In today’s connected world, businesses and individuals often need to deal with numerous currencies, whether it’s for financial analysis,  travel, or e-commerce transactions. Currency conversion is an essential function that facilitates accurate calculations and seamless cross-border transactions. Developers can leverage currency converter APIs to incorporate this functionality into applications or websites. 

While choosing between paid and free currency converter APIs, it’s essential to look for the specific needs of your project or business. This post will provide a good insight into the best APIs, their pros and cons, and characteristics, and present the best choice depending on your business and requirements. 

What Are Free Currency Convertor APIs?

A Free Currency Converter API allows developers to access and use currency conversion data in their software applications, websites, or services without cost. It provides a suitable way to recover real-time or historical exchange rates between different currencies.

How Can You Use Currency API?

You will need an API key to use an API in your application. The key is unique. It will always be different for all users. Next, you must insert the key into your code to implement the API. If you face problems with this, make sure to review the documentation. Usually, it covers all errors. Also, it provides valuable information about different features. 

Top Reliable Free Currency Converter APIs in 2023

There are numerous free currency converter APIs available in the market. These APIs provide free access that you can use in your application to currency conversion data. 

Here are a few top picks for the best free currency converter API:

Fixer 

Fixer - a free currency converter API
Fixer Home page screen with featured details

One of the top rated and most trusted names in the API domain, Fixer is a widely recognized currency converter API that offers free and paid versions, making it a versatile option for different business needs. The free version provides access to real-time exchange rates for over 160 currencies but with limitations on request volumes and advanced features. On the other hand, the paid version offers additional benefits such as increased API request limits, higher availability, and priority support. Fixer is known for its accuracy, reliability, and extensive currency coverage, making it a top choice for businesses with demanding currency conversion requirements.

Features

  • 170 international Currencies: Every 60 seconds, real-time exchange rate information for 170 international currencies is updated.
  • Trusted Sources: This API obtains its currency information from banks and financial data suppliers, including the European Central Bank.
  • Bank-level Security: Your connection to the Fixer API is secured using 256-bit SSL encryption, which is of the highest possible standard.
  • Dedicated Support: Any time of day or year, the top-notch support staff is here to help. That is a pledge.

Pros

  • Powerful, Reliable JSON API
  • Extensive Documentation
  • Historical Data
  • Currency Conversion Endpoints

Currency API

Currency API - a free currency converter API example
Currencyapi.com home page screen describing the features it offers.

Currency API is a tool that perfectly handles exchange rate conversions. This tool enables users with both current as well as historical foreign exchange rates. Utilizing this tool, you can easily manage uptime & outdated data. 

Currencyapi.com serves to use its data for a broader range of fields, including E-Commerce stores, analytics, spreadsheets, and many more.

Features 

  • 170+ Supported Currencies: currencyapi.com features an unmatched coverage of world currencies & cryptocurrencies. 
  • Updated Every 60 Seconds: All provided currency pairs are updated every 60 seconds. Obtain currency data in real time. 
  • Simple & Reliable: The REST service provides a robust infrastructure, handling millions of daily requests. 

Pros 

  • 170+ World currencies
  • Bank-level security
  • Trusted data sources
  • Fast response times
  • Premium Support
  • Historical data

FreeCurrencyAPI 

FreeCurrencyAPI Website home page

Popular for its high uptime and reliable availability, FreeCurrencyAPI is a noted choice among developers due to its ease of use and comprehensive coverage of currency data. It provides real-time currency exchange rates and supports over 150 currencies. Moreover, it offers free access to its basic features, including exchange rate data, historical rates, and conversion capabilities. However, it does have limitations on the number of API requests and may not provide the same level of reliability and performance as paid alternatives.

ExchangeRatesAPI

Website home page screen of ExchangeRatesAPI

A free and open-source currency conversion API, ExchangeRatesAPI provides exchange rate data from the European Central Bank. It is a real-time, Intraday, and Historical Market Data API, which delivers benefits including an accessible, easy-to-use REST API interface providing currency exchange rate data. This API offers the most complete and straightforward JSON API for your exchange rate data needs.

