones for handling international currency exchange.
We begin with the extensions on the WooCommerce marketplace.
Currency Switcher for WooCommerce
When compared to the other plugins on our list, Currency Switcher for WooCommerce provides a relatively comparable set of functionality.
The API that enables for automatic currency conversions is the highlight feature of this currency plugin. Even better, because the API refreshes the conversion rates for you, you don’t have to worry about them becoming out-of-date. That’ll save you a lot of time.
- Add unlimited currencies to your website and display them on the front-end.
- Geo-Location IP feature to auto-detect the customer’s country and switch currencies.
- Converts the shop’s currency according to the user’s website language.
- Allow customers change the currency of their order with respect to the billing country.
- Allow the usage of fixed amount coupons only for specific currencies. You can also set maximum and minimum amount spent limits on currency-specific coupons.
- Create multiple zones and their pricing structures and apply zone pricing on simple and variable products.
- Flexibility to hide payment gateways for specific currencies.
- Enable/disable checkout in the customer’s selected currency.
- Shortcode on any post, page, or custom post to display the currency switcher.
- Options to display currency by flag, language, country name, symbol.
- Compatible with top extensions like WooCommerce Subscriptions, WooCommerce Bookings, etc.
If you want a simpler solution, this WooCommerce Multi-Currency plugin will provide your site with all of the necessary capabilities to handle international sales.
The plugin has the feature to automatically get customer’s geolocation and display the price in the customer country’s currency. It allows visitors to change the site’s currency and immediately update the prices without having to reload the page.
To get exchange rates, this plugin connects to external services like Open Exchange Rates. You’ll sign up for a free account and then enter an API key into the plugin. This will not only calculate the exchange rates for you, but it will also keep them up to date without requiring any additional effort on your part.
WOOCS – WooCommerce Currency Switcher
WOOCS (WooCommerce Currency Switcher) is quite a popular name having clocked 11K+ sales. It comes with both a shortcode and a widget that allows you to install the currency switcher almost anywhere in your theme.
It also comes with WooCommerce GEO IP, which allows your website to determine the visitor’s region and chosen currency automatically.
You can choose which currencies you accept, set the exchange rates, decide which payment methods can be used for each currency, and define the GeoIP rules to determine which countries use which currency from a number of settings menus.
The statistics page, where you can see a bar graph displaying how much each currency is used on your site, is a really intriguing tool.
- Allow clients to pay in the currency of their choice.
- Compatible with up to 95% of payment gateways, including PayPal, Stripe, and others in multi currency mode.
- Supports three widgets – currency rates, currency converter and currency switcher.
- Set your price formats, create custom money signs, and even track currency switcher data.
- Keep track of how often your customers switch currencies, the country they’re in, and even the time.
- A bar graph that displays how much each currency is used on your site.
- More than seven currency aggregators for automatic currency rates changing.
- Update currency rates hourly, daily, weekly, monthly, each five minutes, each 30 minutes…or you can disable it and set your own currency rates by hands.
CURCY – WooCommerce Multi-Currency
With over 9K+ sales, this WooCommerce currency switcher is an all-in-one solution for dealing with currencies from all over the world. This currency plugin can detect a visitor’s location and change the site’s currency to that of the visitor. This applies not only to the checkout page, but also to the pricing for each product displayed across the store.
Another highlight of the plugin is the ability to specify which payment methods are permitted for each currency. You might, for example, accept PayPal, credit card, and check payments from the United States, but prefer credit card payments for Euros to avoid PayPal’s additional fees.
- Add a currency switcher to the side of the screen.
- The plugin lets you determine the value of a coupon depending on the current exchange rate between the order currency and the main currency.
- Supports a variety of conversion rate providers, including currency converters, Yahoo Finance, and others.
- Product pricing, promo codes, delivery costs, and taxes are all available in multiple currencies.
- A simple and engaging interface is provided through floating bars and widgets.
- Sets the currency bar by default when the plugin is installed, thus there’s no need to do anything else.
- Automatically recognizes geo-location and language to switch currencies.
YayCurrency is a feature-rich WooCommerce multi-currency switcher plugin with a user-friendly interface. It has complex features that can be easily set up using simple on/off switches. It only takes a few seconds to get it running. Exchange rates are changed automatically at regular intervals and can also be forced manually.
- Conversion fees – added and calculated on the fly to minimize your currency conversion loss.
- Checkout permissions – authorize buy transactions using the supported payment methods based on the currency unit.
- Widget for changing currencies – WooCommerce single product pages, headers, footers, and sidebars can all have multiple widgets.
- Price ending – make the converted prices end in target values by rounding them to your selected threshold (such as .49, .79, .99, and so on).
- Price display by GeoIP – automatically detect the customer’s IP address and display product prices in their native currency.
Pricing: Starts from $49/year
Currency Converter Widget
This is a useful (and inexpensive) widget that allows your clients to rapidly change the currency displayed on your site. While this plugin updates product prices across the entire site (including at checkout) to use the selected currency, payments continue to use your store’s default currency. To put it another way, a visitor can see your USD prices in Euros to help them comprehend the cost at checkout, but the payment is still done in USD.
The widget is designed simply and may be placed in any widget area. Depending on the WooCommerce theme you’re using, this may provide you a lot of options or only a few. An open-source API handles the currency exchange rates automatically.
Which WooCommerce currency switcher is best?
Changing currencies can be vital because your products need to be appealing to customers around the world. You cannot afford to be inaccurate with the pricing.
The best part is that all these tools are really easy to use so that you can try them out without spending a lot of money. Choosing one from these is quite difficult. But considering the features, ease-of-use and WooCommerce listing, Currency Switcher for WooCommerce is our pick.