Exchange Rates API Comparison
There are several options when it comes to obtaining reliable exchange rate information using a public API.
For businesses, having access to accurate, up-to-date exchange rates is essential to ensure financial accuracy, comply with regulations, and make informed decisions. Whether you’re managing an ERP system, handling financial reporting, or integrating exchange rates into business intelligence tools, these APIs offer a crucial resource.
In this blog post we will try to compare the most popular API services and provide the informations needed to choose the right fit for your needs.
We will focus on the following currency exchange rates API services:
OANDA
OANDA is a premium API service, with a long experience and a reputation for accurate and reliable data.
XE
XE Exchange Rates API is a professional API with a focus on accuracy, from the XE money transfer service provider.
Open Exchange Rates
Targeting primarily commercial applications, Open Exchange Rates offers a more developer-friendly and lightweight API service.
Global Exchange Rates
Global Exchange Rates is an enterprise level API that provides an easy to integrate, accurate and comprehensive service. Leveraging the most modern technologies, it provides an affordable and complete solution.
Comparison
| Feature | Global Exchange Rates | OANDA | XE Currency Data | Open Exchange Rates |
|---|---|---|---|---|
| Target Market | Accounting & Reporting Financial services Commercial Applications | Accounting & Reporting Financial services Commercial Applications Traders | Accounting & Reporting Financial services Commercial Applications Traders | Commercial and Open Source Applications |
| Data Sources | Multiple Financial Sources (central banks and proprietary exchange rates) | Multiple Financial Sources (central banks and proprietary exchange rates) | Multiple Financial Sources (central banks and proprietary exchange rates) | Single commercial Rates |
| Integration Complexity | Easy | Complex | Moderate | Easy |
| Data Formats | JSON, XML, CSV | JSON, XML, CSV | JSON, XML, CSV | JSON |
| Connectivity Options | API and FTP | API Only | API Only | API Only |
| Historical Data | Available | Available | Available | Available |
| Public Subscription | Online Sign-up | Requires Sales Contact | Online Sign-up | Online Sign-up |
| Pricing Model | Transparent and competitive | Opaque (requires commercial contact) Expensive | Transparent but expensive | Transparent and competitive |
| Pricing | from $10 / month | from $400 / month | from $799 / year | from $12 / month |
Conclusions
When choosing the right Exchange Rates API provider, multiple aspects should be considered based on the specific use case – accuracy, ease of use and pricing.
The Global Exchange Rates API simplifies international financial reporting, eliminates complexity, reduces integration time, and gives your financial teams the accurate, timely information they need to make informed decisions – all of this at an affordable and trasparent pricing.