It only allows exchanging rates of displaying foreign currency values on your website and not allows to makes transactions in multiple currencies type. For example, my main currency type is USD, but a user wants to display money value in GBP. Example exchange rate is 1 U.S. dollar = 0.757805396 British pounds. Therefore all money values will be changed according to a formula:
10$ (value in USD) * 0.757805396 (current exchange rate) = 7.57805396£ (value in GPB).
To access Multicurrency Pricing settings follow the steps:
Admin Panel - Money - Settings - Multicurrency pricing
There are two exchange rate publishers available:
- Fixer.io is a free foreign exchange rates publisher. It supports basic currencies, details described on http://api.fixer.io/latest. The rates are updated daily around 4 PM CET.
- OpenExchange rate is commercial foreign exchange rates publisher. Which provides three pricing plans https://openexchangerates.org/signup. It supports over 200 currencies and at least hourly updates.
User can change their currencies on the top right corner of their user panel (see picture User view)