Best data type to store money values in MySQL

Question

I want to store many records in a MySQL database. All of them contains money values. But I don't know how many digits will be inserted for each one.
Which data type do I have to use for this purpose?
VARCHAR or INT (or other numeric data types)?

Answer 1

I prefer to use BIGINT, and store the values in by multiply with 100, so that it will become integer.

For e.g., to represent a currency value of 93.49, the value shall be stored as 9349, while displaying the value we can divide by 100 and display. This will occupy less storage space.

Caution:
Mostly we don't perform currency * currency multiplication, in case if we are doing it then divide the result with 100 and store, so that it returns to proper precision.

Answer 2

It depends on your need.

Using DECIMAL(10,2) usually is enough but if you need a little bit more precise values you can set DECIMAL(10,4).

If you work with big values replace 10 with 19.

Answer 3

Indeed this relies on the programmer's preferences. I personally use: numeric(15,4) to conform to the Generally Accepted Accounting Principles (GAAP).

Answer 4

If your application needs to handle money values up to a trillion then this should work: 13,2 If you need to comply with GAAP (Generally Accepted Accounting Principles) then use: 13,4

Usually you should sum your money values at 13,4 before rounding of the output to 13,2.

Answer 5

You can use DECIMAL or NUMERIC both are same

The DECIMAL and NUMERIC types store exact numeric data values. These types are used when it is important to preserve exact precision, for example with monetary data. In MySQL, NUMERIC is implemented as DECIMAL, so the following remarks about DECIMAL apply equally to NUMERIC. : MySQL

i.e. DECIMAL(10,2)

Good read

Answer 6

Since money needs an exact representation don't use data types that are only approximate like float. You can use a fixed-point numeric data type for that like

decimal(15,2)

• 15 is the precision (total length of value including decimal places)
• 2 is the number of digits after decimal point

See MySQL Numeric Types:

These types are used when it is important to preserve exact precision, for example with monetary data.