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Using multiple currencies
 
lansonrunning
Jr. Member
 
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Total Posts:  7
Joined:  2012-01-11
 

Hi there,

In our new Magento store we are wanting to accept multiple currencies although feel that the admin required to setup the merchant accounts to settle in these currencies will be overly time consuming, expensive and difficult in this day and age.

As such we wondered if anyone can confirm how the transaction works for the customer when they view products in their preferred currency e.g. Euros, but when the transaction will ultimately come back to our GBP merchant account?

We can only assume that if the customer sees a product for 50 Euros that their credit card will be charged that amount, and that the conversion to settle into our GBP merchant account leaves us with the currency risk between the imported Magento rate and the rate given by the merchant bank at the time of settlement.

Is this anything like correct? if so then it feels like we will be ok to maintain a single GBP merchant account. And it cannot be right that the customer ends up with a charge different to that quoted on the website at the time of purchase. Any comments gratefull received…

Thanks,
Mark.

 
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