Foreign Exchange Guide to Martinique
In this guide we review :
- Euro info - general info about the Euro
- Euro in the markets - recent EUR moves and predictions from the FX markets
- Travelling in Martinique - currency & money saving tips
- Buying Euro cash online - travel money for Martinique
- Sending money to Martinique - save on Euro bank transfers to Martinique
- Euro exchange rates - latest info & charts.
Euro (EUR) general currency information
The three letter currency code for the Euro is EUR and the symbol is €. It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthélemy, Saint Martin, Saint Pierre And Miquelon, San Marino, Slovakia, Slovenia and Spain.
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
Euro (EUR) in the markets
The euro was the best performing G10 in 2017 and was broadly stable in early 2018.
In the seven-week period between January 1st and February 15th (the time of this report), EUR/USD threatened 1.25 multiple times – a level not seen since 2014 – but appears to have met resistance at this level. It should be said that much of EUR/USD's recent rally is a result of broad US dollar weakness, rather than of broad euro strength.
Entering 2018, forecasts for EUR/USD ranged between 1.15 and 1.3. A more recent judgement on the pair came in February from Jens Nordvig, founder of Exante Data, who said that “dips [in EUR/USD] should be used to add to long exposure.” Nordvig declined from giving any precise upside targets.
Against sterling, the euro is little changed since the summer of last year. A EUR/GBP rate of 0.8855 in mid-February was more or less identical to that in mid-September, five months earlier.
Entering 2018, Danske Bank forecast EUR/GBP at 0.86 at year-end, while UBS forecast a much higher rate of 0.95.
By mid-February, the euro was marginally down on the year against the yen, at rates in the high 132s.
Significant bullish news for the euro in early 2018 came from Germany, with Angela Merkel’s CDU-CSU party bloc achieving a breakthrough in coalition talks with the Social Democrats, which reduced political uncertainty in Europe’s largest economy.
The chart below shows the EUR to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Currency and money saving tips for Martinique
In Martinique, Euros are the only really useable currency. You will find U.S. Dollars and UK Pounds tend to be quite difficult to convert to Euros. Locals will tell you to go back to the airport, to use the exchange office there. Your best bet, is to use an ATM machine, there are many and are easy to find.Bank-operated 24-hour ATM’s can also be found throughout the island. Don't bother trying to convert your money at a bank, unless you are in Fort de France. Bank hours vary, though Fort-de-France banks are generally open 7:30 a.m. to noon and 2:30 to 4:30 p.m. weekdays.
If you would like to do some island hopping as part of your trip, it is easy to get to and from Martinique by ferry service. The ferries travel to Guadeloupe, Dominica and St. Lucia. Renting a car in Martinique is hassle-free: all you need is a drivers’ license from your home country and the knowledge that traffic moves on the right, Taxis are another option if you plan on driving only minimally; they are expensive but reliable. Cabs line up at the airport and at hotels, as well as on the streets of the capital city Fort-de-France. Finally, there is water travel. Ferries run around the island between Fort-de-France and other coastal cities. Even if you do have a car, taking a ferry is a popular way to experience the Caribbean, and can be a destination in itself.
The former capital of Martinique, St. Pierre , was known as the Paris of the Antilles. Even though St. Pierre was destroyed in the 1902 eruption of Mont Pelee , Martinique’s reputation as a second France still remains. French is the official language of the island, and newspapers and literature of Martinique are usually in French.
Martinique Trip Checklist
Travel money for Martinique
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Money for Martinique
Sending money to Martinique
When sending money to Martinique it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Martinique.
Bank Transfers to Martinique
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account in Martinique and less margins and fees kept by the banks!