A practical foreign exchange and currency guide to Belgium
What’s in this Belgium currency guide:
The official currency of Belgium is the euro, with symbol € and currency code EUR.
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.
As the tragic Ukraine war continues USD/EUR is near 0.95, a 5 year high.
Due to the Eurozone’s reliance on gas from Russia, the euro is very vulnerable to the events in Ukraine with EUR/USD dropping to around 1.06 by the end of April whereas it had been approaching 1.15 in early February.
At the start of the tragic Russian invasion of Ukraine the euro sank to parity against the safe-haven Swiss franc hitting 0.9985 francs per euro on March 7th, the lowest since January 2015.
By the end of April the euro fell to a 5-Year low around 1.05 against the US dollar and the short term news for the single currency is all negative. Global bans against Russian oil and gas and uncertainty over ECB interest rate plans have prompted predictions in the currency markets for parity for the euro against the greenback this year.
05 May 2022
18 Feb 2022
19 May 2021
20 May 2017
21 May 2012
24 May 2002
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Euro.
Belgium is considered a world leader in financial services and has the highest rate of card payments in the world. In some countries cheques have been phased out, but like in Ireland and France, they are still a common means of payment in Belgium. It is a small but densely populated country with a population of around 11 million.
Travel within Belgium is convenient as it has a well-developed road, air, rail and water networks that are easy to access. Due to its location between France and the Netherlands there are two main languages spoken in Belgium, Dutch and French. You can save a bit of money on getting around by buying a Metro pass, called a MOBIB Basic Card, which can charge up to 50% less than buying a one use ticket.