Currency Conversion APIs: What You Pay For vs What You Can Get For Free

If you have ever built an application that handles multiple currencies, you have discovered that getting accurate, real-time exchange rates is surprisingly expensive. The major API providers charge $10-$100+ per month for what seems like simple data. But the free alternatives have tradeoffs you need to understand. Where exchange rates come from There is no single "exchange rate." Currencies trade on the foreign exchange market continuously, and the rate varies by: Dealer : Different banks and brokers offer different rates Amount : Large transactions get better rates (interbank rates) Time : Rates change constantly during trading hours Type : Spot rates, forward rates, and mid-market rates are all different The "mid-market rate" you see on Google is the midpoint between buy and sell prices on the interbank market. This is the "true" rate, but no consumer or small business actually gets this rate. The rate you get from your bank or payment processor includes a markup of 1-4%. API pricing