The group's 2005 album, The Minstrel Show, was a concept album dealing with the current state of hip hop music. The album received a positive critical reaction but very little commercial success. During the recording of their third album, the group announced the departure of producer 9th Wonder on amicable terms, as well as a parting of ways with their label. Through a contractual clause they landed back on ABB Records and released Getback in late 2007.
Phonte "met" (virtually) Dutch producer Nicolay on an OkayPlayer message board. The two released their debut album, Connected, having never met face to face. The Foreign Exchange has released four albums and has garnered a Grammy nomination for Best Urban/Alternative Performance for the track "Daykeeper" (feat. Muhsinah) off of the second album, Leave It All Behind.