10 Reliable Free Currency APIs For Your Business

08 June 2023

In today’s globalized economy, businesses are constantly engaged in international transactions and dealing with multiple currencies.

Accessing accurate and up-to-date currency exchange rates is crucial for seamless financial operations, informed decision-making, and ensuring the accuracy of financial records. This is where currency APIs come into play.

Currency converter API (aka. exchange rate API) enable businesses to retrieve real-time exchange rates and perform currency conversions effortlessly. They provide a direct and reliable channel for accessing currency data. Hence, eliminating the need for manual data collection and ensuring the accuracy and timeliness of information.

Why is reliable currency data crucial for businesses? Accurate currency information is vital for various financial activities, including e-commerce, international trade, travel and hospitality, investment analysis, accounting, and risk management. It enables businesses to calculate product prices, manage inventory costs, track revenue and expenses, and evaluate profitability across different markets.

However, with numerous currency APIs available, it becomes essential to identify reliable data sources that suit your business requirements. To help you navigate the options, we have curated a list of 10 trustworthy and free currency APIs that offer reliable and accurate exchange rate data. Let’s learn about them.

What Is A Currency Converter API?

A Currency API Convertor allows applications to retrieve real-time or historical currency exchange rates, perform currency conversions, and access other currency-related data. It acts as a bridge between different software systems, enabling seamless integration and communication. Let’s read about some of the most popular currency APIs available today.

What Are the Ten Best Currency APIs Available In the Market Today?

Here are the ten most reliable currency APIs.

Fixer.io

Fixer API is a popular currency API that provides real-time and historical exchange rates for over 170 currencies. This API comes with 6+ years of experience and rock-solid data sources, making it a reliable API. As a result, thousands of developers trust this API worldwide.

It offers reliable data retrieval through a RESTful API and supports multiple integration options. Fixer API offers free and paid plans, with pricing details available on their website, catering to businesses of all sizes.

Currencylayer

Currencylayer API is a popular choice for businesses seeking reliable currency data. With access to real-time exchange rates for 168 currencies, it offers features like historical rates, time-series data, and conversion capabilities. You can try these API endpoints available on their website.

While it offers a free plan with limited features, its premium plans provide more comprehensive options tailored to specific business needs. Pricing starts from $14.99 and goes up to $99.99. There is also a custom plan for users.

Exchange Rates API

Exchange Rates API is a reliable currency API that provides access to real-time and historical exchange rates for over 200 currencies. Moreover, the API gives 250 free requests monthly. It is a simple, quick, and reliable API with pricing starting from $9.99. This API uses over 15 exchange rate sources to bring accurate data for the users.

Open Exchange Rates

Open Exchange Rates is a popular currency API provider offering accurate and up-to-date exchange rates for over 200 digital currencies. With various integration options, it enables seamless data retrieval and currency conversion.

Businesses like Shopify and Etsy also benefit largely from the Open Exchange Rates API. The pricing starts from $12 per month. You can also choose the unlimited plan that costs $97 per month.

XE

XE API is a widely trusted currency API that offers real-time exchange rates and historical data for over 210 currencies. Its easy integration allows businesses to access reliable currency data for accurate conversions and financial operations. Pricing for XE API can be found on their website, accommodating different business needs. However, this API is more expensive than other available options. Businesses like Vistaprint and Shopify also trust this API.

Currency API

Currency API offers a robust set of features supporting 170+ currencies globally. The API gives updated results after 60 seconds. This simple and reliable API comes with 300 free credits per month. The prices range between $9.99 and $74.99 per month. You can also get a custom plan.

IBAN

IBAN’s Forex Reference Suite is a leading currency conversion API in 2023. It sources its data from reputable central banks as well as trusted providers, ensuring the reliability of the information.

This API consistently refreshes the currency rates every 10 minutes, offering timely and accurate updates. Access to over 154 currencies enables users to obtain the latest conversions accurately reflecting dynamic market fluctuations.

OANDA

The OANDA currency converter API allows users to access a comprehensive collection of past data spanning over three decades, encompassing over 200 different commodities, currencies, as well as invaluable metals.

This API caters to various professionals, including accountants, auditors, hedge fund managers, and also treasurers. Its primary objective is to deliver precise exchange rates that meet strict financial compliance standards.

Currency Converter API

Catering to developers of all proficiency levels, this API provides a currency API with three options: a free version, a prepaid service, and a premium solution. The unpaid version, as well as the prepaid service, cater to companies with lower request volumes. In contrast, the payable service is geared towards individuals seeking a robust and ready-to-use currency API for production purposes.

Exchangerate.host API

When you are searching for an API that is free and has a small resource footprint, it provides real-time and past exchange rates for foreign currencies and cryptocurrencies. The API guarantees an uptime of 99.99% and includes historical data spanning two decades.

