Currency Control Tutorial

Converting Currencies is an important part of doing business across borders

In this Demo we will create a Form and Events to convert currencies and amounts for us depending on selection. In this Scenario our base/home currency is USD (United States Dollar) and our next currency is Euro.

Let's create a Demo Form for the Currency Control

We will create three controls for this demo by selecting add_link
Travel Reports Filter

Form Currency - This is the entire form's main currency
Base Currency - This currency is your base/home curreny set on the Company Details Page.
Selected Currency - This currency will change depending on the Selected Form Currency

Next we will add some Events to calculate the Exchange Rate for us.

First Event: Reset Selected Currency to zero
Second Event: This updates the Selected Currency to the Base Currency
Third Event: This divides by the Selected Currency's Exchange Rate
The Full formula would be: ((Zero+BaseCurrency)/ExchangeRate) = ConvertedExchangeRate

For a detailed guide to how to use Template Events read: Create Templates

Once the template is saved we can Create a New Form

When you select Euro which is not the base/home currency the events will calculate what the Selected currency should be.
The Full calculation is: ((0+6)/1.04484) = 5.74

Here are some concise business use cases for using currency controls on a website:

E-commerce Pricing

Implement currency controls to allow customers to view product prices in their local currency. This improves transparency, reduces confusion, and enhances the overall shopping experience.

Multi-Currency Payments

Enable customers to make purchases and complete transactions in their preferred currency. This simplifies the payment process and accommodates international customers, increasing sales and expanding market reach.

Dynamic Currency Conversion

Offer customers the option to convert prices from the base currency to their own currency during the checkout process. This provides transparency on exchange rates and gives customers greater control over their purchase decisions.

International Pricing Strategy

Utilize currency controls to adjust prices based on regional market conditions. This allows businesses to implement region-specific pricing strategies, optimize revenue, and remain competitive in different markets.

Localization

Implement currency controls to support localization efforts by displaying currency symbols, formats, and conversion rates that are familiar to customers in different regions. This helps create a localized user experience and builds trust with customers.

Travel and Tourism

Use currency controls to display prices for travel bookings, accommodations, and tourist activities in various currencies. This makes it easier for international travelers to compare and book services, boosting conversions and customer satisfaction.

International B2B Transactions

Enable businesses to transact with international partners or suppliers using their preferred currencies. Currency controls facilitate seamless cross-border transactions, reducing currency exchange costs and complexities.

Financial Services

Provide currency conversion tools or calculators on your website for financial services such as banking, investment, or foreign exchange. This helps customers calculate exchange rates and plan their financial transactions more effectively.

Crypto Exchanges

Implement currency controls for cryptocurrency exchanges to display prices, trading pairs, and transaction values in different fiat currencies. This allows users to assess the value of their crypto assets in their preferred currency

Accounting and Reporting

Use currency controls to handle multi-currency financial data and generate accurate reports for businesses operating in different countries or dealing with international clients. This streamlines financial management and ensures compliance with accounting standards.

More Info

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