What data type to use for money in Java

Question

What data type should you use for money in Java

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You should use BigDecimal  to represent monetary values  It allows you to use a variety of rounding modes  and in financial applications  the rounding mode is often a hard requirement that may even be mandated by law

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An integral type representing the smallest value possible  In other words your program should think in cents not in dollars euros   This should not stop you from having the gui translate it back to dollars euros

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Java has Currency class that represents the ISO 4217 currency codes  BigDecimal is the best type for representing currency decimal values    Joda Money has provided a library to represent money

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BigDecimal is the best data type to use for currency   There are a whole lot of containers for currency  but they all use BigDecimal as the underlying data type  You won t go wrong with BigDecimal  probably using BigDecimal ROUND HALF EVEN rounding

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BigDecimal can be used  good explanation of why to not use Float or Double can be seen here  Why not use Double or Float to represent currency

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I have done a microbenchmark  JMH  to compare Moneta  java currency JSR 354  implementation  against BigDecimal in terms of performance   Surprisingly  BigDecimal performance seems to be better than moneta s   I have used following moneta config    org javamoney moneta Money defaults precision 19 org javamoney moneta Money defaults roundingMode HALF UP  package com despegar bookedia money   import org javamoney moneta FastMoney  import org javamoney moneta Money  import org openjdk jmh annotations     import java math BigDecimal  import java math MathContext  import java math RoundingMode  import java util concurrent TimeUnit    Measurement batchSize   5000  iterations   10  time   2  timeUnit       TimeUnit SECONDS   Warmup iterations   2   Threads value   1   Fork value   1   State Scope Benchmark   BenchmarkMode Mode Throughput  public class BigDecimalBenchmark    private static final Money MONEY BASE   Money of 1234567 3444   EUR    private static final Money MONEY SUBSTRACT   Money of 232323   EUR    private static final FastMoney FAST MONEY SUBSTRACT   FastMoney of 232323   EUR    private static final FastMoney FAST MONEY BASE   FastMoney of 1234567 3444   EUR    MathContext mc   new MathContext 10  RoundingMode HALF UP     Benchmark public void bigdecimal string         new BigDecimal  1234567 3444   subtract new BigDecimal  232323    multiply new BigDecimal  3 4    mc  divide new BigDecimal  5 456    mc       Benchmark public void bigdecimal valueOf         BigDecimal valueOf 12345673444L  4  subtract BigDecimal valueOf 232323L   multiply BigDecimal valueOf 34  1   mc  divide BigDecimal valueOf 5456  3   mc      Benchmark public void fastmoney         FastMoney of 1234567 3444   EUR   subtract FastMoney of 232323   EUR    multiply 3 4  divide 5 456       Benchmark public void money         Money of 1234567 3444   EUR   subtract Money of 232323   EUR    multiply 3 4  divide 5 456       Benchmark public void money static        MONEY BASE subtract MONEY SUBSTRACT  multiply 3 4  divide 5 456       Benchmark public void fastmoney static         FAST MONEY BASE subtract FAST MONEY SUBSTRACT  multiply 3 4  divide 5 456             Resulting in   Benchmark                                Mode  Cnt     Score    Error  Units BigDecimalBenchmark bigdecimal string   thrpt   10   479 465    26 821  ops s BigDecimalBenchmark bigdecimal valueOf  thrpt   10  1066 754    40 997  ops s BigDecimalBenchmark fastmoney           thrpt   10    83 917     4 612  ops s BigDecimalBenchmark fastmoney static    thrpt   10   504 676    21 642  ops s BigDecimalBenchmark money               thrpt   10    59 897     3 061  ops s BigDecimalBenchmark money static        thrpt   10   184 767     7 017  ops s   Please feel free to correct me if i m missing something

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I like using Tiny Types which would wrap either a double  BigDecimal  or int as previous answers have suggested    I would use a double unless precision problems crop up    A Tiny Type gives you type safety so you don t confused a double money with other doubles

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For simple case  one currency  it is enough int long  Keep money in cents       or hundredth   thousandth of cents  any precision you need with fixed divider

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I would use Joda Money  It s still at version 0 6 but looks very promising

