Finland - Euro - Currency Guide

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 has struggled in early November dropping to 30-DAY-LOWS due to the COVID-19 second-wave outbreak with France, Italy, and Germany – the Eurozone’s three largest economies – entering lockdowns once more. The markets fear that poor economic results will continue through the end of the year.

The euro is currently a more appealing investment than the US dollar as fiscal support and COVID-19 containment open the door to a faster paced recovery than what is likely in the US. With current USD weakness and strong long-term prospects for the European Union, there is speculation that the euro could be a contender as the world’s new reserve currency. In the short term the euro could be susceptible to swings, however in the longterm the euro has very good prospects. The currency is poised to move above 1.1850 and extend toward 1.20 in coming weeks.

In mid-July euro strengthened four-month highs (around 1.15 against the US dollar) as european leaders delivered a difficult agreement on a coronavirus rescue package to help member states manage the economic downturn.

The historic stimulus package will see the bloc issue 750 billion euros (US$860 billion) of joint debt and is seen by market commentators as positive for the euro.

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 average of US1.11 towards US1.20.

For more EUR currency market forecasts you can read the full article Euro Forecasts. The above interactive chart shows the USD to EUR exchange rate, trend and recent alerts for the last 90 days.

Travel, Currency and Money saving tips for Finland

According to the annual World Happiness Report 2018, Finland is the happiest country in the world. What better reason to visit a place than to meet its happy inhabitants in hope that some of it rubs off. Perhaps the happiness is due to the fabled merry inhabitant of Finnish Lapland, Santa, who shares the land which is also famed to be the best place to view the northern lights, or Aurora Borealis.

Helsinki, Finland's capital is one of the greenest cities in Europe, with the authorities targeting 2025 as the year that motor vehicle ownership will become obsolete boasting 2,400 miles of cycle lanes to show their commitment. With so few cars on the road, it's no wonder that Finland is also considered to be one of the safest countries in the world.

Although known for advancements in technology and progressive urban solutions, most Finns spend their free time in touch with Mother Nature. With almost 200 000 lakes and half a million summer cottages in the country, there’s a lot of room to retreat to the countryside and get away from it all. Hiking, trekking, Nordic walking and cross-country skiing are considered fun.

What currency is used in Finland?

The currency here is the Euro, Finns use less physical cash in their transactions than any other nation, but ATMs for cash withdrawal are fairly widespread and marked by the sign OTTO. Most major credit cards, including Visa, MasterCard and EuroCard can be used for payment in most shops and restaurants. Thanks to EU rules, withdrawing euro from a cash machine costs you the same anywhere in the EU as it does in your own country from a cash machine that does not belong to your bank.

Getting around in Finland.

Finland is as bicycle-friendly as any country you’ll find, with plenty of paths and few hills. Bikes can be taken on most trains, buses and ferries. Åland is particularly good for cycling. Helmets are recommended but no longer required by law. You can hire a bike in nearly every Finnish town. Most campgrounds and many urban hotels offer bikes for a small fee or for free, but these are made for cycling around town, not for ambitious road trips.

Finish public transport is generally efficient, reliable and safe. There are many options for getting around including bus, tram, train, city bikes and ferries. Bus is the main form of long-distance transport in Finland, with a far more comprehensive network than the train system. Buses run on time and are rarely full.

Lake boats were once important summer transport. These services are now largely kept on as cruises, and make a great, leisurely way to journey between towns. The most popular routes are Tampere–Hämeenlinna, Tampere–Virrat, Savonlinna–Kuopio and Lahti–Jyväskylä. Finland’s road network is excellent, although there are few motorways. When approaching a town or city, keskusta on signs indicates the town centre. There are no road tolls but lots of speed cameras.

Travellers planning a trip across the border to Russia must have a visa. It is advisable to get it at the Embassy of Russia in the traveller’s country of origin, because it takes at least eight weekdays to obtain a visa in Helsinki. Eighty percent of the water in Finland is classed as being exceptionally clean.

Travel money for Finland

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.

Send Money to Finland - Best Rates

When searching around for information on how to get a good exchange rate when sending money to Finland you need to start with finding out the latest Euro exchange rate for foreign transfers also called International Money Transfers (IMTs), which can be very different to the wholesale rate and also to currency exchange rates.

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.

Get a better deal for foreign transfers to Finland

When sending money to Finland 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 Finland.

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!