Conclusion

Access to reliable free currency APIs is a game-changer for businesses operating in a global economy. These APIs provide accurate and up-to-date currency exchange rates. Hence, allowing businesses to streamline financial processes, make informed decisions, and ensure the accuracy of their international transactions.

The ten reliable free currency APIs mentioned in this blog offer a range of features and data that cater to different business needs. By leveraging these APIs, businesses can reduce errors, save time and resources, enhance customer satisfaction, and gain a competitive edge in the global marketplace.

So, take advantage of these powerful tools and unlock the potential of seamless currency data integration for your business’s success.

FAQs

Is There a Free Currency API?

Several free currency APIs, such as Fixer, Open Exchange Rates, ExchangeRate-API, and CurrencyLayer, are available.

What Is the Free Web Service for Currency Conversion?

A popular free web service for currency conversion is XE.com, offering accurate and up-to-date exchange rates.

What Is the API for Currency Conversion Rates?

The API for currency conversion rates provides real-time or historical exchange rates for seamless currency conversions.

Read Also:

Why Entrepreneurs Should Pay Attention To Cryptocurrencies In 2021
Crypto Staking: Locking Up Crypto Holdings To Earn Interest
Can I Convert My 401k To A Gold IRA?

Arnab

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

View all posts

Trading Versus Investing: Which Is Right For You?

There are two distinct stakeholders in every market, we have the traders and the investors. These two sets of people have one thing in common, they both want to make a profit however they approach the market differently. If you are reading this article you are probably interested in the market but, you are a little bit dazed about either deciding on trading or investing. It's time to cheer up friends, don't be disturbed anymore, your questions would be clarified after reading this article. This article would share the necessary information you require to make your decision; trading or investing. Let's get started. What is trading? Trading is a financial activity carried out to earn a profit from short-term fluctuations in the market. Trading involves buying and selling financial instruments; stocks, currencies, commodities, and derivatives to make profits from their price movements within short periods. What is investing? Investing is a long-term financial activity where investors buy a financial instrument; for example, stocks that can yield returns in the long run. Unlike trading, investing requires creating a variety of portfolios of assets and keeping them through every stage of the market till the period they wish or project to take their returns. Unlike trading which is reliant on price movements for returns, investing grants numerous benefits such as bonuses, dividends, buybacks, stock splits, and more. The similarities between trading and investing Trading and investing have a similar objective which is to make a profit. They both offer the possibility of getting rewards. Trading and investment both hold the possibility of a loss; they both have financial risks. You need an account/broker to either trade or invest. Without an account, you cannot buy and sell or invest in stocks, ETFs, options, currencies, and others. The differences between trading and investing The table below would give you a better understanding of the differences between traders and investing: CharacteristicsTradingInvestmentRiskHighModerate/LowCapital growthFrom short-term profitAmass gains/wealth overtime while minimizing risksIntentionPurchase assets during the short term and take advantage of mispricing/irregular price movements in the marketBuy investments and hold them for a long period to grow capitalLeverage offeredYesNoAnalysis neededTechnical analysisFundamental analysisCapital gainsMajorly short termBoth short-term and long termPeriod of investment trackingHigh/ConsistentMedium/lessAsset durationSeconds, minutes, a few hoursWeeks, months, years/decadesAssetsStocks, optionsStocks, bonds, ETFs, mutual funds Conclusion When you are about to make a decision; trading or investing, be introspective. Ask yourself and consider how patient you are. Are you knowledgeable about investing or trading? What are your skills or expertise? Can you manage risks? Or do you prefer to play safe? Based on these questions and your strengths or weaknesses you can think about, you can now decide which; trading or investing is best for you. Remember, trading is more susceptible to financial risk because it is a short-term activity while investing is long-term and less susceptible to financial risk. Trading and investing are not profitable though trading can be a way to earn quick profits while investing wins come in the long run but with fewer losses than trading. You can find your perfect binary options broker as a trader or investor today. Frequently Asked Questions (FAQs) I. Do traders earn more than investors? We can not authoritatively say that a trader is earning more than an investor vis-a-vis. Traders and investors both have the potential to profit. But they both have to make the right and smart decisions otherwise they would lose money. II. What types of trading can I engage with? There are four types of trading; day trading, position trading, swing trading, and scalp trading. Day trading: Positions are held during the day alone. Position trading: Positions are held for months to decades. Swing trading: Positions are held within days to weeks. Scalp trading: Positions are held within seconds to minutes. Scalp trading is usually operated during the day alone. III. What types of investing can I engage with? Some of the types of investing you can engage in are index investing, active investing, passive investing, value investing, market cap-based investing and growth investing. Read Also: Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future What Beginners Must Know About Trading Options In Dubai Margin Trading Tips & Strategies For Beginners

Do Luxury Rehab Facilities Take My Insurance Plan?

