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Cyprus - Euro - Currency Guide

 

Foreign exchange guide to Cyprus and the Euro (EUR)

   

General Currency Info - 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.

   

EUR News, Forecasts and Trends

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 over the 1 year avergae of US1.11 towards US1.14.

Credit Agricole see the Euro hitting US1.20 by the end of 2020 due to a growing diversification away from the greenback.

Rabobank told Bloomberg TV that they see the Euro holding its value in an otherwise difficult virus affected year for most currencies.

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
 
ALERT:90-DAY LOWS |
USD to EUR at 0.8761 was trading 3.1% below AVG:0.9044 with LO:0.8761 and HI:0.9278 (90 days). ALERT: USD/EUR dropped to 90-DAY LOWS.

US Dollar to Euro - Historical Rates

USD/EUR rateChangePeriod
08 Jul 2020 : 0.88200.6% ▼1 Week
15 Jun 2020 : 0.88190.6% ▼30 Days
16 Apr 2020 : 0.92094.8% ▼90 Days
16 Jul 2019 : 0.89191.7% ▼1 Year
17 Jul 2015 : 0.92345.1% ▼5 Years
18 Jul 2010 : 0.771313.6% ▲10 Years
USD/EUR 10 year historic rates & changes to 15-Jul-2020 : 0.8764
 

U$1,000 USD
=
€876.35 EUR

Converted at USD/EUR wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Euro - Quick Conversions

USD EUR
U$ 1 0.8763
U$ 5 4.3815
U$ 10 8.7630
U$ 20 17.53
U$ 50 43.82
U$ 100 87.63
U$ 250 219.08
U$ 500 438.15
U$ 1,000 876.30
U$ 2,000 1,753
U$ 5,000 4,382
U$ 10,000 8,763
U$ 50,000 43,815
U$ 100,000 87,630
More amounts
USD EUR
U$ 1.1411 € 1
U$ 5.7055 € 5
U$ 11.41 € 10
U$ 22.82 € 20
U$ 57.06 € 50
U$ 114.11 € 100
U$ 285.28 € 250
U$ 570.55 € 500
U$ 1,141 € 1,000
U$ 2,282 € 2,000
U$ 5,706 € 5,000
U$ 11,411 € 10,000
U$ 57,055 € 50,000
U$ 114,110 € 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Cyprus?

The domestic currency in Cyprus is the Euro.

What is the Euro currency code and symbol?

The three letter currency code for the Euro is EUR — symbol is .

Which countries use the Euro?

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.

Is the Euro a closed currency?

No, the Euro is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for 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.

 

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.

 

Sending money to Cyprus

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 exchange rate for foreign-transfers, which can be very different to the wholesale 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 in the below table.

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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Euro amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Cyprus.

Use the above 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!


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