If you are running a business that requires you to process international money transfers, you cannot skimp on currency APIs. These are digital services that offer you real-time and historical exchange rate data for different currencies. So, which are the best currency APIs that you can use in your business today? Read on to find out.
1. Currencyapi
Currency API is another powerful tool that developers and businesses can use to obtain real-time exchange rate data. It provides updated rates for more than 170 currencies, just like Fixer. Developers can easily integrate it into applications and websites due to its ease of use. With the exchange rate API from currencyapi.com, users can quickly convert currencies without leaving the platform.
2. Fixer API
The Fixer API stands out as one of the most popular options for exchange rates. It provides users with real-time updates on exchange rates for over 170 currencies across the globe. It is highly reliable as it comes with an uptime of 99.9% uptime. Even better, this API provides both real-time and historical currency exchange rate data for every hour. You can get a freebie and test it out before committing to the paid version.
3. Currencylayer
Currencylayer is a JSON API that contains around 168 currencies. It collects its data from banks and commercial sources, thus is compatible with a wide range of programming languages and applications. The API has advanced features such as switching source currencies, currency change parameters, and historical data to help you quickly access the information. In fact, the API stands out for having historical data for the past 19 years for your perusal. Users such as eCommerce store owners can choose their subscription according to the time they desire, from 60 seconds to 60 minutes.
4. 1Forge
1Forge supports more than 700 currency pairs including the major ones such as USD, GBP, and JPY. With its wide range of options, you can expect to also find exotic currencies from new economies. It is accurate and offers users easy integration onto their systems. The pricing plans for 1Forge differ depending on your usage and needs.
5. XE
XE is a popular API for websites and mobile applications looking for currency exchange rates. It is user-friendly and has a very convenient interface for users. Additionally, it supports over 220 currencies alongside historical data and other features to aid in the conversion. While the premium version can be a little pricey for small businesses, its accuracy is precise and trusted by big financial institutions and corporations.
Conclusion
As you can see, there are many APIs for currency that you can choose for your business. Selecting a currency API requires you to carefully assess your options. Start by checking the data accuracy, coverage, and performance. A good API should be easy to integrate with your other systems without any hassle. Don’t forget to also check the pricing plans and the features involved so that you work within your budget.