“Currency converters: Where numbers transform into understanding, and currencies unite the world.” — Emily White.

Are you curious about how to develop a currency converter app? In today’s fast-paced, interconnected world, where global trade and travel are more accessible than ever, having a handy tool to convert currencies on the go is incredibly useful.

Currency conversion apps have gained popularity due to their practicality in financial planning, international travel, and e-commerce. Developing such an app can be a rewarding endeavor, allowing you to flex your coding muscles while delivering a valuable tool to users worldwide.

With a compound annual growth rate of 12.5%, the global market for currency converter apps is projected to reach $3.2 billion by 2028 from $1.6 billion in 2022. Due to this, various businesses are looking to invest in currency converter app development.

Whether you’re a seasoned developer looking to expand your skills or just someone with a great app idea, this blog post is your gateway to creating a currency converter app that can serve both personal and professional needs.

So let’s begin.

 

What is a Currency Converter App?

A currency converter app is a great tool for anyone who needs to convert currencies quickly and accurately. These apps can be used by both individuals and businesses to keep track of the constantly fluctuating exchange rates.

Currency converter apps are very convenient to use. You can access them from anywhere in the world, as long as you have an internet connection. Currency converter apps can process conversion requests very quickly, usually within seconds.

This is important for people who need to convert currencies on the spot, such as when they are traveling or making international payments. Many currency converter apps also offer additional features, set up alerts for when exchange rates reach a certain level, and convert multiple currencies at the same time. You can also hire dedicated developers with years of service in the industry to reduce your overall workload.

 

Why Must Businesses Invest in Currency Converter App Development?

Businesses must invest in currency converter app development. It can help you to improve customer experience, streamline operations, expand into new markets, and gain a competitive advantage. Let’s have a look at the reasons advisable by an on-demand app development company.

 

 

1. To Improve Customer Experience

A currency converter app can make it easier for customers to shop and purchase products from your business, especially if you sell internationally. By providing customers with a way to quickly and easily convert currencies, you can reduce friction in the checkout process and increase sales.

 

2. To Streamline Operations

A currency converter app can also help you to streamline your operations by automating the currency conversion process. This can save you time and money, and reduce the risk of errors.

 

3. To Expand Into New Markets

If you are planning to expand into new markets, a currency converter app can be an essential tool. By offering your currency exchange application in the local language and currency, you can make it easier for customers in those markets to do business with you.

 

4. To Gain A Competitive Advantage

 In today’s globalized marketplace, businesses that offer currency converter apps have a competitive advantage over those that do not. By providing this valuable service to your customers, you can differentiate yourself from your competitors and attract more business.

 

Steps to Develop a Currency Converter App

Now that you know why businesses must invest in currency converter app development, we will now move to the next section. Below are the step-by-step processes to develop a currency converter app that you must check out before starting the procedure. However, it is vital to know that by getting assistance from an expected hybrid app development services provider, you can easily build a robust currency converter app.

 

 

1. Do Market Research

Before you launch or develop any app, it is important to do proper market research. Your app’s focus and goal will become more clear when you examine existing currency converter mobile applications and identify market needs. It can help you analyze the market and user behavior in order to make profitable business decisions.

 

2. Select the Best Platform

You should aim to build a currency converter app you can release across both major platforms, iOS and Android. Once you’ve determined which platform is best for your app, the expense management app development team can begin designing and developing it.

To create a currency converter app for iOS, developers can use Swift or Objective-C. Android developers, on the other hand, can use Java or Kotlin. Beginners may find it difficult to select a platform that best suits their business. Some Currency Converter App development companies create cross-platform applications to reach as many people as possible.

 

3. Decide on a Budget

The development phase could take a long time if you don’t plan well. This could also mean a large investment and the constant changes can make it even more expensive. It is important to set a budget so that your team can achieve realistic targets. The Currency Converter App development cost can vary from $10,000 to $25,000. For a price quote, you can contact a custom mobile app development services provider with experience.

 

4. Hire App Developers

The project is time-consuming and can be difficult to complete. You must hire Android app developers to make it easier to focus on making the right business decisions. For better estimates and convenience, we recommend that you search for agencies providing iPhone app development and Android device support.