What are luxury rehab facilities? Are there non-luxury rehab facilities? What is available at the luxury rehab facilities that is not available to the regular rehabs? Well, a luxury rehab facility offers the highest quality experience for the patient. Whether one is battling drug or alcohol addiction, the kind of experience that one receives while at the facility has a direct bearing on one's recovery. As such, you may want to find the best facilities for your patient. By visiting the altituderecovery.com website, you can find more information about the luxury rehab facilities available in your area. What do luxury rehabs offer? With a luxury rehab, a patient can undergo treatment with cutting-edge facilities. These facilities offer treatment options that include mental health, among others. The good thing about this experience is that patients will have an incredible time that offers them peace of mind in their recovery. There are professional dining facilities and other options. Advantages of luxury rehab option Choosing a luxury rehab gives you a better experience, among other benefits. This does not necessarily have much to do with the quality of the medical services that you receive. Here are some of the advantages that you get at the luxury rehab as compared to the regular rehabs: They are well-staffed when compared to the regular facilities. For this reason, you are sure you can get better-individualized services. The staff can concentrate on specific individuals, which means one has a better chance of recovery and a quick recovery. These kinds of rehabs offer a better sense of privacy than regular rehabs. This means people who are addicted and want to be treated privately can enjoy the services of these rehabs. For clients wanting to remain anonymous, a luxury rehab is the right place to receive services. They have better amenities than the regular facilities. For this reason, luxury rehab centers provide extra amenities such as sports facilities, gardening and spa facilities, and so on. As such, clients will enjoy these luxurious facilities, which can speed their recovery process. Do luxury rehab facilities take my insurance plan? If you plan to enter a rehabilitation center, you need to know if your insurance company will pay for the cost. What kind of insurance plan do you have, and does it cater to the treatment? While some insurance plans cater for luxury rehabs, others do not. In this regard, you should consult your insurer and ascertain this. While not all insurance plans cover rehab treatment, some do cover these services: Medical detox also falls under this to some extent. This means that your insurance can cater to withdrawal management. As usual, the best way to do this is to consult your insurer. Medications that are necessary to cater to the withdrawal symptoms, as well as for cravings, are included by some insurers. Other relevant treatments include drugs to control cravings for the abused substances. Some insurance policies also cover residential or inpatient treatments. Even though this may depend on the number of days one spends in rehab, it is always important that you write to or call your insurer to be sure of what they will cover. What Does Insurance Companies Check In General? Insurance companies may have particular parameters for the coverage of luxury rehab centers. These include: Medical Necessity: Normally, the medical need for treatment in a luxury rehab facility is a requisite for most insurance providers. This entails that the right to treatment must be essential for the individual’s physical or mental well-being. Pre-Authorization: Insurance providers may require pre-approval of luxury rehab centers for insurance coverage. This implies that your insurance provider needs to give the go-ahead before the treatment can begin. Pre-authorization is the process of submitting all your details, which include your condition, your treatment plan, and the particular luxury rehab facility you wish to attend. In-Network Providers: Insurance companies often have a network of preferred providers, including high-class rehab centers. They can have facilities they are working with and provide coverage. Ensure you get the maximum coverage by checking if the facility is in-network with your insurance provider. Referrals: Some insurance policies may require a referral from a primary care provider. This is either a specialist or a close member to cover treatment at a luxury rehab center. This shows the treatment procedures used are based on the professional assessment of the patient. Length of Stay: Insurers may limit the length of stay at high-end facilities they cover. They would need periodic evaluations and documentation to decide on the ongoing medical necessity to be in the said facility. However, insurance coverage criteria may differ widely among insurance providers and plans. You should contact them directly to understand the specific requirements and criteria for coverage of the luxury rehab facilities, whether it is even part of your insurance plan. Documents to Keep in Handy? Insurance providers often demand certain documentation or proof to see if the rehab hospital is medically necessary. The exact requirements may vary between insurance providers, but here are some common documentation that may be requested: The exact requirements may vary between insurance providers, but here are some common documentation that may be requested: Diagnostic Assessment: Insurers might thus start demanding a professional assessment conducted by either a psychiatrist or an addiction staff. This evaluation not only permits us to deduce the necessity for treatment in a luxury rehabilitation center but also diagnoses underlying ailments catered to by this specialty care. Treatment Plan: A clear outline of specific interventions, treatments, and services an individual will receive while at a luxury rehab center is required. The treatment regimen should be comprehensive, evidence-based, and custom-based to the needs of the individual. Progress Notes: Ongoing progress notes or treatment updates from a luxury rehab center could be requested to establish the continuing need for such rehabilitation. Such notes must encompass the progress, response to treatment, as well as changes, if any, in the treatment plan. Clinical Justification: Clinical justification is a written piece that a health care practitioner will provide. Therefore, advocating for the treatment to be at a luxury rehab facility because the individual will benefit from the program. The medical rationale should give the specific advantages and outcomes anticipated from the care provision at the center. Previous Treatment History: The insurer might want to see the specifics of any previous interventions or rehabilitation programs. Most importantly, how well they worked out. Therefore, this might be an excellent way of showing the necessity for a high degree of care. Supporting Medical Records: Medical records relevant to the patient’s condition are necessary. Not only this help to provide an argument but it also facilitates the medical necessity of luxury rehabilitation. Final Words Being in touch with the luxury rehab facility and your healthcare providers is crucial. Plus, inform them of the required documents, as they should comply with the insurance provider's rules. Every insurer may have specific rules and guidelines, so we advise you to contact your insurance provider ASAP! More Resources: Beyond First Class: Private Jet Charters Setting A New Standard In Luxury Travel How To Get 60 Day Trial For Luxury Beddings Luxury travel on a budget: Is it possible?

