How to Choose the Best Currency Exchange App for Your Business

In today’s globalized economy, businesses of all sizes engage in international transactions regularly. Whether you’re a small startup or a large multinational corporation, efficient currency exchange is essential for conducting smooth operations. That’s where the best currency exchange app comes into play. Let’s learn about the best currency converter app.

Currency exchange apps are digital tools that provide users with real-time exchange rates and facilitate seamless currency conversions. The benefits of using a currency exchange app for your business are numerous. Additionally, the best currency converter app often offers additional features such as historical exchange rate data, customizable alerts, and multi-currency wallets. In this blog, we will explore all these aspects.

In this blog post, we will explore some of the most popular and reliable currency converter applications available. We will examine their features, advantages, and limitations to help you make an informed decision. Furthermore, we will briefly discuss building a currency exchange app using APIs like Fixer API. Let’s begin our journey.

What Are Currency Exchange Apps?

These apps allow users to easily convert one currency into another, enabling seamless international transactions and financial management. A currency exchange app allows users to access real-time exchange rates from reliable sources. Hence, eliminating the need for manual calculations or relying on outdated information.

These apps typically offer a user-friendly interface where users can input the desired amount in one currency and instantly see the converted amount in another.

What Are the Benefits Of a Currency Exchange App?

Currency exchange apps offer several benefits that make them valuable tools. Here are some key advantages of using a currency exchange app:

Convenience

Currency exchange apps provide a convenient way to access up-to-date exchange rates. Moreover, you can perform currency conversions anytime, anywhere.

Users can access the app using their smartphones or other internet-connected devices. Hence, eliminating the need to visit physical currency exchange locations.

Real-time Exchange Rates

Currency exchange apps fetch real-time exchange rates from reliable sources. As a result, ensuring users have the most accurate and current information. This helps businesses make informed decisions regarding their international transactions and financial planning.

Seamless Currency Conversions

Users can effortlessly convert one currency into another with a currency exchange app. This simplifies managing international payments and eliminates the need for manual calculations.

Additional Features

Many currency exchange apps offer additional features that enhance their usefulness. These may include historical exchange rate data, currency conversion history, customizable rate alerts, multi-currency wallets, and integration with other financial management systems. Such features give users valuable insights, convenience, and flexibility in managing their international finances.

Cost Savings

Currency exchange apps can save users money by offering competitive exchange rates and lower transaction fees. Businesses that frequently engage in international transactions can benefit from reduced currency conversion costs, resulting in cost savings over time.

Risk Mitigation

Fluctuating exchange rates can pose risks for businesses involved in international trade. Currency exchange apps allow users to track exchange rate trends and make informed decisions to mitigate currency-related risks.

What to Consider Choosing the Best Currency Exchange App?

When choosing the best currency exchange app for your needs, it’s important to consider several factors. Here are some key considerations to keep in mind:

Ensure that the app sources its data from reputable and up-to-date sources. User reviews and ratings can also give you insights into the app’s reliability.
Check if the app has a solid reputation for data security and if it complies with relevant industry standards.
Look for apps with intuitive designs, clear instructions, and a seamless user experience. A cluttered or confusing interface can lead to errors or frustration during currency conversions.
Ensure it is available for your smartphone platform (iOS or Android) or other devices you intend to use. Compatibility with different currencies is also important if your business deals with multiple currencies.
Look for apps that offer responsive customer service channels, such as email, live chat, or phone support.
Read user reviews, testimonials, and expert recommendations to gauge the app’s reputation and performance.

What Are The Most Popular and Reliable Currency Converter Applications?

Here are the most popular applications for currency conversion.

OANDA Currency Converter

OANDA is a trusted name in the foreign exchange industry. Their currency converter app provides real-time exchange rates, historical data, and customizable features. It offers a user-friendly interface and is known for its accuracy and reliability.

TransferWise

TransferWise is a renowned currency exchange platform that also offers a user-friendly app. It provides competitive exchange rates and low fees for international money transfers. The app allows users to hold and convert money in multiple currencies. Hence, making it convenient for businesses with global operations.

Currency Converter Plus

Currency Converter Plus is a popular app available for iOS devices. It offers real-time exchange rates, currency conversion history, and offline mode functionality. The app supports over 160 currencies and provides a simple and intuitive interface.

XE Currency Converter

XE is a well-known name in the currency exchange industry. Its currency converter app is highly regarded for its accuracy and reliability. The app offers real-time exchange rates, historical charts, and customizable features. It supports over 220 currencies and provides a seamless user experience.

DNBCnet App

DNB, a leading Nordic financial services group, offers the DNBCnet App. The app provides real-time exchange rates, currency conversion, and other financial services. It is known for its reliability, security, and user-friendly interface.

How To Build a Currency Exchange App Through APIs?

If you doubt the reliability of the apps listed above, you can also build your application. However, you must choose a reliable API to get accurate data for your application. Let’s take a look at Fixer API.

Fixer API

Create an account at the Fixer website and get your API key.

Authenticate the API key using the following base URL. It helps you maintain the security of your application.

https://data.fixer.io/api/

You will find the following endpoints at Fixer API. Choose the desired endpoint.

Latest Rates Endpoint
Changing Base Currency
Historical Rates Endpoint
Specify Symbols
Convert Endpoint
Fluctuation Endpoint
Time-Series Endpoint

Here is the example request for the currency exchange endpoint.

https://data.fixer.io/api/convert

? access_key = API_KEY

& from = GBP

& to = JPY

& amount = 25

It will give you the following response.

{

“success”: true,

“query”: {

“from”: “GBP”,

“to”: “JPY”,

“amount”: 25

“info”: {

“timestamp”: 1519328414,

“rate”: 148.972231

“historical”: “”

“date”: “2018-02-22”

“result”: 3724.305775

}

Conclusion

Several factors should be considered when choosing the best currency exchange app for your business. Firstly, ensure the app provides accurate and up-to-date exchange rates from reliable sources. Look for apps offering a wide range of currency options to cater to your business needs.

User-friendly interfaces with intuitive navigation and clear conversion features are crucial for a smooth user experience. Additionally, consider app security, data privacy, and compliance with regulatory requirements.

Read reviews, check app ratings, and seek recommendations from trusted sources to gauge the app’s reliability and performance. Selecting a currency exchange app that aligns with your business requirements and offers a seamless and secure experience is key to success.