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:

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

How To Find The Best GBP Savings Plan

If you are in need of a GBP savings plan, there are many different ways to manage your money within current UK economic conditions. In this article, we will begin by describing some of the ways one can go about finding a plan that will best suit their personal needs and rationale for saving money. This methodical process will allow the user to choose wisely which plan they feel most comfortable with and allow them to proceed with purchasing it. Top 5 Ways To Find The Best GBP Savings Plan 1. Obtain a copy of the Minimum Income Requirements (MIR) Checklist This checklist is provided by the Bank of England and is a quick reference guide for those interested in finding out if they are able to qualify for any type of savings account. It lists the various factors that one must consider including certain financial requirements, personal details, and limited circumstances. It is important to note that this resource is not comprehensive, but provides a good starting point when looking into saving money. 2. Consider Your Payment method If you are in need of a GBP savings plan then it is important that you consider your payment method. Banks and financial institutions offer many different ways to manage your money; so make sure that you choose one that you will be able to adhere to and will best suit your needs. The most common methods are direct deposit, a bank transfer, or by making deposits or withdrawals in person at one of the bank's branches. Another aspect to consider is if a bank gives you the ability to write cheques. 3. Consider Your Interest Rate As previously mentioned, interest rates will vary depending on the type of account that one chooses to purchase. It is important that you choose a plan with a competitive interest rate so that you may maximize your money and save more in the long run. Also make sure that whatever plan you choose, that it provides a relatively high possibility of being eligible for ATM Cash Withdrawals. It is important to choose a GBP savings plan that suits your current financial situation and set of personal circumstances. 4. Consider Your Monthly Deposit Amount Understanding how much you are willing to deposit per month into your account will help you in the process of selecting an available option for your savings. To start, make sure that you have the money available to make the initial deposit payment in order to qualify for the account. Once you have been approved for the account and have made the initial deposit, you will be permitted to make monthly deposits that will be put toward your savings. 5. Take Advantage of Available Online Resources Today's technology provides many different useful resources that one can use to help them in their search for a suitable GBP savings plan. Consider using the internet to find out more information on the subject matter if you are not comfortable with taking advice directly from a financial advisor or banker. Many credible online sources are available to help educate you on the best ways to manage your money. You can find out useful information regarding different institutions, their available accounts, and interest rates. Often you can find online calculators that will help you to determine which plan is best for your personal financial circumstances. Conclusion As previously mentioned, many different types of accounts are available to the public, some have more restrictions than others. When choosing an account you should try to assess your own personal financial situation and find an account that best suits your needs. Using the methods and resources listed above will allow you to make the most informed decision possible when choosing a GBP savings plan. Additionals: How Money Management And Technology Combine Features To Ensure Success Of Your Money Saving Service Can Families Be Happier and Healthier And Still Saving Money? A Debate On Saving Money While Using Promo Codes Of Everlane

How to Find the Best Exchange Rates

Traveling or trading with foreign currencies require additional fees, which often include surcharges for credit cards, commissions, fees for ATM, and others. Whether you are travelling to a new country for a vacation or considering expanding your currency portfolio, it’s no surprise that financial institutions are looking for ways to increase their profit in the long run. After all, each of them is technically running a business. If you are looking for a way to add more value to your money, there are ways on how you can find the best exchange rates almost effortlessly. Here are some tips to remember: 1. Research the Exchange Rate Beforehand: Exchange rates differ from country to country. There are countless online currency converters available, many of which come from reliable sources that are derived straight from the Forex market. If you are purchasing cash online via a mobile application, you may notice some additional charges that come with the conversion. To get the most of your money, consider searching for various cash apps with affordable transaction fees and compare them with each other before ultimately deciding which works best for you. 2. Plan ahead: For travelers who are visiting another foreign country, one of the best things you can do while preparing for the trip is to plan how much money you are going to need. After that, you can purchase your foreign currency ahead of time online instead of the last minute which usually requires costly delivery rates. Purchasing ahead also gives you a chance to see whether or not your payment has come through and allows the business the chance to confirm your identity. Purchasing currency online also saves time spent standing in lines and can be done as quickly as possible. 3. Use Credit and ATM Cards: ATMs abroad usually provide the best exchange rates when it comes to purchasing foreign currency which are usually 2-7% better compared to exchanging cash or traveler’s checks. During travel, it’s best to avoid using money exchange kiosks in public transportation areas and tourist spots. 4. Exchange Cash and Traveler's Checks: For people who may not want to use their cards for small purchases, exchanging cash and traveler’s checks is another way to find good exchange rates. However, be wary of exchanging them in tourist-filled areas like airports and train stations. Consider checking in banks and post offices. To get a proper exchange rate, read the postage rates very carefully and ask for the net rate that comes after commissions. It’s important to remember that commissions work in two ways: The commission that takes per percentage. The commission that is charged per item and transaction. To lure tourists, certain money changes that are not at banks or post offices will post the sell rate for the currency rather than the buy rate, which means you might be buying more than what you intend to spend. These money changers may also offer great rates exclusively for traveler’s checks or very large sums of money which can be dangerous to hand carry around. As an added precaution, be wary of exchanges in the black market which often include scams and counterfeit currency. 5. Watch out for hidden charges: Some companies may offer deals that advertise how much money you can save if you choose a specific delivery option, which actually includes extra hidden charges. To be safe, find out how much you are paying in total and exactly how much currency you will receive, changes with great exchange rates can be negated by commissions and handling fees. 6. Read the fine print: There are various apps and sites out there advertising the fact that they do not include transaction fees, delivery fees, and commissions. While this is very tempting, the last thing you want to do is to purchase a large sum of currencies only to realize that there are certain limitations and deductions. As much as possible read the fine print in the site’s terms of use. You can also call the company and ask some questions they may not address in their website. Conclusion: Dealing with foreign currency doesn’t have to be a hassle. As a currency trader or a traveller, one of the most important things you can do is actively research on a reliable business that stays close to the exchange rate without adding in extra hidden charges. While it may be time-consuming at first, learning to add value to your purchases is simply an investment you can’t avoid. Read Also: The Glitches Arrived In Travelling To New Place Tips To Help You Learn A New Language In A New Country

