Currency in Saint Pierre and Miquelon
A practical currency and money guide to travel, living and doing business in Saint Pierre and Miquelon and the Euro (EUR).
What's in this Saint Pierre and Miquelon currency guide:
What currency is used in Saint Pierre and Miquelon?
The official currency of Saint Pierre and Miquelon (country code: PM) 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 Saint Pierre and Miquelon
A trip to the French islands of Saint-Pierre and Miquelon is a must for anyone planning travel in eastern Newfoundland. With a piece of Europe just 20 km from the province’s southern coast, why wouldn’t you plan an international trip? That being said, a visit to the archipelago does require some preparation. The islands of St-Pierre and Miquelon aren't just French-like with their berets, baguettes and Bordeaux, they are France, governed and financed by the tricolore. St-Pierre is the more populated and developed island, with most of its 5500 residents living in the town of St-Pierre. Miquelon is larger geographically but has only 600 residents overall.
Jacques Cartier claimed the islands for France in 1536, after they were discovered by the Portuguese in 1520. At the end of the Seven Years' War in 1763, the islands were turned over to Britain, only to be given back to France in 1816. And French they've remained ever since.
How to travel Saint Pierre and Miquelon?
Air St-Pierre flies to St John's, Montréal and Halifax. There are two to three flights weekly to each city. Taxis to/from the airport cost around €5. From Fortune on Newfoundland, the St-Pierre Ferry makes the hour-long trip to and from the island once daily (twice on Wednesdays) in July and August. It runs less often the rest of the year. Departure times vary, so check the website. Boats carry foot passengers only, though plans are in the works for two car ferries.
Much can be seen on foot. Roads are steep outside of town, so prepare to huff and puff. Car-rental agencies are resistant to renting to tourists, who admittedly have difficulty navigating the unsignposted, narrow, one-way streets. The visitor center rents bicycles (per day €13) and there are also motorized bicycles for rent. Local ferries head to Miquelon and Langlade; check with the visitor center for schedules and costs.
Travel tips for Saint Pierre and Miquelon.
Just like in Europe, the winding narrow streets of Saint-Pierre are filled with vibrant shops and must-try restaurants – the key is finding them all! The town of Saint-Pierre isn’t zoned out like many cities in Canada, meaning that you may find the perfect souvenir in a tiny shop tucked among houses on a seemingly residential street. Saint-Pierre’s size makes it easy to explore by foot, so be sure to put on your walking shoes and meander down every possible street.
The archipelago is a relatively small region that hosts a fair number of tourists each season. As a result, accommodations are limited, and it can even be a challenge to find supper during the height of summer, if you're not prepared! Plan your trip as far in advance as possible, and book accommodations, excursions, and dinner reservations as soon as you’ve decided on dates. Getting the logistics sorted out early means you'll be able to experience everything you want to, without worry.
Expat Money & Business Guide to Saint Pierre and Miquelon
Managing your finances in Saint Pierre and Miquelon
Here we list some key points for expats and businesses to consider when managing financial dealings in Saint Pierre and Miquelon:
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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 Saint Pierre and Miquelon. 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 Saint Pierre and Miquelon. 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 Saint Pierre and Miquelon. 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 Saint Pierre and Miquelon, 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 |
|---|---|---|---|
15 Mar 2023 | 1.0582 | 2.5% ▲ | 2 Week |
29 Dec 2022 | 1.0661 | 1.7% ▲ | 3 Month |
29 Mar 2022 | 1.1092 | 2.2% ▼ | 1 Year |
30 Mar 2018 | 1.2330 | 12.1% ▼ | 5 Year |
31 Mar 2013 | 1.2815 | 15.4% ▼ | 10 Year |
03 Apr 2003 | 1.0730 | 1.1% ▲ | 20 Year |
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 Saint Pierre and Miquelon 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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