If you want to travel to another country, you will need the currency used in that country to deal with stuff and do transactions. The world has become a global village. Technology has allowed us to cross borders easily without any hassle and for some people, such as business owners, even several times a month. Or whether it be celebrities or sportspersons. Foreign reserves are one of the leading indicators of a country’s economy. The higher a country’s foreign reserves, the more powerful its economy will be. So to know the difference in the value of two different currencies, a currency converter app is needed to compare the values of other currencies.
Suppose someone is doing international business that is import or export. In that case, foreign currency is required, and knowing the correct value of the currencies is essential in estimating profits and losses. Since everybody has smartphones and internet access, it is very easy to know the values of different currencies online and on the spot. For example, if there is any fluctuation in the value of a currency, then in the old days, people had to wait for the next day’s newspaper or the next hour’s headlines on tv, but now you can know the value of the spot by just tapping on your smartphone screen a couple of times.
What is a Currency Converter App?
The prime objective of a currency converter app is to provide precise, real-time, and updated currency conversion rates in seconds with just a few clicks or taps. These apps allow business people and even travelers to track fluctuating currency exchange rates and provide quick results.
A currency converter app is just like any other app on your smartphone. Like Instagram or Facebook, you can download it from the App Store or Play Store. For web users, Google has made it very easy as they provide the currency exchange rates on the SERP only above the results list.
When we talk about currency converter apps, you have to set your home currency when installing the app for the first time, then select the currency you want the results in and enter the value. Of course, the different currencies can be changed afterward.
Let us now talk about some features of a robust currency converter app:
Features of a Currency Converter App
Real-Time Calculator
This feature is just like a standard calculator on the currency conversion screen. You can add, subtract, divide, multiply, and perform other calculations on the same screen where you view the exchange rate.
Multi-Currency Conversion
Multiple currency conversion results can be viewed simultaneously. This is also one of the functions of a currency conversion app. Suppose you live in India, so the home currency is set to Indian Rupee. Now if you want to know how much Indian Rupees equals one US Dollar, then you can select the currency you want the result in, which in this case is US Dollar, and write 1 in the US dollar box. Instantly, if the internet is up and running, then the value of 1 US dollar in Indian rupees will be displayed. As of 11th June 2023, 1 USD is 82.45 INR.
This is how you’ll be able to see what the value is and convert quickly. Now, if you are a US tourist planning to go to India, you can get your money converted and get it all planned beforehand. Or if you are a businessman looking to trade with someone in India, then it will be very facilitating for you to plan everything out.
Up-to-Date Exchange Rates
Currency exchange rates fluctuate rapidly. It is hard to know the exact value of a currency exchange rate with a currency converter app because of the number of times the value might change. But thanks to currency converter apps, the exchange rate can be known instantly in just a few clicks.
Currency Charts and Trends
Another great feature of currency converter apps is to show the latest currency trends and charts. This feature helps businesses analyze currency fluctuation. Let’s say you’re a businessman who imports electronic goods from China. You can analyze the latest currency trends and patterns to determine the right purchase time.
Instant Money Conversion
This is one of the advanced features of a currency conversion app. The previous four were the primary ones. This one is especially for business owners. Through this feature, business people can make instant payments worldwide to help them with business transactions.
Crypto Currency Conversions
This option is available in only some currency converter apps. Some apps support advanced blockchain functionality. Crypto conversion is useful when you can’t convert your currency into another.
Graphs, tables, and other visuals
High-end apps with great-quality visuals can show graphs of fluctuation patterns. Analyzing these patterns can help in making informed decisions. This is also an advanced feature that can help save a lot of money by forecasting results comprehensively.
Steps to Build A Currency Converter App
Do Market Research to Identify the User Requirement
There’s no rocket science in creating a currency converter app. Even if shooting for the advanced features, the process involved is relatively simple. A currency converter is a simple-scale smartphone app that provides limited services. Therefore the target audience should be carefully studied through extensive market research.
You will need to find out whether only information regarding the exchange rates needs to be given or transactions available in limited apps are also allowed. If the target audience is only interested in information, the app should be built accordingly. But if the demand is also for a payment system, then the app should also have this advanced feature.
Think about the features and their implementation.
Multiple industries benefit from currency converter apps. One industry that gains a lot from such apps is the travel and tourism industry. People need trustworthy sources and a reliable platform to convert their money into local currency.
In addition to that, people also need to be aware of the value of specific exchange rates of currencies through mobile apps. So, consideration should be given to all these factors before taking a step toward making such an app. Some typical features which should be present in currency converter apps are mentioned below:
- Currency Analytics
- Built-in calculator to compare prices
- Recent Conversion History
- Live Currency Updates
- More Supported Currencies
- Offline usability
- Compare prices while traveling
- Augmented Reality Currency Conversion
- Price Tracking Feature
UI/UX Design
One of the most significant characteristics of a currency converter app is its design. The user interface and experience should be up to the mark, if not phenomenal. The app’s experience should be seamless and fast since it requires rapidness, a focus on a simple design, and an easy-to-navigate user interface that is interactive and easy while use.
Find an Exceptional App Development Company Like Celect Studios
You must hire a dedicated mobile app development agency to build the currency converter app. It should have experience, and the developers should be talented and skillful. Celect Studios is one of the best companies for mobile app development. With a lot of experience under its belt, there might be a better company than Celect Studios to develop your app. Before hiring the company, you should clearly communicate your requirements and business goals to them. You should also know what factors to consider before assigning them the project.
How do Currency Converter Apps Make Money?
There are many models through which your app can earn money. Some of these are mentioned below:
- In-app purchase
- Subscription
- Freemium
- In-app advertisement
In-app purchases are an effective way of getting revenue for currency converter apps. You can offer the primary features free, lock the advanced features, and let them free for a fee. This is an excellent way to earn money from your currency converter app. The subscription method is also widely used along with the freemium model. But advertisements are very effective when it comes to earning money from your apps.
In a Nutshell
Currency conversion is gaining significant ground in this digital age. The need to know the exchange rate is crucial because of the rise in travel and tourism and imports and exports. Without foreign currency, the travel industry especially won’t be able to flourish. And not just the travel industry, but every sector in some way depends on currency exchange. For example, many items in your household might be imported from another country, and the payments made for them will be in foreign currency. That is why a currency converter app is so important.
So now we know what a currency converter app is and its primary and advanced features. We have also seen how these apps can help you make money and the steps by which these apps are created. If you are looking to get a robust currency converter app made, you can reach out to Celect Studios right now and start generating revenue streams for your business.
