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    Currency in the Eurozone – Euro EUR

    A practical foreign exchange and currency guide to the Eurozone

    What currency is used in the Eurozone?

    The official currency of the Eurozone 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

    1 EUR = 1.0564 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.0558 is 2.8% below its 90-day average 1.0864 with range 1.0381-1.1325.
    |
      1 USD = 0.9466 EUR
     
    4-DAY+1.5%
    14-DAYHIGH

    Euro - Trend & Outlook

    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.

     USD-EUR Forecasts


    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.

     EUR Outlook

    DateEUR/USDChangePeriod
    05 May 2022
    1.0540
    0.4% 2 Week
    18 Feb 2022
    1.1322
    6.5% 3 Month
    19 May 2021
    1.2171
    13% 1 Year
    20 May 2017
    1.1208
    5.5% 5 Year
    21 May 2012
    1.2788
    17.2% 10 Year
    24 May 2002
    0.9210
    14.9% 20 Year
    EUR/USD change over periods to 19-May-2022

     

    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 the Eurozone

    No destination holds as much variety and cultural difference as Europe. From the sunny south to the snowy north there is no shortage of places to see here. When arriving at any new destination for first time visitors it cant hurt to stop by the Tourist Point to get any free maps, discounts, and cost free events. Most decent hotels have free WiFi so try using this to avoid any suprise Roaming fees on your phone when you get back home. ATM and credit card use varies greatly between countries so purchasing a Pre-paid Travel Card before leaving for your travels can save time and hassle.

    If you would like to travel by train and can book a fare way in advance you can save money by getting a pass for Europe’s extensive train system that goes pretty much everywhere. You can check prices at sites like RailEurope. To save a lot of travel time and money you can book a sleeper cabin on an overnight train. While travelling across Europe by bus used to be uncomfortable there are now low cost luxury buses available. And now to save even more time at your locations instead of travelling to them, costs for flights have greatly reduced in recent years making it a very affordable and very fast way to get around. Depends on your preference.

    The Euro currency is widely used across most of Europe which makes it very convenient, so if you plan to spend most your travel time in Europe try to convert a chunk of currency before you go to get the best rates. It’s a little known fact that the closer you get to the departure gates in any country the worst the currency exchange rates get! In fact travellers can end up paying more than 10% extra if you load up on your overseas currency at airport bureau de change outlets.

    If you end up buying your travel money on depature day without pre-ordering online you are most likely wasting some of your money.

    Sending Money to the Eurozone

     

    You can read about the best providers and compare the latest deals for international money transfers to the Eurozone in our Send Money to Europe guide.

     

     

    The Euro is also the domestic currency in 32 other countries.

     

    Aaland Islands

     

     

    Andorra

     

     

    Austria

     

     

    Belgium

     

     

    Cyprus

     

     

    Estonia

     

     

    Finland

     

     

    France

     

     

    French Guinea

     

     

    French Southern Territories

     

     

    Germany

     

     

    Greece

     

     

    Guadeloupe

     

     

    Ireland

     

     

    Italy

     

     

    Luxembourg

     

     

    Malta

     

     

    Martinique

     

     

    Mayotte

     

     

    Monaco

     

     

    Montenegro

     

     

    Netherlands

     

     

    Portugal

     

     

    Reunion

     

     

    Saint Barthelemy

     

     

    Saint Martin

     

     

    Saint Pierre and Miquelon

     

     

    San Marino

     

     

    Slovakia

     

     

    Slovenia

     

     

    Spain

     

     

    Vatican City

     

     

     

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