Business Operation » Finance

The Best Free Foreign Exchange Rates APIs for Developers

Joseph Williams | Updated On December 21, 2023

In this world of digitization, people are generally able to get global exposure in their daily life. Developers and businesses are able to get work for themselves or clients from any corner of the world. Thanks to this brilliant combination of computers and the internet, the whole world can be inside your device virtually with just a few clicks or taps. Just because of this, the need and necessities for new programs and software have also emerged. And this is where the APIs come into the limelight. 

The currency gap between the rates of the two countries can help both the professional and the business that is handing over them with their projects. Professionals can earn more than they would earn working offline while the company outsourcing their work can get them done at much cheaper prices. That is why it is a really helpful practice for both parties. 

You can also explore the API monitoring tools for efficiency.

But where do Foreign Exchange Rate APIs fit in these situations? This software is used to facilitate professionals or developers to easily integrate currency convertors into their websites with the latest updated currency rates. In this article, we are here for you with some of the best software that you can take in use for yourself.

The open exchange rate is one of the most popular platforms when it comes to currency exchange APIs. It is lightweight but an efficient option for APIs. One good thing about this platform is that you get to experience various new features in it such as currency conversion of more than 170 countries from around the world. 

It is an easy-to-use platform and can be easily integrated into the website. It is supported by any programming language such as Python, java, C, C++, and many more. The prices for using these are very minimal and reasonable. You can get yourself a plan that suits you starting from $12 per month to $97 per month. 

The currency layer is another popular and efficient alternative for your currency conversion needs. Just like the previous one, you get currencies from 170+ countries which you can convert to your desired ones. The code and API itself are highly capable and quick to integrate into your website. The data generated can be saved in various file formats like JSON, XML, and CSVs. 

According to their official website, “the reliable forex rates of currency layer provides you with accurate rate from down 60 minutes to stunning 60 seconds.” Moreover, you get such a platform at a very reasonable price. You can also use it food free but compromise some of its exciting features. However, the base plan of their service starts from $15 per month.

Visiting the Fixer official website shows that the API is already working on websites of big company giants like Samsung and Microsoft itself. This shows how reliable this platform is and wins the trust of many developers looking for their perfect API. One good thing about Fixer is that they allow you to sign up to their website for absolutely free. Though just like any other platform, you have to compromise with some exciting features.  

The key highlight of this API is its unbeatable speed that you can experience. Besides being so easy to use and convenient, it does not have any reports of lag or glitches during its functioning. The file types that this platform supports are JSON, XML, and CSV. In addition to that, the currency rates are automatically updated with respect to their current market rate.

Fixer offers various security features to keep your data completely safe from institutions with malicious intentions. As the official website claims, you get bank-like security with 256-bit encryption.

<alt-text: exchange rates API> copied image

Exchange rates API is another useful tool for your conversion needs. Their official website claims that the API has currencies from almost 200 currencies from around the world. The rates are updated every minute with their current market prices. This feature makes your calculation more accurate and helps the platform to get into the list of the most favored API options for currency exchange.

Looking at their website, we can tell that the API is already in collaboration with big company giants like Honda, General Electric, and many more. The API is used by over 100,000+ developers worldwide and are happy with their immatchable service. You do not need to pay any money to integrate this API into your website. You are offered 250 free monthly requests for their service, while the premium plan starts from $10. The premium price range starts from $10 and reaches up to $80. On the other hand, you can also design a plan made just for you. The price of this custom plan would vary according to the services you avail.

Open rate is another free source to fulfill your conversion needs. Just like any other API, Open Rates is also integrated with currencies of approximately 170 countries from around the globe. The rates are updated regularly which ensures that you get the most accurate calculation of your currency conversion. You also get to look at the history of all the rates back to January 1999. The API is lightweight and super easy to integrate into your website. 

The most common use of this program has been concluded that they are used for shopping from online web stores like Shopify, running international campaigns, charities, school projects, and hundreds of applications for smartphones, tablets, or even personal computers. The data is shared in JSON format. This program is a go-to option for freelancers who choose to work comfortably at their desired place and the desired environment. This API is free to use and the source code is also easy to collaborate.

How Do Foreign Exchange Rate APIs Work

These APIs are made with attention to detail and are crafted with precision so that developers who are going to integrate these programs into their websites do not have to face any glitches or inconveniences. 

The functioning of these programs is as interesting as they sound. The roots of their business model are based on the sources from where they get all the information regarding the currencies of different nations. It is said that there are around 15 rich sources from where these APIs get all the currency data. One of the most prominent sources from this list is the European Central Bank. 

The Cherry on the cake is that these APIs are also able to provide you with the historical data of every currency and its performance across the decades. With their rich and reliable sources, they are able to make that data reliable. This history can get back to January 1999. If you are a developer or your company deals with daily high-volume financial activities from around the globe, it becomes essential for your platform to have an API integrated with it. 

This makes your business and clients have an easier conversion experience and also saves you valuable time. The more divine experience you can get, the more you will feel the necessity of these APIs.