What's the Best MySQL Data Type for Storing Currency Values?

Which Data Type Suits Currency Values in MySQL?

When dealing with large volumes of monetary data in MySQL, determining the appropriate data type for accurate storage is crucial. Floats, due to their approximate nature, are not an optimal choice for financial applications that require precision.

Instead, fixed-point numeric data types are the ideal solution. They offer the necessary precision to represent currency values accurately without sacrificing performance.

One such data type is decimal(precision, scale). The precision parameter specifies the total number of digits in the value, including decimal places. The scale parameter represents the number of digits to the right of the decimal point.

For example, decimal(15,2):

• Precision: 15 (allowing for values with up to 15 digits)
• Scale: 2 (indicating two decimal places)

This data type can accommodate numbers up to 9999999999999.99.

Why Fixed-Point Numeric Data Types?

MySQL's documentation on numeric data types explicitly recommends these types for precise representation, particularly when dealing with monetary data. Unlike floating-point types, they ensure exactness, preventing rounding errors that can compromise financial calculations.

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