Currency in Cyprus – Euro EUR
A practical foreign exchange and currency guide to Cyprus
What's in this Cyprus currency guide:
What currency is used in Cyprus?
The official currency of Cyprus 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.
What the euro looks like?
Euro – Markets & Rates
Major banks are forecasting the eurozone common currency to fall to $0.95 by the end of the year.
This multi-year low for the euro vs the US dollar looks only to worsen as winter approaches; the short term news for the single currency is all negative.
| Date | EUR/USD | Change | Period |
|---|---|---|---|
13 Sep 2022 | 0.9978 | 3.8% ▼ | 2 Week |
29 Jun 2022 | 1.0446 | 8.1% ▼ | 3 Month |
27 Sep 2021 | 1.1696 | 17.9% ▼ | 1 Year |
28 Sep 2017 | 1.1781 | 18.5% ▼ | 5 Year |
29 Sep 2012 | 1.2857 | 25.3% ▼ | 10 Year |
02 Oct 2002 | 0.9844 | 2.5% ▼ | 20 Year |
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 a Transfer or Spend Euro.
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Travelling to Cyprus
In ancient mythology, Cyprus is the legendary birthplace of the Greek goddess of love, Aphrodite. In contrast, this third largest island in the mediterranean, has in modern times been dominated by antagonism between the Greek and Turkish Cypriots. Since 1974, when Turkey invaded the north of the island, Cyprus has been divided into Greek Cypriot occupation (southern two-thirds) and Turkish Cypriot occupation (northern third). UN troops patrol the “Green Line” dividing that divides the country. Any entry into the territory of the Republic of Cyprus via any other port or airport in the Turkish-occupied areas of Cyprus is illegal, and travellers doing so may face legal consequences. Therefore you are urged to travel via the recognised ports of entry (Larnaca and Paphos International Airports / seaports of Lemesos (Limassol), Larnaca (Larnaca), Paphos (Paphos) and Latsi.
Politics aside, as a travel destination, Cyprus has a multitude of wondrous sights and sounds to experience. From ancient ruins, beautiful beaches, nature watching for green turtles, scuba diving, and picturesque ports housing food and cafe culture.
Cyprus is an EU member state, and since 2008 the Euro has been the official currency. All banks plus many hotels in Cyprus offer currency exchange services. Major credit cards are widely accepted but always carry some cash for smaller restaurants, cafes, and shops.
There are no restrictions on the import and export of cash or gold if travelling from within the EU. However, transporting of 10,000Euro or more (or the equivalent in another currency) must be declared at customs.
Sending Money to Cyprus
What are the limits on Sending Money to and from Cyprus?
There is an overseas transfer limit of 1 million Euros when transfering money out of Cyprus.
There are no restrictions on the import and export of cash or gold if travelling from within the EU. However, transporting of 10,000Euro or more (or the equivalent in another currency) must be declared at customs.
The Euro is also the domestic currency in 32 other countries.
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