I’m sure you want to be as successful as possible, so I highly recommend you try out currency conversion on your business.
The concept of currency conversion is simple: it’s the process of translating one currency into another, at the current exchange rate. While this may seem like a basic concept, currency conversion has become an increasingly important part of the business world today. In fact, it’s estimated that 93% of businesses that transact internationally use currency conversion.
Why should you use currency conversion for your business?
Currency conversion can help improve your bottom line, by making international transactions easier. It helps you understand international transactions better by converting currencies to know exactly how much money you’re sending across borders. It also helps you:
- Identify which markets are profitable
- Know which markets to focus on
- Make better decisions when selling overseas
Currency conversion APIs can be particularly useful for businesses that deal with international customers. For example, a clothing retailer may want to know the cost of producing and shipping merchandise to a customer who has ordered from them online but lives outside the country. It can also help with invoicing and managing accounts payable, as well as budgeting for future sales and planning acquisitions.
There are a few reasons why an API for currency exchange might be beneficial for you:
- You want to avoid the cost and difficulty of managing your own exchange rate source
- You need to get information on multiple currencies quickly
- You need to keep up with fluctuating exchange rates
We recommend you try out Exchangr, since, in our opinion, it’s one of the best forex APIs available.
Why Exchangr?
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
To summarize, the API consists of five endpoints that may be modified for various uses.
- The current currency rates are displayed in the live endpoint.
- The history endpoint returns historical currency rates.
- The Convert endpoint supports a wide range of currencies.
- The time-series endpoint may be used to find currency rates over a specific time period.
- The fluctuation endpoint returns change parameters for each currency.
From all across the world, the Exchangr API accepts 164 different currencies and eight different cryptocurrencies. They use an algorithm to collect data from a variety of commercial forex data sources and organizations. They do, however, often update the data, with periods ranging from 60 minutes to 60 seconds.
Are you ready to incorporate currency conversion via an API?
As a result, the currency data available through the Exchangr REST API endpoint is various. This works on every platform and in any programming language. This is how you could go about accomplishing it. It shows how to convert any current currency into US dollars, British pounds, or Euros. Scripting, online, and desktop programs may all benefit from the Exchangr REST API.
As a result, the outcome will be as follows:
{"data":{"success":true,"timestamp":1645110720,"date":"2022-02-17","base":"USD","rates":{"EUR":0.879205,"USD":1}}}
On Exchangr, you may also use the free tier. We strongly urge you to increase your membership level if you desire more API calls per month. You may also contact them for a more customized response. We’re excited to see what you can accomplish with a Forex API!
You can sign up here
Related posts:
How To Convert Euro To Dollar With A Free Forex API
Also published on Medium.