As an ecommerce merchant, one of the greatest opportunities available to you is selling products to customers across the globe. One study estimates that the cross-border ecommerce market will reach $7.9 trillion by 2030. But multicurrency ecommerce can come with a few challenges—like navigating foreign currency exchange rates.
Thankfully, currency converter applications can help you easily manage worldwide transactions. Learn about the benefits of using a currency converter app and see a list of apps that you can integrate into your Shopify store for seamless cross-border sales.
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Benefits of currency converter apps for ecommerce
Integrating a currency converter app into your ecommerce store can benefit your business in a few key ways:
Accurate conversion rates
Currency converter apps automatically calculate conversions based on live exchange rates, meaning that you and your customers have the most updated data available.
For example, imagine you decide to add Canadian dollar (CAD) prices to your ecommerce store product pages. You add the new prices based on the current USD to CAD rate—let’s say it’s 1:1 at the time. A few days later, however, the value of CAD drops, and now one US dollar equals one-and-a-half Canadian dollars. Now your product pages have Canadian prices that are too low. You don’t want your Canadian customers to be surprised when they see a higher price in checkout, and a currency conversion app can solve this problem.
Better customer experience
A currency converter app can improve the customer experience for buyers outside of your company’s home base by allowing them to browse prices without making pesky mental calculations. In fact, 92% of shoppers prefer making purchases on sites that reflect their local currency. Currency conversion apps can also round your product prices up so that your customers see clean numbers when they’re perusing your site.
A currency converter app can also make checkout a breeze for international customers by ensuring that their checkout total reflects the sum of the product prices. The easier your checkout process is, the less shopping cart abandonment you’ll experience and the higher your ecommerce conversion rate will be.
Increased efficiency
Currency apps can save you time—and reduce human error—by automatically calculating currency exchange rates without requiring you to make calculations. For example, if you run a US-based store and a customer purchases one of your products in Mexico, a currency converter can make the US dollar to peso calculation on your product pages without you or your accounting team needing to check live rates and make the conversion manually.
Best currency converter apps
- BEST Currency Converter
- Webrex Currency Converter
- BUCKS Currency Converter PRO++
- Currency Converter Plus
- Nova: Multi Currency Converter
- Currency Converter Bear
- MLV Auto Currency Switcher
If you have Shopify Payments, you can use Shopify Markets to activate multicurrency commerce on your site and make sure your international customers can pay in their local currency (a feature many shoppers say impacts their decision to buy).
Alternatively, there are currency converter apps that you can integrate into your Shopify store. Here are some excellent options:
BEST Currency Converter
BEST Currency Converter is an app designed to automatically convert your product prices to the currency of a shopper’s location. With more than 160 currencies available in the app, BEST Currency Converter lets you select which currencies you’d like to include in your store with a few clicks. The app appears in the header of any Shopify theme, seamlessly blending with the style and design of your store. The paid plan also includes a feature that detects where your prospective customer is shopping and automatically converts your prices to their local currency.
Price: You can choose up to five currencies with the free plan, or you can access more than 160 world currencies for $9.95 a month with BEST Currency Converter’s elite plan.
Webrex Currency Converter
Webrex Currency Converter converts all 200-plus ISO currencies. These are currencies that meet the standard published by the International Organization for Standardization (ISO), a nongovernmental organization that monitors manufacturing, commerce, and technology. Webrex integrates with your Shopify ecommerce store to include a dropdown menu where customers can select their country’s currency. Webrex can automatically round up for the currencies you select.
Price: There is a free version available, and the paid version ($6.99 per month) offers customization tools and location technology that can automatically convert prices based on where your customer is shopping from.
BUCKS Currency Converter PRO++
BUCKS Currency Converter PRO++ uses live currency exchange rates to provide accurate conversions and geolocation technology to convert prices into customers’ local currencies. With mobile-friendly features, 24/7 customer support through live chat and email, and more than 160 supported currencies, BUCKS Currency Converter is a free app that can provide you with an easy currency conversion solution for your ecommerce store.
Price: Free.
Currency Converter Plus
Similar to the options above, Currency Converter Plus uses IP geolocation to provide accurate currency conversions based on customers’ locations. Currency Converter Plus also supports Bitcoin in addition to more than 200 other currencies and updates exchange rates every minute.
Price: The Currency Converter Plus plan costs $9.99 a month after a free trial.
Nova: Multi Currency Converter
Nova: Multi Currency Converter is a free app that features customizable themes, designs, and colors for a floating currency converter bar that integrates with your Shopify store. It has more than 130 currencies to choose from and features 24/7 live chat support.
Price: Free.
Currency Converter Bear
This app can convert more than 160 currencies and features geolocation technology to automatically adapt prices based on where your customers are shopping from. Currency Converter Bear updates its live exchange rates multiple times a day, has a customer service support team, and lets you round prices to your desired decimal place (or remove decimals altogether).
Price: Currency Converter Bear costs $9.99 per month after a free trial.
MLV Auto Currency Switcher
MLV Auto Currency Switcher features a simple widget that you can add to your Shopify store to give customers auto-converted prices based on their location. MLV Auto Currency Switcher has a simple design featuring country flag icons, which make it easy for customers to find their local currency. This app works seamlessly with Shopify Payments, Shopify’s service for processing safe online transactions.
Price: A free version of the app includes more than 200 different currency options, and a version costing $9.95 per month features IP-based country detection to automatically convert currencies based on your customers’ locations.
Currency converter app FAQ
Does Shopify auto-convert currency?
Yes, Shopify’s built-in payment system, Shopify Payments, allows for automatic currency conversion.
Does Shopify charge for currency conversion?
Shopify charges a 1.5% currency exchange fee in the United States and a 2% currency exchange fee in other countries that use Shopify Payments.
How does a currency converter app work?
A currency converter app uses real-time exchange rate data and geolocation technology to provide ecommerce shoppers with accurate prices in their local currency. You can integrate many of these apps into your Shopify ecommerce store.