Tax Implications For Independent Event Planners

As an independent event planner, you have the freedom to set your own schedule and take on exciting projects that you’re passionate about. However, being your own boss also comes with certain responsibilities, including managing your taxes. Freelancers often face challenges in maximizing their tax savings and properly filing their taxes due to their unique work situation. In this article, we’ll explore the tax implications of being an independent event planner and provide helpful information to ensure that you’re on top of your tax obligations. 1099 Income and Taxes As an independent event planner, you may receive 1099 income, which refers to income received from a client or business that is not your employer. When you receive 1099 income, you’ll need to pay both the employer and employee portion of Social Security and Medicare taxes. This is known as self-employment tax. The self-employment tax rate is currently 15.3%, but only applies to the first $132,900 of your net earnings. Once you reach this threshold, the rate drops to 2.9%. It’s worth noting that the self-employment tax rate applies in addition to your regular income tax rate. This means that you’ll need to factor in both taxes when calculating your overall tax liability and use a quarterly tax calculator. To make things a bit easier, you can use a 1040 ES calculator to estimate how much you’ll need to pay in taxes for the year and to determine how much money you should set aside throughout the year to cover your tax bill. The 1040 ES calculator takes into account your 1099 income, self-employment tax, and any other income you may have throughout the year. Claiming Deductions and Maximizing Tax Savings One of the benefits of being self-employed is the ability to claim deductions that can help reduce your taxable income and lower your overall tax bill. However, freelancers often struggle with identifying which deductions they’re eligible for and how to properly claim them on their tax returns. As independent event planners, you may be eligible to deduct expenses such as office supplies, equipment, software and subscriptions, travel expenses, and marketing expenses. However, it’s crucial to save records of what you spend in order to claim them properly, and in case you get an IRS audit. You can also consider setting up a retirement account, such as a Solo 401(k) or a SEP IRA, which can help reduce your taxable income while ensuring that you’re saving for your future. Tax Implications of Incorporating Your Business Many independent event planners operate as sole proprietors, which means that they’re an individual who owns and operates a business. However, there are benefits to incorporating your business, such as limited liability protection and potential tax savings. Additionally, corporations are eligible for more tax deductions than sole proprietors, including health and life insurance premiums, employee benefits, and certain business travel expenses. Making your business incorporated can also help reduce your total tax liability. For example, if you’re earning a high income as a sole proprietor, you may be subject to the top income tax rate of 37%. However, if you incorporate your business and structure it as an S-corporation, you can pay yourself a salary and receive the rest of your income through distributions, which are taxed at a lower rate. 2023 Self-Employment Tax Calculator Looking ahead to future tax years, it’s always a good idea to stay informed about changes to tax laws and regulations. The self-employment tax rate may change from year to year, and it’s important to stay on top of these changes in order to accurately estimate your overall tax liability. The self-employment tax calculator 2023 can help you estimate how much you’ll owe in self-employment taxes for the year, based on the latest tax rates and regulations. By using this calculator, you can ensure that you’re setting aside enough money throughout the year to cover your tax bill and avoid any unpleasant surprises come tax time. Conclusion As an independent event planner, managing your taxes can be a bit daunting. However, by staying informed about your tax obligations, identifying available deductions, and incorporating your business if necessary, you can minimize your tax liability and maximize your tax savings. Utilizing tools such as the 1040 ES calculator and the self-employment tax calculator 2023 can also help streamline the tax planning process and ensure that you’re in compliance with the latest tax regulations. Read Also: 6 Ways to Stay Sales Tax Compliant Know the Applicable Stamp Duty when Gifting an Asset Commonly Misunderstood Facts About The Employee Retention Tax Credit

10 Reliable Free Currency APIs For Your Business

What Is A Currency Converter API?