Currency conversion is simply the act of converting one currency to another. As businesses increasingly operate globally, they need to be able to convert currencies in order to compare their profit and loss numbers and set prices for their goods and services. While most payments systems allow businesses to convert currency as part of a transaction, using an API can help streamline the process and reduce operational costs.
For example, if you have work in the UK and you are paid in British pounds, but you live in America and need to pay for rent, you could convert your pounds into dollars with a currency conversion API. APIs make it easy to get information that changes constantly.
Why should you utilize Forex APIs for currency conversion?
It’s vital to find a reliable currency conversion API if you have customers from all over the world. Traditional currency converters are hard to use and may not always provide timely data updates.
Understanding how to convert currencies from one form to another is critical for business travelers and anyone who spends money abroad. This post will go over the basics of currency conversion and offer some tips on how to keep your money safe.
When converting currencies, keep in mind that exchange rates are always fluctuating. Your money will not be worth the same amount tomorrow as it is now due to market volatility—and not by a little amount.
So, to convert any currency to dollar with an API:
- Create an account at www.getexchangr.com to obtain your API key.
- Look for the symbols that you want to test (USD and EUR)
- Make the API call.
- The website can provide you with an API answer in a number of computer languages that you may customize and use however you like.
The response will look like this:
{"data":{"success":true,"timestamp":1645110720,"date":"2022-02-17","base":"USD","rates":{"EUR":0.879205,"USD":1}}}
Why use Exchangr for currency conversion?
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
To summarize, the API is made up of five endpoints that may be customized for a variety of uses.
- On the live endpoint, the current currency rates are presented.
- The history endpoint returns currency rates from the past.
- A broad number of currencies are supported by the Convert endpoint.
- Use the time-series endpoint to receive currency rates over a specific time period.
- Finally, the fluctuation endpoint returns the change parameters for each currency.
The Exchangr API accepts 164 different currencies and eight different cryptocurrencies from all around the world. They use an algorithm to gather data from a range of commercial currency data sources and organizations. They update the data in periods ranging from 60 minutes to 60 seconds.
You can sign up here to Exchangr’s Foreign Exchange API
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.