Currency in Belgium
A practical currency and money guide to travel, living and doing business in Belgium and the Euro (EUR).
What's in this Belgium currency guide:
What currency is used in Belgium?
The official currency of Belgium (country code: BE) is the euro, with symbol € and currency code EUR.
Things to know about the euro
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.
The euro banknotes and coins
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Travel Ideas and Money Tips for Belgium
Belgium is a country located in Western Europe, bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to the southwest, and the North Sea to the northwest. It is a federal parliamentary democracy with a constitutional monarchy and a population of around 11 million people. The official languages are Dutch, French, and German, and the currency is the Euro.
Belgium is known for its rich cultural heritage, with a long history and a diverse range of influences. The country is home to a number of world-famous landmarks, including the Atomium, the medieval town of Bruges, and the Grand Place in Brussels. Belgium is also known for its cuisine, including dishes such as waffles, fries, and chocolate.
The economy of Belgium is highly developed and is based on services, manufacturing, and trade. The country is a member of the European Union and is home to a number of international organizations, including the European Union and NATO. Belgium is also home to a number of large multinational corporations, and its port of Antwerp is one of the busiest in Europe.
Expat Money & Business Guide to Belgium
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Belgium.
Is Belgium an expensive country to live in?
Belgium is generally considered to be a relatively expensive country to live in compared to some other countries in Europe and around the world. The cost of living in Belgium can vary depending on the city you are in, but in general, prices for goods and services such as housing, food, and transportation can be higher in Belgium than in some other countries.
Factors that contribute to the higher cost of living in Belgium include high salaries, a high standard of living, and a strong economy. That being said, it is possible to find ways to save money and live affordably in Belgium, particularly if you are willing to make certain sacrifices or adjustments to your lifestyle.
Managing your finances in Belgium
Here we list some key points for expats and businesses to consider when managing financial dealings in Belgium:
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Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Belgium. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Belgium. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Belgium. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Belgium, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
EUR/USD – Market Data
The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.
| Date | EUR/USD | Change | Period |
|---|---|---|---|
15 May 2023 | 1.0874 | 1.4% ▼ | 2 Week |
28 Feb 2023 | 1.0577 | 1.3% ▲ | 3 Month |
29 May 2022 | 1.0729 | 0.1% ▼ | 1 Year |
30 May 2018 | 1.1665 | 8.1% ▼ | 5 Year |
31 May 2013 | 1.3009 | 17.6% ▼ | 10 Year |
03 Jun 2003 | 1.1728 | 8.6% ▼ | 20 Year |
What are EUR to USD forecasts?
According to recent FX analyst forecasts, the Euro (EUR) has been losing ground against the US Dollar (USD). One contributing factor to this has been the cautious comments made by the European Central Bank (ECB) Chief Economist, who has signaled a dovish stance. Additionally, Germany recently falling into a technical recession at the end of 2022 has also added pressure on the Euro. Economic sentiment figures are being closely monitored as a drop in confidence could further weaken the Euro.
Meanwhile, the USD initially lost ground due to positive market sentiment, but a rise in the core PCE price index has led to an increase in bets for a Fed rate hike, which has strengthened the currency. However, economists expect the USD's strength over the past year to eventually reverse in 2023 as the Fed's interest rate hikes cycle comes to an end. A forecasted drop in consumer confidence also poses a potential risk for the USD, which could pull the currency lower.
The EUR to USD exchange rate has been hovering around a 60-day low near 1.0711, which is 1.3% below its 3-month average of 1.0853. While the exchange rate has remained stable within a 6.3% range over the past 3 months, recent events such as the ECB's dovish stance and Germany's technical recession could continue to affect the Euro's performance against the USD.
EUR/USD forecasts EUR/USD rates
Compare Euro Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Belgium or planning a trip or maybe living there, so will need to exchange and spend Euro.
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It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.
The Euro is also the domestic currency in 33 other countries.
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