Germany - 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

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.

U$1,000 USD
=
€884.28 EUR

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

Travel, Currency and Money saving tips for Germany

Accommodation and food are quite cheap in Germany compared the neighbouring countries. Interestingly, of the Eurozone countries, Germans top the list for keeping the most cash in their wallets. It is not uncommon in Germany for restaurants to only accept cash, so make sure you have some euros before visiting.

High speed transport by train (Deutsche Bahn) is expensive however, but is very fast and efficient. But if on a budget one can try using the much cheaper, and much slower trains. Which may be fine if you enjoy the journey as much as the destination when travelling. ATMs and banks are easily available everywhere, and all major credits cards are accepted.

The bus and local train network are both extensive and not too expensive, though to get to smaller towns you may have to bus to a nearby big city then take another bus to your destination. Also another popular way to get around Germany is by car, which is flexible and easy and you get to experience the famous Autobahn on which there is no speed limit.

Alternatively cheapest flights are now available to get around Germany and are a good way to save time on your travels if you don't mind missing seeing the landscape while you travel.

Travel money for Germany

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.

 

USD to EUR - Spend & Travel

U$1,000 U.S. dollar USD → Euro EUR

Provider Review	Amount EUR(€)	Exchange Rate	Fee USD	Deal Links
TransferWise > Best Overall	€866.60 1.99%	0.8798	U$15.00	Visit Site
U.S. Bank	€827.70 6.39% €39 less	0.8277	0
Banks - Average Rate	€819.43 7.33% €47 less	0.8277	15
Wells Fargo Bank	€811.15 8.26% €55 less	0.8277	U$20
Travelex Online	€805.00 8.96%	0.805	0^	Visit Site

TransferWise

 

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TransferWise: Travel Money USD→EUR
From Amount (USD)	U$1,000
Fee:	U$15.00 USD (1.5%)
Exchange Rate:	0.8798 (-0.5% from mid-rate)
To Amount (EUR)	€866.60
Total Cost:	1.99%
Time:	22:29 Local
Currency Services:	Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:	5-7 days
Rating:	: 4.6/5.0
Review:	4 Reviews

Visit TransferWise

U.S. Bank

 

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U.S. Bank: Travel Money USD→EUR
From Amount (USD)	U$1,000
Fee:	0
Exchange Rate:	0.8277 (-6.39% from mid-rate)
To Amount (EUR)	€827.70
Total Cost:	6.39%
Time:	22:29 Local
Currency Services:	Branch
Delivery/Collect:	-
Rating:	: /5.0
Review:

Banks - Average Rate

 

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Travel Money USD→EUR
From Amount (USD)	U$1,000
Fee:	15
Exchange Rate:	0.7737 (-12.5% from mid-rate)
To Amount (EUR)	€819.43
Total Cost:	7.33%
Currency Services:	Branch
Delivery/Collect:	-

Wells Fargo Bank

 

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Wells Fargo Bank: Travel Money USD→EUR
From Amount (USD)	U$1,000
Fee:	U$20 USD (Minimum fee)
Exchange Rate:	0.8277 (-6.39% from mid-rate)
To Amount (EUR)	€811.15
Total Cost:	8.26%
Time:	22:29 Local
Currency Services:	Branch
Delivery/Collect:	-
Rating:	: /5.0
Review:

Travelex Online

 

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Travelex Online: Travel Money USD→EUR
From Amount (USD)	U$1,000
Fee:	$0 - No fees for Debit & Credit Cards
Exchange Rate:	0.805 (-8.96% from mid-rate)
To Amount (EUR)	€805.00
Total Cost:	8.96%
Time:	Rate Fetched: Mon Jul 06 2020 22:15:03 GMT+0000 (UTC)
Currency Services:	FREE Home delivery & Branch pickup
Delivery/Collect:	2-3 days
Rating:	: 4.3/5.0
Review:	13 Reviews

Visit Travelex Online

 

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Snapshot 07/06/2020 - View live rates

Sending money to Germany

When searching around for information on how to get a good exchange rate when sending money to Germany 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.