How To Easily Sell Your Life Insurance Policy

Signing up for life insurance is usually a great idea. It financially shields your spouse and children in the event of your untimely demise. Also, it’s a win-win situation, at least on most occasions. Your loved ones are financially secure, and you can rest easy knowing they’ll be fine even if you’re not there. That said, as time progresses and you inevitably age, priorities might shift. You may feel like you don’t want to keep paying for a life insurance policy. For instance, your kids may have finished their education, secured good jobs, and are living pretty stable lives. Or you may find yourself in the middle of an emergency and are simply strapped for cash. Whatever the case, selling your policy is usually better than resigning yourself. It denotes the value the insurer wants to compensate you. With a life settlement, the term used for selling life insurance – you can secure a much bigger payment. But how do you go about it? Here are the general steps to selling a life insurance policy. Tips To Sell Your Life Insurance Policy Easily As always, selling a life insurance policy has always been a challenge. But with some of the core strategies, you can get the best deal by selling your life insurance. So let us discuss some of the most important tips through which you can manage it here. 1. Find A Good Life Settlement Company The first step to setting the ball rolling is selecting your buyer. Now, usually, there are three ways to sell your life insurance. The first is to an individual such as yourself. However, this isn’t only difficult to navigate but also makes you vulnerable to all kinds of bottlenecks. So, you only want to consider the other two. That is an asset management company or life settlement broker. An asset management company, or institutional investor, is a large company that specializes in life settlement investment. So, you essentially sell your policy to them. A broker, as the name suggests, helps you find an investor, usually an institutional investor, to buy your policy. And they act as an intermediary, negotiating the deal. That said, if you are looking for a good buyer, visit this site. 2. The Life Settlement Company Must Be licensed The company that buys your life insurance policies is called the life settlement. It must be licensed with the different state departments of Insurance. It will help you avoid any kind of scams. Talk to them and verify their licenses. It must be one of the important steps to sell your insurance coverage. 3. Submit All the Necessary Documents & Information Once you have found your buyer, either directly or through a broker, the next step is to submit all the required documentation. These include your policy documents and medical records. Now, in the majority of cases, you don’t need to submit your policy-related documents yourself. Rather, you provide authorization to the company you are selling to so that they can get them from your insurance provider. With everything in order, the underwriting process begins. It is at this stage that your life expectancy, as well as the value of your policy, are estimated. 4. Choose The Best Offer The next step is the offer negotiation. Basically, the interested buyer, or buyers, submit their offer to you, and you decide whether it is good enough for you. In many cases, the broker will present the best offers only. Depending on what you are looking for, you can go with the offer presented, or you can forfeit it. That said, life settlements are typically more than the surrender value, which means you will get more money selling your policy to a third party than resigning to what your insurance is ready to pay. 4. Price Based On Policy Value In general, life settlement companies are mainly interested in high-value policies rather than older ones. Ensure that you have at least a $100,000 life insurance policy. Also, the settlement companies pay you more if you have some health condition leading to a low life expectancy. This kind of policy status earns more if you are selling it to them. 5. Receive Your Lump Sum Payment Finally, you sign over your policy to the buyer and, in exchange, get the agreed amount as payment. This payment is paid in full, in one lump sum. Once this step is done, you are no longer responsible for premium payments. And when you die, the buyer collects the death benefits. 6. Finding The Reputable Brokers When trying to find the right broker, you must look out for the most reputable brokers. The best process is to talk with not one but multiple brokers. Not only this, but you must also look for multiple brokers with multiple offers. Looking for the best quote can only help you get the best offers on sales of your insurance. Reputable Brokers offer you what they have to offer, and nothing is mesmerizing. Hence, play safe and do not run after the offers. How Much Will I Get from Selling My Life Insurance Policy? The lump sum cash you get from selling your life insurance policy in a life settlement will be a lot higher than its face value, often four or more times the cash surrender value of your policy. Even so, the precise among typically depends on several factors, including: Your insurance policy’s premiums Death benefits Life expectancy Therefore, the life settlement company will consider all these to determine your specific payout. Want To Sell A Life Insurance Policy? Seek Advice From A Reputable Life Settlements Company The last thing you want is to sell a life insurance policy you have been paying premiums for over a long time for an unfair price in the market. For this reason, you need to find a good life settlement buyer for your policy. Besides advising on your settlement, a life settlement company will help you sell it for a competitive price. Read Also: How to Get Low-Cost Life Insurance for Seniors Some Kinds of Death are Not Covered by Term Life Insurance How Private Hire Insurance Takes You Out from Problems?

10 Reliable Free Currency APIs For Your Business

What Is A Currency Converter API?