It supports over 30 currencies and offers reliable and up-to-date exchange rates. Plus, it is well-documented and offers easy integration options. However, being limited to the European Central Bank’s rates might not cover all the currency pairs and may not be suitable for businesses with global operations or requirements.

Features

  • Updated Every Minute: Obtain real-time, accurate, and reliable currency exchange rate data with the trust every 60 seconds updation.  
  • 200+ Currencies: API data is integrated with highly reputable foreign exchange rate sources, offering the most current and accurate rates for over 200+ currencies. 
  • Simple, Quick & Reliable: Use scalable programming to handle thousands of API requests per second. 

Pros 

  • Updated every 60 seconds
  • 200+ Currencies
  • Reliable at an unmatchable speed 
  • No Credit card is required for free trials

CurrencyLayer 

Home Page screen of CurrencyLayer describing the website highlights

One of the leading names in the API world, CurrencyLayer is a paid currency converter API that provides reliable exchange rate data for over 160 currencies. It offers real-time rates, historical data, and advanced features like currency.

Currencylayer is a reliable platform for exchange rates & currency conversion for your business. This also offers real-time JSON API for 168 global currencies.

Features

  • Collected from various commercial sources & banks
  • Compatible with any application & programming language
  • Get instant access to 168 world currencies and historical data for the past 19 years
  • Based on the subscription plans, exchange rates are delivered every 60 minutes, 10 minutes, or 60 seconds. 
  • Ensure secure and encrypted datastreams by connecting to the API via industry-standard HTTPS.

Pros

Cons 

  • The delivery time for exchange rates varies in terms of subscription plans

Why Is Fixer the Best Currency Converter API For 2023? 

Powered by some exceptional traits, Fixer is widely considered a top choice for a currency converter API for several compelling reasons:

  • Reliable and Accurate Data: Fixer API provides reliable and accurate exchange rate data from trusted financial sources. They update their rates daily, ensuring the data you receive is up-to-date and reliable. Tap here to check out the free and paid plans.
  • Extensive Currency Coverage: This API supports many currencies, including major world currencies, exotic currencies, and cryptocurrencies. This broad coverage suits application with global reach and diverse currency conversion need. Click now to get your FREE API key!
  • Easy Integration: This API is designed with simplicity, offering easy application integration. The API provides detailed endpoints and parameters, making it user-friendly and accessible for developers, regardless of their level of expertise. Read the comprehensive documentation here to get more insights.

Fixer stands out as one of the best currency converter APIs available. With comprehensive currency coverage, including major world currencies, exotic currencies, and cryptocurrencies, Fixer caters to various currency conversion needs. Additionally, its reliability and accuracy in providing exchange rate data from trusted sources ensure up-to-date and reliable currency conversion information.

Try Fixer for FREE now!

Final Verdict

When deciding between a paid and free currency converter API for your business, it’s essential to consider your specific needs and requirements. While selecting an API, you must evaluate your budget, data requirements, customization needs, and long-term growth plans. Consider whether the additional features, reliability, and support provided by a paid API outweigh the potential cost savings of a free API. In short, balancing your business needs and available resources is essential to choose the currency converter API that best suits your requirements.

FAQs 

Is There a Free Exchange Rate API?

Yes, free exchange rate APIs are available. They provide access to real-time and historical exchange rates, currency conversion, and other currency-related data at no cost. That’s why they’re suitable for small-scale projects or applications with basic currency data needs. 

How Much Is the Currency Converter API?

The cost of a currency converter API varies depending on the provider and the specific features and usage requirements. Further, some currency converter APIs offer free plans with limited usage, while others offer paid plans with various pricing tiers based on usage limits and additional features.

What Are the Free Web Services for Currency Conversion?  

There are several free web services available for currency conversion. Some popular options include Open Exchange Rates, CurrencyLayer, Fixer, and exchangeratesapi.io. Moreover, These services offer free plans with limited usage that provide access to real-time exchange rates, historical data, and currency conversion functionality. In short, they are suitable for small-scale projects or applications with basic currency conversion needs.