I know that Magento has the option to convert currency and I can set the cron to update the conversion rate. But what i want to know is, where does Magento get the conversion rate from? What web service is Magento using to update the currency conversion rate?

I need to know because I want to let my sellers know from where I am getting the conversion rate from.


Magento uses webservicex.net to pull the currency conversion rates. You can check that by visiting

System->Configuration -> Currency setup -> webservicex.

then, take a look at



Hope this helps.

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  • I think you should accept this as answer.. LOL.. :) Have a smile. – Sundar Aug 26 '15 at 9:04
  • Now webservicex stopped operation. You may need to search for another solution – Rinto George Aug 3 '17 at 5:07

Magento2 uses services defined in the Directory module that are registered in module-directory/etc/di.xml like this:

<type name="Magento\Directory\Model\Currency\Import\Config">
        <argument name="servicesConfig" xsi:type="array">
            <item name="yahoofinance" xsi:type="array">
                <item name="label" xsi:type="string">Yahoo Finance Exchange</item>
                <item name="class" xsi:type="string">Magento\Directory\Model\Currency\Import\YahooFinance</item>
            <item name="webservicex" xsi:type="array">
                <item name="label" xsi:type="string">Webservicex</item>
                <item name="class" xsi:type="string">Magento\Directory\Model\Currency\Import\Webservicex</item>
            <item name="fixerio" xsi:type="array">
                <item name="label" xsi:type="string">Fixer.io</item>
                <item name="class" xsi:type="string">Magento\Directory\Model\Currency\Import\FixerIo</item>
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By default currency rates are pulled from webservicex.net. For more details look at



Mage_Directory_Model_Observer classes.
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