Top Currency Exchange Websites

With more than 180 currencies being recognized as legal tender across the globe today, currency exchanges have become imperative for efficient global trade and tourism. Since time immemorial, it has been vitally essential for individuals who are traveling or paying for goods and services all around the world to convert currencies from one form to the next. Over the years, brick and mortar financial institutions such as banks, brokerage firms, and currency traders have been leading the way in the provision of currency exchange services. However, with the perverse growth of the internet has made it possible for organizations or individuals to convert money online via currency exchange websites. This has made it easy for individuals and organizations from all around the globe to convert cash without so much hassle.

What are Currency Exchange Websites?

Currency exchange websites are online-based platforms that help people and businesses from across the globe to convert currencies from one form to another. Through the provision of a secure and centralized setting, these sites offer immediate transparency, thereby allowing involves parties to understand the financial market conditions and exchange currencies safely. Most of these websites feature a universal currency converter, an application that permits the involved parties to convert currency values based on the day’s exchange rates.

When to Use Currency Exchange

One situation that warrants currency exchange is when traveling out of the country. Since every country has its unique currency, you need to convert your money into the destination country’s currency so that you can be able to buy their goods and services. When it comes to travel currency exchange, most individuals like to convert their cash before they embark on their journey so that they can get reasonable rates. Organizations and individuals can also convert currency when engaging in international trade. If you are looking for an online platform to exchange currencies, here are the top currency exchange websites.

Top Currency Exchange Websites

XE

Boasting to be one of the most renowned global foreign exchange platforms, XE is a professionally designed website that is easy to use and navigate. The platform offers a broad range of other financial services besides being among the most reputable and trusted international foreign exchange website. The site is cost-effective as compared to other platforms, and it helps you save money in the long-run. It covers up to 70 currencies across 170 countries.

Pros

• Feature an excellent exchange rate tools
• Offers strong services and support
• It is multilingual

Cons

• Exchange rates are provided only when you transact

TransferWise

Another renowned currency exchange website is TransferWise. This site is designed to help you save cash on exchanges through their exclusive peer-to-peer system. The website allows you to exchange currencies with other individuals seeking to convert their money to your currency. This platform is also renowned for its swift transfer services, which enable you to send or receive money in various countries. The website also takes pride in its transparency, which is what allows parties to view fees and rates before they make any transaction.

Pros

• Offers outstanding customer service experience
• It uses the mid-market exchange rate with no disguised fees
• It gives you value for money

Cons

• No cash pickup option
• It charges currency exchange fees for international transfers.

Oanda

Feted with several prestigious awards for its outstanding customer service, Oanda is a US-based platform that offers top-class currency exchange services. Besides, they also provide money transfer services, Forex &CFD trading, and corporate fx payments. This platform provides currency conversion for up 160 currencies

Pros

• Easy to use and user-friendly website
• Reasonable exchange rates

Cons

Financial information is not available for those who are not transacting with this platform

Travelex

Travelex is also another popular online platform for currency exchanges around the world. The website boasts a ton of currency exchange resources such as the currency calculator, historical analysis, graphs, and monthly averages. Through Travelex, businesses and individuals can access exchange rates for different currencies from all over the world. This site’s exchange rates reflect the changes that occur in worldwide markets whenever they occur.

Pros

• Exchange rates formulated by blending information from several independent sources.
• Exchange to more than 45 different countries
• Home delivery is available

Cons

• No cash payment or pickups
• Doesn’t have the most competitive exchange rates

Top Currency Exchange APIs

Some of the best currency converter and exchange APIs include:

• currencylayer
• Real-time Currency Rates
• Labstack Currency
• Fixer

See the full collection here.

Summary: Best Currency Exchange Websites in 2020