Fixed exchange rates

A fixed exchange rate is a rate you type in yourself for one currency, used instead of the live rate from your provider. Store owners use it to keep prices steady (so a euro price does not move a little every few hours), to build in a safety margin against currency swings, or to sell in a currency their rate provider does not cover. For example, a US store could decide that 1 USD = 0.90 EUR, whatever the market says this week.

How it works#

Normally a converted price is your store price × the live exchange rate. With a fixed rate, the live rate is replaced by yours for that one currency. Everything else stays the same: the Conversion Fee % and the rounding settings still apply on top of it. All other currencies keep using live rates.

The rate is always read as “1 unit of your store currency = X units of this currency”. Your store currency (also called the base currency) is the one you enter product prices in.

Set it up#

1. Go to WooCommerce > Currency Switch > Pricing.
2. Click the currency to expand its panel.
3. Find the field Fixed Exchange Rate (1 USD = ? EUR). The label shows your own store currency on the left and this currency on the right.
4. Type how many units of this currency one unit of your store currency is worth, for example 0.90.
5. Click Save Changes.

To go back to the live rate, clear the field (it then shows Leave empty for live rates) and save. A currency with a fixed rate, fee, rounding or custom symbol shows a customised badge in the list.

Your store currency’s own panel has no fixed rate field, because it is never converted.

Examples#

All examples use a $49.00 product in a store whose currency is USD.

Fixed rate only. EUR has a fixed rate of 0.90, no fee and no rounding.

• 49.00 × 0.90 = 44.10
• The shopper sees €44.10, even if the live rate is 0.92 (which would give €45.08).

Fixed rate with a fee and rounding. EUR has a fixed rate of 0.90, a Conversion Fee % of 2, and Round Up to .99.

1. Rate: 49.00 × 0.90 = 44.10
2. Fee: 44.10 × 1.02 = 44.982
3. Rounding: the next price ending in .99 at or above 44.982 is 44.99

The shopper sees €44.99.

A store in another currency. Your store currency is GBP and you set EUR to 1.15. The label reads Fixed Exchange Rate (1 GBP = ? EUR). A £20.00 product becomes 20.00 × 1.15 = €23.00 before fee and rounding.

Where the fixed rate is used#

The fixed rate replaces the live rate in all of these:

• Product prices, including sale prices and variations.
• Shipping costs.
• Fixed-amount coupons.
• Free shipping minimums, coupon minimum and maximum spend, and the price filter.
• The Auto-converted (approx) column in the Currency Fixed Prices box on products.

It is not used for fixed product prices, which are charged exactly as you entered them. The currency converter and exchange rate text shortcodes also keep showing live market rates.

Good to know#

• A fixed rate works even when your rate provider has no rate for that currency. This is an easy way to sell in a currency your provider does not cover.
• A fixed rate does not follow the market. Review it now and then, especially if the currency moves a lot.
• The Rate History table on the Rate Provider tab still records the live market rate, and shows a fixed label with your rate next to it, so you can compare the two. The CSV export lists fixed rates in its fixed_rates column.
• The exchange rate saved on each order comes from your provider’s live rates, not from the fixed rate.
• If you change your store currency, check every fixed rate. Each one is read against the new store currency.

Related docs#

• Choosing an exchange rate provider
• How converted prices are worked out
• Price rounding and conversion fees
• Fixed prices for products and variations