 

USD to EUR International Money Transfers

Send U$1,000 U.S. dollar USD → Euro EUR

Provider Review	Receive EUR(€)	Exchange Rate	Fee USD	Deal Links
XE > Best Overall	€870.90 1.5%	0.8709	0	Visit Site
OFX	€877.10 0.8%	0.8771	0^	Visit Site
HSBC	€850.32 3.83% €21 less	0.8516	U$1.50	Compare HSBC Rates
U.S. Bank	€848.20 4.07% €23 less	0.8482	0	Compare U.S. Bank Rates
Bank of America	€835.48 5.51% €35 less	0.8482	U$15	Compare Bank of America Rates
Wells Fargo Bank	€835.45 5.51% €35 less	0.8525	U$20	Compare Wells Fargo Bank Rates
Banks - Average Rate	€842.36 4.73% €29 less	0.8501	15

XE

 

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XE: Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:
Exchange Rate:	0.8709 (1.5% from mid-rate)
To Amount (EUR)	€870.90
Total Cost:	1.5%
Time:	22:29 Local
Transfer Speed:	1-2 days
Services:	Bank Transfers - Online & Phone, Speak to Dealers
Rating:	: 3.5/5.0
Review:	1 Review

Compare XE Rates

Visit XE

OFX

 

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OFX: Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:	0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:	0.8771 (0.8% from mid-rate)
To Amount (EUR)	€877.10
Total Cost:	0.8%
Time:	Rate Fetched: 22:29 Local
Transfer Speed:	1-2 days
Services:	Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:	: 4.8/5.0
Review:	20 Reviews

Compare OFX Rates

Visit OFX

HSBC

 

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HSBC: Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:	U$1.50 USD (.15%)
Exchange Rate:	0.8516 (3.69% from mid-rate)
To Amount (EUR)	€850.32
Total Cost:	3.83%
Difference:	€21 EUR less than using XE
Time:	22:29 Local
Transfer Speed:	2-3 days
Services:	Online, Branch, Bank Transfers
Rating:	: /5.0
Review:

Compare HSBC Rates

U.S. Bank

 

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U.S. Bank: Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:	0
Exchange Rate:	0.8482 (4.07% from mid-rate)
To Amount (EUR)	€848.20
Total Cost:	4.07%
Difference:	€23 EUR less than using XE
Time:	22:29 Local
Transfer Speed:	2-3 days
Services:	Online, Branch, Bank Transfers
Rating:	: /5.0
Review:

Compare U.S. Bank Rates

Bank of America

 

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Bank of America: Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:	U$15 USD (Minimum fee)
Exchange Rate:	0.8482 (4.07% from mid-rate)
To Amount (EUR)	€835.48
Total Cost:	5.51%
Difference:	€35 EUR less than using XE
Time:	22:29 Local
Transfer Speed:	2-3 days
Services:	Online, Branch, Bank Transfers
Rating:	: /5.0
Review:

Compare Bank of America Rates

Wells Fargo Bank

 

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Wells Fargo Bank: Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:	U$20 USD (Minimum fee)
Exchange Rate:	0.8525 (3.59% from mid-rate)
To Amount (EUR)	€835.45
Total Cost:	5.51%
Difference:	€35 EUR less than using XE
Time:	22:29 Local
Transfer Speed:	2-3 days
Services:	Online, Branch, Bank Transfers
Rating:	: /5.0
Review:

Compare Wells Fargo Bank Rates

Banks - Average Rate

 

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Foreign Transfer USD→EUR
From Amount (USD)	U$1,000
Fee:	15
Exchange Rate:	0.8464 (4.28% from mid-rate)
To Amount (EUR)	€842.36
Total Cost:	4.73%
Difference:	€29 EUR less than using XE
Transfer Speed:
Services:

 

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Snapshot 07/06/2020 - View live rates

Get a better deal for foreign transfers to Germany

When sending money to Germany 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 Germany.

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!