 

5. Design the User Interface

Design an intuitive and user-friendly interface. Include input fields for the amount to convert, dropdown menus for selecting source and target currencies, and a display area for the converted amount. Consider adding a history feature that stores previous conversions for users to reference.

 

6. Start the App Development

The money converter app development phase involves building the app using the chosen platform and integrating the exchange rate data. Hire an eWallet app development company to integrate the eWallet feature and ask them to write code for currency conversion calculations, API requests, and user interactions. Ensure that the app can fetch updated exchange rates periodically to keep the data current.

 

7. Testing and Deployment

In order to find and address any problems or issues, thoroughly test the app across a variety of devices and operating systems. When you are happy with the application’s functionality and performance, it’s time to launch it.

i. App Store Submission (Native Apps): If you’re developing a native mobile app, prepare it for submission to the respective app stores (e.g., Apple App Store and Google Play Store). Observe each platform’s rules and standards for submissions.

 

ii. Web Hosting (Web Apps): For web apps, choose a reliable hosting provider and deploy your app on a web server. Ensure the domain and hosting are set up properly, and the app is accessible via a web URL.

 

iii. Ongoing Maintenance: After deployment, continue to maintain and update the app. This includes regularly updating exchange rates, fixing bugs, and addressing user feedback.

 

Essential Features to Develop a Currency Converter App

While a money converter app might have many more functions, the following are the essential ones that you should always have when developing a currency converter app with a SAAS development service provider.

 

 

1. Compatible With Multiple Currencies

A currency converter app’s primary function is to convert sums between different currencies. For instance, you should make sure that your currency converter tool can quickly convert USD to GBP and CAD simultaneously. In the end, it lessens the requirement to monitor constantly fluctuating exchange rates and make wiser payment selections. It is crucial that your currency converter tool supports a variety of currencies because of this.

 

2. Works On Real-Time Exchange Rates

Constantly fluctuating exchange rates are the main issue with currency conversion. Businesses find it more challenging to keep current and utilize them for transfers and payments internationally. You and your company may guarantee error-free payment conversions by using real-time currency rates. Financial difficulties are avoided, and converting errors are readily avoided.

 

3. Shows The Different Currency Trend Charts

It is essential for individuals and businesses to keep track of these changes due to the volatile nature of currency exchange rates. It is advised that you engage with specialized developers to facilitate the easier observation of currency charts and trends. It is now simpler for individuals and company owners to examine these variations and identify trends thanks to this functionality.

 

4. Real-Time Calculator

This feature allows you to perform basic-level calculations during currency conversion. You can add, subtract, multiply, and divide the currency conversion results on the same screen. With the assistance of a mobile banking app development company, you must integrate this feature to help make necessary calculations on the same screen as the currency converter.

 

5. Financial Forecast

Currency converter apps help forecast currency trends and price fluctuation in the foreign exchange market. These apps sort data into patterns and analyze it to forecast financial reports. Business owners can leverage the financial forecasting feature of currency converter apps to make an informed decision about their purchases. So, if you want to integrate this feature in your app, then you must hire a Currency Converter App development services provider.

 

6. Visuals & Graphs

Apps with high-quality visuals and graphs can graphically represent the fluctuation patterns. Analyzing these patterns makes it easier for the users to make informed decisions. This premium feature helps users analyze the forecasting results comprehensively and save substantial money.

 

Top 5 Currency Converter Apps

Currency Converter Apps	Available Platform	Ratings	Downloads
Xe Currency Converter	Android | iOS	10M+	3.6
Currency Converter Plus	Android | iOS	10M+	4.7
Easy Currency Converter	Android | iOS	10M+	4.5
Currency Foreign Exchange Rate	Android | iOS	50K+	4.1
All Currency Converter	Android | iOS	5M+	4.5

 

1. Xe Currency Converter

The XE Currency Converter app is a handy tool for travelers and businesses alike. With a sleek and user-friendly interface, it offers up-to-date exchange rates for over 180 world currencies, ensuring you can quickly and accurately convert your money, whether for international travel, online shopping, or financial planning. Develop money converter apps that allow you to set alerts for specific exchange rate thresholds, making it easy to track your preferred rates.

