Exchange rates quoted in the media are the exchange rates, used by banks and other market participants to buy and sell currencies in the wholesale market. Client transactions require additional processing and are usually for much smaller amounts, and as a result, are priced using a retail rate.
Exchange rates applied to cash transactions include shipping and handling charges, making the exchange rate for cash less favorable than the non-cash rate. Non-cash rates are applied to paper instruments such as cheques and drafts. Non-cash rates are also applied to incoming and outgoing wire payments and other electronic transactions. These instruments do not require physical storage or movement, and incur less time and cost for processing than cash transactions. Therefore a more favorable rate is applied to non-cash instruments.
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It is often more beneficial to convert your Canadian dollars to the local currency of your travel destination before you leave Canada. Many banks, foreign exchange kiosks and hotels in other countries charge commission or service charges in addition to exchange rates that are often higher than those in Canada when converting your Canadian dollars to their local currency.
While mobile apps have revolutionized almost every aspect of personal and professional lives, financial management is a domain that has hit the market big. Fintech application development company like Tekrevol has not only automated the delivery of such services but have eased money transfers, wealth advisory, and portfolio evaluation. One such function is forex rates evaluation, and having a currency converter app on your phone helps with that too. We have compiled this article with the top 10 currency apps with different features, from money transfers to sale alerts to on-the-go forex evaluation.
For like-minded users interested in launching a profitable currency converter app, the article concludes with a quick rundown of how these apps make money and how you can make good money through an app.
In terms of user experience, Xe Currency Converter sets the bar high with its minutest details. Currently, Xe Converter shows exchange rates for around 130 currencies. Users leveraging the app for global money transfers can switch tasks and app screens in the middle of their transfers and pick up where they left off.
Building onto its money transfer options, users can quickly create an account, add unlimited participants, confirm real-time exchange rates, send out in whichever currency they like and track their payments.
Currency Converter Plus gives us major programming goals because of its strong Android and iOS app development architecture. It shows real-time and cached exchange rates for 170 currencies, bitcoin and precious metals like gold and platinum. It has a robust backend with a trademarked API called AccuRate to offer the most accurate exchange rates.
Users can get instant conversion rates with custom fields, live charts, and a history of conversion from 1 week to 1 year. It works offline, so users can convert to multiple currencies in one go, even in airplane mode.
Easy Currency Converter allows users to set a custom personal currency list. Users can check historic graphics from 2011, convert currencies instantly, and view important news about the fluctuation in international exchange rates. The app updates exchange rates every second. It supports all global currencies, 200 to be precise, and includes Bitcoin, Litecoin, and Ethereum.
It also has an offline mode and comes with a dark mode option to save battery and data consumption. While using offline mode, users get cached exchange rates that they had browsed previously. Easy Currency Converter has more than 10 million downloads on Google Play, with an average rating of 4.6 on both of the leading app stores.
For users who need real-time data on 170 currencies, bitcoin, gold, and silver, the app updates exchange rates every hour. For people on the go, especially those traveling to remote areas with limited or zero connectivity, the app also has an offline mode.
To further improve the user experience, the app allows to favorite currencies and modifies exchange rates with banking fees. The push notifications option sends real-time alerts on, with an option to opt out as users wish.
All Currency Converter is another currency app on the list that comes with a calculator, supports 168 currencies, bitcoin, gold and silver in real time, and shows graphical representations of fluctuations for months of history. Most importantly, it supports in-app web search for users who would like to check old fluctuation trends, making it the right currency converter app for investors and forex traders. It has country profiles, bank rate information, a tip calculator and supports several widgets for the home screen.
My Currency Converter is the best conversion app for iPhone users. It supports offline mode and shows exchange rates for 150 different currencies. You can find real-time updates and that too in up to 3 decimal places for the highest accuracy.
With its calculator feature, there is absolutely no need to hit the convert button as well. Keep typing, calculating and converting on the go. It also shows exchange rates for Bitcoin, Litecoin and Dogecoin.
Quite similar to the iOS one we just discussed, here is a My Currency Converter app for Android users. It shows exchange rates for 130 currencies and is super useful when traveling or making online purchases. The app works offline and is totally free.
Currency is a converter app for iPhone, iPad and Apple Watch. It has a minimal user interface and an exceptional user experience to fit the small screen. While working offline, users can convert and view exchange rates for 160 currencies.
While it supports 140 currencies and precious metals, its graphical representation and charts make it totally worthy for professionals. Users can choose to pair details and set custom comparisons for specific currencies, inverse and reverse their selections, compare 4 or more currencies for one figure, and favorite specific currencies on their last prices with target rates.
Like other premium apps, these paid currency converters also earn download fees or subscription charges. You can choose to charge a one-time download fee for the app. Or, you can implement the pay-as-you-go model that usually works for monthly, quarterly and annual subscriptions.
Freemium apps are a mix of free and paid features. In such apps, the basic version is free to download and use. Users can then choose to upgrade to a premium version, either to use advanced features or experience the app without ads.
Apps like XE have a broader scope as compared to other currency conversion apps on this list. Such apps also allow users to send and receive money from global payment merchants. With this feature, they have an additional method to generate revenue. They can either charge transaction fees or commission on every transfer.
So, this list of top currency converter apps concludes here. All the apps we have added to the list have exceptional user experience, an average rating of 4+ on leading app stores, downloads in hundreds of thousands and millions and positive user reviews. No wonder why these apps, most of them, despite being available for free, are turning millions in revenue.
If you, too, are here impressed by the revenue potential of these apps, Tekrevol can help you take your first step. We have a team of experienced business analysts and mobile app developers who will not only build the best digital product but will also help you launch to hit the market big.
Saba is all about strategic leadership and tech-led transformation. She comprehends, incubates, and iterates the idea of integrating tech-powered solutions and converts her knowledge into simple, valuable, and actionable blogs for tech leaders and businesses, much like TekRevol does with their products and solutions.
For the App Store, you should also consider your install rate, that is the proportion of store visitors who download your app after seeing it elsewhere in the store. Unlike on Google Play, visitors on the App Store can download apps directly from search or browse results. As a result, the install rate demonstrates how well your app stands out in search and browse results.
Conversion rates and install rates vary widely between the different categories. In this blog, we provide the conversion rates and install rates (iOS only) of each major app09 category on the US App Store and Google Play Store. These insights are valuable in helping you choose the most relevant category that has the maximum potential to drive downloads to your app.
Note: The App Unit is the number of first-time app downloads made on the App Store (including both paid and free apps). Furthermore, on the App Store, it is possible to have a conversion rate greater than 100%. In this case, the number of first-time installs would exceed the number of app page views. This would indicate that most people download your app directly from the search or browse results, without visiting your app page first.
On AppTweak, you can see average app conversion rates for each store, category, country, and channel. The first column shows the Click-Through Rate (page views/impressions); the second column shows the Conversion Rate (app units/page views); and the third column shows the Install Rate (app units/impressions).
i am trying to add exchange rate into the expense app.
When an employee select the Currency option and enter the cost of the receipt, i would like to have the powerapp to calculate exchange rate amount base on the currency option selected, the receipt date, and the Currency exchange rate list.
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