A practical foreign exchange and currency guide to Germany
What's in this Germany currency guide:
The official currency of Germany is the euro, with symbol € and currency code EUR.
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.
Major banks are forecasting the eurozone common currency to fall to $0.95 by the end of the year.
This multi-year low for the euro vs the US dollar looks only to worsen as winter approaches; the short term news for the single currency is all negative.
13 Sep 2022
29 Jun 2022
27 Sep 2021
28 Sep 2017
29 Sep 2012
02 Oct 2002
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.
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.