Offering product prices in your customers’ currencies leads to higher conversions in your store.
A currency conversion app is a must-have for a dropshipping store that sells to customers from all over the globe. As it automatically converts prices to your customers’ currencies they can save time in making the transfer which results in higher conversions in your store. Yet, not all currency conversion tools may work efficiently with your dropshipping site.
If you’re looking for the best free currency converters for your Shopify dropshipping store, consider the following points:
- The app can display the right currency based on the customer’s location.
- It can support as many currencies as possible.
- The tool does not slow down site speed.
- It is easy to use and can be customized to fit your store’s design.
- You can display it in various positions in your store.
Are there risks to currency conversion?
Unfortunately, there will be currency conversion risks that you have to deal with. As exchange rates are always changing, you might lose or gain money whenever the processing of payments or refunds are delayed. Currency conversion happens at the time of the following transactions:
- Payment capture
- Refund issuance
- Chargeback activation
Whatever the currency rate at the time that any of these activities are executed, it will be used. For example, if you are manually capturing payments, the customer’s credit card is charged based on the currency rate when you capture the payment and not on the rate when they are still placing their orders.
If you charged the customer the converted amount of 90 EUR for a product priced at 100 USD in your store and the rate decreased at the time the payment is credited to your account, you will receive an amount lower than 100 USD. However, if the rate is higher, you’ll likely receive a higher amount based on the current conversion rate.
When it comes to refunds and chargebacks, if the conversion rate is higher during the execution of these activities than the time of order submission, you can lose more money.
How do you set-up currency conversion in Shopify?
If you are using Shopify Payments, you can enable the multiple currencies to feature in your Shopify Payments setting and add a currency locator in your dropshipping store’s theme. Just follow Shopify’s instructions to get it done. However, if Shopify Payments is not available in your country or you prefer to use a third-party app for selling in multi-currencies, you can install the app of your choice in your Shopify store.
There are many currency converters available out there which you can use for free or for a specific fee. If you’re looking for a free solution, you might want to check out our list of the best free currency converters below.
XE Corporation’s app enables quick switching of the default price to the customer’s local currency. It gathers data from at least 100 global sources to ensure the accuracy of its exchange rates. XE Currency Converter supports over 170 currencies including Bitcoin and can be set up using one-click installation. It can round up the decimals to make prices more appealing to your customers and the design can be customized using the drop-down country selector. A free plan is available but you can upgrade anytime to a paid plan.
If it’s a free currency conversion app that you want, get the Currency Converter Box. The customers can see both the original price and the converted price based on their locations. It supports more than 160 currencies and has a regularly updated exchange rate. Pre-made themes are available for customization. Read online reviews t find more information about this app.
One of the popular currency converting app on the Shopify App Store, Currency Switcher switches price currency using geographical location as a basis. It automatically detects customer location and converts to local currency. You can have a live currency exchange rates on Shopify or use the available currency selector templates to your site’s theme. It is free to install with the option of paid subscriptions.
Considered to be one of the best currency converters for Shopify stores, Auto Currency Switcher can support your worldwide expansion to foreign customers by converting your prices into different currencies. As it automatically detects the IP of shoppers, prices are displayed in the user’s currency with every page load. You can install this app for free with installation support and customization available. The plan starts at zero every month but you can upgrade when necessary.
Formerly known as Doubly, BEST Currency Converter converts prices of dropshipping products according to customers’ locations. It removes price decimals and reminds customers about the unsupported Checkout currency in your store. You can customize the look with different themes to match your store’s design. Price conversion supports more than 160 currencies and can be used with a free or paid subscription.
A currency converter tool is a must if you want to generate more sales from worldwide customers. Although there are risks with converting rates, the benefits of getting higher conversion rates outweigh the former. By providing the convenience of shopping in your customers’ local currencies the higher your chance of earning their business. Try out these free currency converters already!