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    Currency in Finland

    A practical currency and money guide to travel, living and doing business in Finland and the Euro (EUR).

     

    What currency is used in Finland?

    The official currency of Finland (country code: FI) 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.

    The euro banknotes and coins

    The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.

    The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.

    An example euro banknote

     

    Travel Ideas and Money Tips for Finland

    Finland is a country located in Northern Europe, known for its beautiful natural landscapes, vibrant culture and modern technology. It is a popular destination for tourists and expats alike, with its clean and safe environment, high-quality healthcare system and excellent education.

    For tourists, Finland offers many natural attractions such as the iconic Northern Lights, as well as the many lakes and forests that are perfect for outdoor activities like hiking, skiing and snowmobiling. The country is also known for its distinctive culture, with traditional saunas, the famous Midsummer festival, and the Santa Claus Village in Rovaniemi.

     

     

    Expat Money & Business Guide to Finland

    Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.

    By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Finland.

    What's the expat life like in Finland

    Expats can find a good quality of life in Finland, with a high standard of living and a stable economy. The country is known for its progressive social policies, such as its universal healthcare system, and for its excellent education system. The Finnish society is also very multicultural, and expats can easily find communities of other foreigners. However, it's important to note that the official language is Finnish, and a good knowledge of it would be beneficial for finding a job or moving around.

    Finland is a relatively safe country, with low crime rates and a stable political situation. However, the climate can be harsh in the winter, with long periods of darkness and cold temperatures. It's important to be prepared for the weather conditions before planning a trip or moving to Finland.

    It's always important to do a research and seek for professional advices before planning a trip or moving to Finland.

    Managing your finances in Finland

    Here we list some key points for expats and businesses to consider when managing financial dealings in Finland:

    1. Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.

    2. Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Finland. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Finland. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in Finland. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in Finland, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.

     

    EUR/USD – Market Data

    The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.

    1 EUR = 1.0776 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.0776 is just 0.5% above its 3-month average of 1.072, having fluctuated within a 4.4% range of 1.0522-1.0989
    |
      1 USD = 0.9279 EUR
     
    EURUSD :
    30-DAYHIGH2d
    1-DAY-0.9%
     

    FX analysts are forecasting that the US dollar will continue to outperform the euro in March. The US dollar strengthened in February after robust US labor market data and expectations of more interest rate hikes by the US Federal Reserve. On the other hand, the euro lost ground after the ECB held interest rates steady and issued slightly dovish remarks. Additionally, global GDP growth has been sluggish, and inflation pressures have remained elevated, which will continue to be the main drivers of investor risk sentiment and FX markets. Therefore, based on recent FX analyst forecasts, it is likely that the USD will outperform the euro in March, with key support points for EUR/USD at 1.11 and 1.15. Looking at the USD/EUR price data for the previous three months, the exchange rate has been fluctuating within a 4.4% range of 0.9100-0.9504, with the current rate at 0.9313, just below the three-month average of 0.9331. This indicates that the exchange rate has been relatively stable in recent months, despite the fluctuations. However, it is important to note that factors such as inflation, interest rates, and economic growth can influence exchange rates, and any changes in these factors could impact the USD/EUR exchange rate in March.
    DateEUR/USDChangePeriod
    10 Mar 2023
    1.0657
    1% 2 Week
    24 Dec 2022
    1.0667
    0.9% 3 Month
    24 Mar 2022
    1.1009
    2.2% 1 Year
    25 Mar 2018
    1.2354
    12.9% 5 Year
    26 Mar 2013
    1.2861
    16.3% 10 Year
    29 Mar 2003
    1.0754
    0.1% 20 Year
    EUR/USD historic rates & change to 24-Mar-2023

     

    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 an International Money Transfer to Finland or planning a trip or maybe living there, so will need to exchange and spend Euro.

    Loading comparison rates...

    ProviderAmountsRateTotal Cost
       
       
       
       
     

    It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.

     

    The Euro is also the domestic currency in 33 other countries.

     

     

     

     

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