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.
EUR News, Forecasts and Trends
EUR will fall to 0.80 against the British pound according to Standard Bank. The coronavirus pandemic has replaced Brexit in the headlines and means that the deadline for a trade deal with the Eurozone this year could either be pushed back, delaying a risk for the currency, or see more favorable terms given to the U.K.
Rabobank told Bloomberg TV in early April that they see the Euro holding its value in an otherwise difficult virus affected year for most currencies.
The Euro spent 2019 on a downwards trajectory, starting the year with highs at US1.1550 but then slid all year until October where it bottomed out at US$1.09 on Oct 1, close to long-term lows. Since then it has climbed back up towards the average rate for the year of US1.12, perhaps due to the less uncertainty around Brexit.
For more EUR currency market forecasts you can read the full article Euro Forecasts. The below interactive chart shows the USD to EUR exchange rate, trend and recent alerts for the last 90 days.
Recent USD to EUR 90-day trend
ALERTS:4-DAY▼1.9% | 30-DAY LOWS |
USD/EUR at 0.9005 was trading 1.5% belowAVG:0.9142 with LO:0.8739 and HI:0.9381 (90 days). ALERTS: USD/EUR was DOWN 1.9% this 4-DAY period and also dropped to 30-DAY LOWS.
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.
Travel money for Cyprus
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.
When searching around for information on how to get a good exchange rate when sending money to Cyprus you need to start with finding out the latest
Euro foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much
you can save (we make that calculation easy here).
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.
Get a better deal for foreign transfers to Cyprus
When sending money to Cyprus 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 4 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 Cyprus.
Use our Send to Euro calculator to compare the exchange 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 and less margins and fees kept by the banks!
