Currency in Germany
A practical currency and money guide to travel, living and doing business in Germany and the Euro (EUR).
What's in this Germany currency guide:
What currency is used in Germany?
The official currency of Germany (country code: DE) 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.
Travel Ideas and Money Tips for Germany
Germany is a country located in Central Europe, known for its rich culture, history, and landmarks. It is the most populous member state of the European Union and the second most populous country in Europe. Germany's capital and largest city is Berlin. The official language is German and the country has a federal parliamentary constitutional republic form of government.
Germany is a popular tourist destination for its beautiful cities, landmarks, and natural scenery. Some popular tourist destinations include:
Berlin: The capital city, known for its history, nightlife, and landmarks such as the Brandenburg Gate, the Berlin Wall Memorial and Checkpoint Charlie.
Munich: Known for its beer gardens, the famous Marienplatz, and the annual Oktoberfest beer festival.
The Black Forest: A region known for its beautiful landscapes, outdoor activities and traditional cuckoo clocks
The Romantic Road: A scenic route through southern Germany, known for its picturesque towns, medieval castles and beautiful countryside.
Neuschwanstein Castle: a 19th-century palace that is one of the most popular tourist destinations in Germany, it is known for its beautiful architecture and picturesque setting.
Heidelberg: A picturesque town known for its castle and beautiful Old Town.
Hamburg: The second largest city in Germany, known for its port, its vibrant nightlife, and its famous Reeperbahn red-light district.
The Brandenburg Gate and the Berlin Wall Memorials as well as the Holocaust Memorial are also important sights in Germany that are must-see for visitors interested in the country's history.
Expat Money & Business Guide to Germany
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 Germany.
Being an expat in the Germany
For expats, Germany is known for its high standard of living, excellent healthcare and education system, and strong economy. The country is also home to a diverse expat community, and major cities like Berlin and Frankfurt offer a vibrant international community. However, the cost of living in Germany can be relatively high, especially in major cities like Berlin and Munich. Germany's weather can be unpredictable and the country can be quite cold in the winter and quite hot in the summer, so you should be ready for the weather depending on the season.
The language might be a barrier for some expats, as German is not widely spoken as a second language. However, in major cities like Berlin and Frankfurt, many people do speak English, but in rural or smaller towns, the knowledge of English may be limited.
Managing your finances in Germany
Here we list some key points for expats and businesses to consider when managing financial dealings in Germany:
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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.
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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 Germany. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Germany. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Germany. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Germany, 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.
| Date | EUR/USD | Change | Period |
|---|---|---|---|
12 May 2023 | 1.0940 | 1.9% ▼ | 2 Week |
25 Feb 2023 | 1.0573 | 1.5% ▲ | 3 Month |
26 May 2022 | 1.0733 | 0% ▼ | 1 Year |
27 May 2018 | 1.1689 | 8.2% ▼ | 5 Year |
28 May 2013 | 1.2867 | 16.6% ▼ | 10 Year |
31 May 2003 | 1.1800 | 9.1% ▼ | 20 Year |
What are EUR to USD forecasts?
The EUR to USD exchange rate has been trading in a relatively stable range over the past three months, hovering near 60-day lows of 1.0724. Recently, EUR's negative correlation with a stronger US Dollar put some pressure on the single currency, while a weaker-than-expected consumer confidence reading also dented demand for EUR. The US Dollar has made modest gains over the past few days as a bearish market mood increased the safe-haven currency's appeal amid increasing Sino-American economic tensions.
FX analysts expect that if the Eurozone's PMIs raise concerns about weakening private sector activity, then the single currency could face headwinds. Moreover, the overall performance of the Eurozone economy is a significant factor that affects the euro exchange rate, and economists believe that uncertainty over the European Central Bank's interest rate plans could further impact the EUR to USD exchange rate adversely. However, the US dollar's strength over the past year is expected to eventually reverse in 2023 as the Fed's interest rate hikes cycle finally comes to an end.
EUR/USD forecasts EUR/USD rates
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 Germany or planning a trip or maybe living there, so will need to exchange and spend Euro.
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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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