 

2. Currency Converter Plus

Currency Converter Plus is the best money converter app designed for quick and convenient currency conversion. With a simple and intuitive interface, users can effortlessly convert between different currencies, making it an ideal tool for travelers and international business professionals. The app provides up-to-date exchange rates, ensuring accuracy and reliability in conversions.

 

3. Easy Currency Converter

An easy currency converter is a tool that allows you to quickly and effortlessly convert one currency into another. To use it, simply input the amount you want to convert and select the original currency. Then, choose the target currency you want to convert to, and the converter will display the converted amount.

 

4. Currency Foreign Exchange Rate

A Currency Foreign Exchange Rate app is a mobile application that provides real-time and historical exchange rate information for various currencies. Users can easily convert one currency to another, track exchange rate trends, and access useful currency conversion tools. The app may also offer features such as currency calculators, currency pair comparisons, and alerts for rate fluctuations.

 

5. All Currency Converter

The Currency Converter app is a versatile tool that simplifies currency exchange calculations on your mobile device. With a user-friendly interface, it offers real-time exchange rate data, allowing users to quickly convert between different currencies. Simply input the amount and select the source and target currencies.

 

How to Monetize Currency Converter Apps?

Monetizing currency converter apps can be a lucrative venture if done strategically. These apps cater to a wide audience, including travelers, international business professionals, and individuals involved in forex trading. Here are six effective ways to monetize currency converter apps:

 

 

1. In-App Advertising

Integrate advertising within your currency converter application. Ad networks such as Google AdMob and Facebook Audience Network will help you to display relevant ads for your users. To maintain a positive experience for your users, make sure that the ads you display are not too intrusive.

 

2. Premium Version

Offer an ad-free, premium version of your application. Users who find your free version useful might be willing to pay a one-time fee or subscribe for ad-free access and other features such as historical exchange rates or real-time alerts.

 

3. Affiliate Marketing

Promote the services of financial institutions and forex brokers by partnering with them. You can earn commissions for every user who clicks your affiliate link, opens an account or completes a transaction. Transparency is key. Give users useful information about services that you promote.

 

4. In-App Purchases

Implement in-app purchases for premium features. These features could include advanced analysis tools, offline access or multiple currency conversions. Users can be convinced to buy premium features by using freemium models.

 

5. API Access

Provide API access to developers and businesses who require currency conversion data in their applications. You can charge a fee to gain API access and provide accurate and current exchange rates to attract paying clients.

 

6. Analytical Data and User Data

Although it is important to respect the privacy of users and to adhere to applicable data protection laws, your app can gather anonymous sized data on their behavior and preferences. This data is valuable to travel agencies, financial institutions and market analysts. You can monetize the data by selling aggregated, anonymized insights. This will not compromise user privacy.

 

Conclusion

Developing your own currency converter app is a rewarding endeavor that puts financial control at your fingertips. However, for those who prefer a hassle-free solution, you can always hire a mobile app development company specializing in app development to create a customized currency converter app that meets your unique needs. Either way, the power of currency conversion is now in your hands.

 

FAQ

1. How Much Does it Cost to Develop a Currency Converter App?

The cost to develop mobile app can vary significantly depending on factors such as features, complexity, platform, and development team rates. However, a mobile app development cost around $10000-$15000 while a more advanced one can range from $16,000 to $25,000 or more.

 

2. How Much Time Does it Take to Develop a Currency Converter App?

The time required to develop a currency converter app depends on complexity. A basic version might take 2-4 months, while a more advanced one with additional features could take 7 months or more. If you want to develop a currency converter app within a set time, then you must hire Currency Converter App developers.

 

3. What Are the Advanced Features to Develop a Currency Converter App?

To develop a currency converter app that stands out, consider incorporating advanced features that are mentioned below:

• Real-time exchange rate updates.
• Multiple currency support.
• Historical exchange rate tracking.
• Currency conversion history.
• Currency rate alerts.
• User-friendly interface.
• Offline mode.
• Cross-platform compatibility.

 

4. What are the Benefits of Creating a Currency Converter App?

Creating a currency converter app offers the convenience of instant currency conversion, enabling users to make informed financial decisions, track expenses, and simplify international transactions, enhancing their overall financial efficiency and effectiveness.