Currency trading is becoming increasingly popular globally. And brokers are offering various FX trading accounts and enable traders to open accounts in different currencies to save money on conversions. However, it is not always easy to find a broker that allows you to open an account in your native currency. And that’s when managing different currencies on your account becomes important.
Top currency apps
There are a couple of great apps available for currency management, depending on your preferences and requirements. Here are some of the most popular options:
XE Currency
This app is highly recommended and allows you to convert currencies, set rate alerts, and track multiple currencies at once. The Xe Currency converter has been providing free mid-market rates for millions of users since 1995. Their latest currency calculator is a direct descendant of the highly reliable “Universal Currency Calculator”. The new version is also free to use. In addition, the company offers money transfer services to its customers.
XE Currency offers a set of apps that are available on different platforms, including:
- Money Transfer & Currency Apps
- Android Money Transfer App
- iOS Money Transfer App
- Salesforce App
- Alexa App
- Slack App
- Google Assistant App
- Facebook App
In addition, visitors have access to currency charts, currency encyclopedia, historical currency rates, travel expenses calculator, IBAN Calculator, and Currency Newsletter.
Currency converter plus
This app gives you access to more than 170 currencies and updates exchange rates every hour. It also has a built-in calculator and allows you to create a list of favorite currencies.
The app is available for both: Android and iOS users. Currency converter plus is a free to use application. It is very helpful when you want to compare prices in different currencies and make sure that you are getting the best deal.
TransferWise
TransferWise or also known as simply Wise is a great tool for transferring money internationally. The app offers low fees and great exchange rates. It also has a built-in currency converter and allows you to track your transfers. What’s great about this app is that it’s fully transparent. There are no hidden fees and using its calculator, you can easily get an information about conversion costs, service fees and transfer arrival time.
CoinKeeper
CoinKeeper allows you to manage your expenses while traveling. This app is great for tracking your spending in different currencies and converting expenses into your local currency. The app is available on Google Play and on Apple Store.
Revolut:
Revolut is a great app that allows users to hold and exchange multiple currencies. The app comes with a debit card for spending in foreign countries. This app also offers useful features such as budgeting tools and instant spending notifications. Users of Revolut can send and request money with a click. It’s also available to split bills with anyone in over 200 countries. The company also offers investing opportunities starting from as little as 1 USD. There are more than 1,500 available global shares for commission-free trading.
Standard version of the app is free to use, however, the free version does not offer investing capabilities. In addition, there are Plus, Premium, and Metal plans available.
Importance of currency management
Currency management is important for several reasons, both individuals and businesses. Here are some of the key reasons why it’s critical to manage currencies:
- Travel: in case you are traveling to a foreign country, it’s important to manage your currency to ensure that you have enough money for your trip and that you’re not paying unnecessary fees and exchange rates.
- Investing: in case you are investing in financial markets and using foreign currency as your account currency, managing currencies is crucial for maximizing your returns.
- Businesses: businesses that operate in multiple currencies need to manage currencies to ensure that they’re not losing money unnecessarily. This helps companies optimize their cash flow and reduce transaction costs.
- Import/Export: Importers and exporters need to manage currencies to ensure that they’re getting the best possible exchange rates and to minimize the impact of fluctuations in currency value.
- Personal Finances: for individuals, managing currencies can help save money on conversions and international transfers.
Overall, managing currencies is highly important nowadays and there are various great apps that can help you do exactly that.
