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    Currency in Germany – Euro EUR

    A practical foreign exchange and currency guide on sending money and travel to Germany

     

     

    Travelling to 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.

    Sending Money to Germany

    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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    Euro – Markets & Rates

    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.

     

    1 EUR = 1.1293 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.1294 has fallen 2.4% below its 90-day average, range 1.1200-1.1883.
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      1 USD = 0.8855 EUR
     
    1-DAY+0.6%1d
    14-DAYHIGH2d

    Euro Forecast and Trend

    In September, Olaf Scholz’s Social Democrat Party narrowly won the German election. The longer negotiations and political uncertainty drag on, the greater downward pressure will be felt by the euro.

    In addition should risk sentiment remain fragile, there could be continued demand for USD as a safe haven. Therefore, USD/EUR could gain higher.

    USD-EUR Outlook

    Historic EUR-USD Rates

    EUR/USD wasChangePeriod
    1.1368
    18 Nov 2021
    0.6% 2 Weeks
    1.1879
    03 Sep 2021
    4.9% 90 Days
    1.2114
    02 Dec 2020
    6.7% 1 Year
    1.0667
    03 Dec 2016
    5.9% 5 Years
    1.3425
    05 Dec 2011
    15.8% 10 Years
    0.8901
    07 Dec 2001
    27% 20 Years
    EUR/USD change over periods to 02-Dec-2021

     

    EUR is also used in 32 other countries

     

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