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JSR 354  Money and Currency API  JSR 354 provides an API for representing  transporting  and performing comprehensive calculations with Money and Currency  You can download it from this link    JSR 354  Money and Currency API Download  The specification consists of the following things         An API for handling e  g  monetary amounts and currencies   APIs to support interchangeable implementations   Factories for creating instances of the implementation classes   Functionality for calculations  conversion and formatting of monetary            amounts   Java API for working with Money and Currencies  which is planned to be included in Java 9    All specification classes and interfaces are located in the javax money   package       Sample Examples of JSR 354  Money and Currency API   An example of creating a MonetaryAmount and printing it to the console looks like this    MonetaryAmountFactory lt   gt  amountFactory   Monetary getDefaultAmountFactory    MonetaryAmount monetaryAmount   amountFactory setCurrency Monetary getCurrency  EUR    setNumber 12345 67  create    MonetaryAmountFormat format   MonetaryFormats getAmountFormat Locale getDefault     System out println format format monetaryAmount      When using the reference implementation API  the necessary code is much simpler   MonetaryAmount monetaryAmount   Money of 12345 67   EUR    MonetaryAmountFormat format   MonetaryFormats getAmountFormat Locale getDefault     System out println format format monetaryAmount      The API also supports calculations with MonetaryAmounts   MonetaryAmount monetaryAmount   Money of 12345 67   EUR    MonetaryAmount otherMonetaryAmount   monetaryAmount divide 2  add Money of 5   EUR       CurrencyUnit and MonetaryAmount     getting CurrencyUnits by locale CurrencyUnit yen   MonetaryCurrencies getCurrency Locale JAPAN   CurrencyUnit canadianDollar   MonetaryCurrencies getCurrency Locale CANADA     MonetaryAmount has various methods that allow accessing the assigned currency  the numeric amount  its precision and more   MonetaryAmount monetaryAmount   Money of 123 45  euro   CurrencyUnit currency   monetaryAmount getCurrency    NumberValue numberValue   monetaryAmount getNumber     int intValue   numberValue intValue       123 double doubleValue   numberValue doubleValue       123 45 long fractionDenominator   numberValue getAmountFractionDenominator       100 long fractionNumerator   numberValue getAmountFractionNumerator       45 int precision   numberValue getPrecision       5     NumberValue extends java lang Number      So we assign numberValue to a variable of type Number Number number   numberValue    MonetaryAmounts can be rounded using a rounding operator   CurrencyUnit usd   MonetaryCurrencies getCurrency  USD    MonetaryAmount dollars   Money of 12 34567  usd   MonetaryOperator roundingOperator   MonetaryRoundings getRounding usd   MonetaryAmount roundedDollars   dollars with roundingOperator      USD 12 35   When working with collections of MonetaryAmounts  some nice utility methods for filtering  sorting and grouping are available   List lt MonetaryAmount gt  amounts   new ArrayList lt  gt     amounts add Money of 2   EUR     amounts add Money of 42   USD     amounts add Money of 7   USD     amounts add Money of 13 37   JPY     amounts add Money of 18   USD       Custom MonetaryAmount operations     A monetary operator that returns 10  of the input MonetaryAmount    Implemented using Java 8 Lambdas MonetaryOperator tenPercentOperator    MonetaryAmount amount  - gt      BigDecimal baseAmount   amount getNumber   numberValue BigDecimal class     BigDecimal tenPercent   baseAmount multiply new BigDecimal  0 1       return Money of tenPercent  amount getCurrency         MonetaryAmount dollars   Money of 12 34567   USD        apply tenPercentOperator to MonetaryAmount MonetaryAmount tenPercentDollars   dollars with tenPercentOperator      USD 1 234567   Resources    Handling money and currencies in Java with JSR 354  Looking into the Java 9 Money and Currency API  JSR 354   See Also  JSR 354 - Currency and Money

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You can use Money and Currency API  JSR 354   You can use this API in  provided you add appropriate dependencies to your project   For Java 8  add the following reference implementation as a dependency to your pom xml    lt dependency gt       lt groupId gt org javamoney lt  groupId gt       lt artifactId gt moneta lt  artifactId gt       lt version gt 1 0 lt  version gt   lt  dependency gt    This dependency will transitively add javax money money-api as a dependency   You can then use the API   package com example money   import static org junit Assert assertThat  import static org hamcrest CoreMatchers is   import java util Locale   import javax money Monetary  import javax money MonetaryAmount  import javax money MonetaryRounding  import javax money format MonetaryAmountFormat  import javax money format MonetaryFormats   import org junit Test   public class MoneyTest         Test     public void testMoneyApi             MonetaryAmount eurAmount1   Monetary getDefaultAmountFactory   setNumber 1 1111  setCurrency  EUR   create            MonetaryAmount eurAmount2   Monetary getDefaultAmountFactory   setNumber 1 1141  setCurrency  EUR   create             MonetaryAmount eurAmount3   eurAmount1 add eurAmount2           assertThat eurAmount3 toString    is  EUR 2 2252              MonetaryRounding defaultRounding   Monetary getDefaultRounding            MonetaryAmount eurAmount4   eurAmount3 with defaultRounding           assertThat eurAmount4 toString    is  EUR 2 23              MonetaryAmountFormat germanFormat   MonetaryFormats getAmountFormat Locale GERMAN           assertThat germanFormat format eurAmount4   is  EUR 2 23

[java] What data type to use for money in Java?

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