For a comprehensive guide, please head on to our developer documentation at https://developers.paymongo.com/docs/forex/
What it is: PayMongo Forex is a programmable foreign exchange (FX) API that helps your platform manage currencies with precision and traceability. It acts as a reliable source of live and historical exchange rates, allowing you to easily perform currency conversions at scale. This tool is designed to support businesses with global operations by automating a task that would otherwise be manual and prone to error.
Business Case & Impact:
PayMongo Forex is built to simplify the complexities of international finance, giving you confidence and control over your cross-border operations.
Effortless Cross-Border Pricing: Fetch real-time exchange rates to automatically price your goods or services in a buyer's local currency. This provides a better customer experience and can help increase conversion rates without you having to manually update prices.
Streamlined Global Payouts: When it's time to pay sellers, suppliers, or employees in other countries, you can use PayMongo Forex to instantly convert funds from your base currency to the recipient's local currency at the moment of disbursement.
Accurate Financial Records: The system continuously updates rates from reliable sources and securely stores them. This provides you with an accurate and auditable record of every conversion, which is crucial for financial reporting, reconciliation, and audits.
Flexible and Auditable: With features for historical data and planned quote management, PayMongo Forex gives you control over how and when foreign exchange is applied to your transactions. Every conversion is stored and traceable, so you can build transparent, audit-ready financial systems.
Seamless Integration: Designed with an API-first architecture, it integrates seamlessly with your existing treasury systems, pricing engines, or global payout workflows. This reduces the need for custom development and simplifies the process of going global.