Currency Conversion (Forex)
The prices on Fruugo are calculated using the Fruugo Currency Converter to display them in the local currency of each country meaning the retailer only supplies their own domestic currency to Fruugo.
What is the Fruugo Currency Converter?
The Fruugo Currency Converter is the module used to calculate the price of your products in the 31 currencies supported on Fruugo.
When you sell items on Fruugo using your own domestic supported currency, your product prices and shipping costs will be shown in the customer’s local currency throughout the sites. We’ll show the payment total in their local currency on the order summary page, as well as the price of the item on the product details page and the subtotal of the items in the Shopping Basket in their local currency.
The currency conversion uses your base currency (i.e. your own domestic currency) to be exchanged into the other relevant currencies. Fruugo Currency Converter is based on the daily rates supplied by the European Central Bank (ECB).
Please note: The currency that is supplied in the product feed should match the currency within which Fruugo will pay you for the orders which will be the domestic currency of your local bank branch.
The Fruugo Currency Converter is more convenient for you
Fruugo Currency Converter makes listing convenient in many ways, including:
- You don’t have to use another resource to calculate the cost of your items in your local currency because we'll automatically display it.
- Each customer will know their payment total upfront in their local currency.
- The customer pays in their local currency, while you still receive payment in your own currency.
- The conversion of prices remains current as they are re-calculated daily.
How does Fruugo's currency rate work?
All currency conversion operates on multiple different rates whether they are the "buy", "sell" or "mid-market" rate offered by foreign exchange providers. These rates can differ greatly and fluctuate at all times, and are not rates that are available for use but as a guide for the exchange rate of the currency at that time.
The difference between "buy" and "sell" can be dramatic as they include overheads, margins etc. and are independently set by foreign exchange providers. As a result we base all currency conversion on the "mid-market" rate which is the mid-point between "buy" and "sell" (median) - it is the central point for our system to gauge all currency fluctuations.
Our system operates on the currency conversion rates which are based upon the daily rates supplied by the European Central Bank. Our system uses these differing rates to ensure the optimised conversion rate is used for all prices. It is vital we operate in this way as the currency rates available can fluctuate greatly between the time of conversion for the order; to the time the conversion is reversed for payment into our systems; and then when payment is passed to you following order fulfilment.
Our rates absorb these fluctuations to ensure you are paid the full amount specified in your own domestic currency, allowing for the value you receive to be consistent irrespective of these currency fluctuations. It also ensures all pricing is done to meet the expected pricing structure in any given country whether they do not use decimal currencies, they use three decimal currencies, or use the standard two decimal currency model which is common within the UK.
It is the core USP of our system that the only currency required; displayed; and used in transactions with the retailer is their own domestic currency with our system handling all conversion. Due to this we are not able to process prices or pass payments in any currency other than your own domestic currency.
It's a single currency model that allows retailers to sell globally without having to handle the complexity of currency exchange, and likewise translations.
Which currencies are supported?
We currently offer Fruugo Currency Converter in the following 31 currencies:
GBP - Great British Pound
EUR - Euro
PLN - Polish Zloty
DKK - Danish Krona
SEK - Swedish Krona
NOK - Norwegian Krona
CHF - Swiss Franc
RUB - Russian Ruble
ZAR - South African Rand
USD - United States Dollar
CAD - Candian Dollar
AUD - Australian Dollar
NZD - New Zealand Dollar
CNY - Chinese Yuan
JPY - Japanese Yen
INR - Indian Rupee
SAR - Saudi Riyal
QAR - Qatari Rial
BHD - Bahraini Dinar
AED - United Arab Emirates Dirham
EGP - Egyptian Pound
KWD - Kuwaiti Dinar
CZK - Czech Koruna
HUF - Hungarian Forint
RON - Romanian Leu
ILS - Israeli New Shekel
MYR - Malaysian Ringgit
PHP = Philippine Peso
SGD - Singapore Dollar
KRW - South Korean Won
TRY - Turkish Lira