A practical currency and money guide to travel, living and doing business in Vatican City and the Euro (EUR).
What's in this Vatican City currency guide:
The official currency of Vatican City (country code: VA) 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.
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.
It might only cover about half a square kilometre, but the Vatican looks every inch a religious superpower. Its holy buildings are monumental in scale and its lavishly-decorated halls house some of the world’s most celebrated artworks.
The actual Vatican is very small, a few buildings, but its meaning is global. Whatever it means to you, it is worth seeing. You don't need a tour, you can walk in and see it all, stunning architecture, and the awe of centuries of faith. Just, if you aren't up for a very hard climb and you want to see the view of Rome from the top, it can be a claustrophobic climb. Take the lift when you if you plan to see Rome from the top the Vatican. The climb to the lovely view at the top can be hard, and not very pleasant. The lift, however, can take you you up to one of the most amazing views of the city. Expect it to be crowded. Always expect a very long queue (30 mins minimum) as the queues are long every day. Rome is an expensive place to stay, but if you look around the internet you can can find good bargains. It is well worth looking around, you can find amazing places cheaper than most with a bit of effort.
Start early at the Vatican Museums. This colossal museum complex occupies the 5.5-hectare Palazzo Apostolico Vaticano and contains one of the world’s greatest art collections, culminating in the Michelangelo-decorated Sistine Chapel. There are kilometres of galleries to explore, with everything from Egyptian mummies and Etruscan bronzes to classical sculptures, cartographic tapestries and Renaissance canvases. The Stanze di Rafaello (Raphael Rooms) will stop you in your tracks as you pause to marvel at the Renaissance maestro’s amazingly detailed frescoes.
The Vatican Museums’ star attraction, the Sistine Chapel boasts two of the world’s greatest masterpieces: Michelangelo’s ceiling frescoes (1508-1512) and his Giudizio Universale (Last Judgment; 1535–1541). For the best views of the ceiling design, which covers 800 square metres and depicts episodes from the Old Testament, cross to the chapel’s main entrance in the east wall (opposite the visitor entrance).
Entering St Peter’s Basilica for the first time is an unforgettable experience. The size and opulence of the cavernous 187m-long interior are breathtaking to behold, and wherever you look your gaze falls on yet another priceless masterpiece. One of the basilica’s most celebrated works is Michelangelo’s Pietà, a moving sculpture of the Madonna cradling her lost son near the main entrance.
Here we list some key points for expats and businesses to consider when managing financial dealings in Vatican City:
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.
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 Vatican City. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Vatican City. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Vatican City. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Vatican City, 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.
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.
15 May 2023
|1.4% ▼||2 Week|
28 Feb 2023
|1.3% ▲||3 Month|
29 May 2022
|0.1% ▼||1 Year|
30 May 2018
|8.1% ▼||5 Year|
31 May 2013
|17.6% ▼||10 Year|
03 Jun 2003
|8.6% ▼||20 Year|
According to recent FX analyst forecasts, the Euro (EUR) has been losing ground against the US Dollar (USD). One contributing factor to this has been the cautious comments made by the European Central Bank (ECB) Chief Economist, who has signaled a dovish stance. Additionally, Germany recently falling into a technical recession at the end of 2022 has also added pressure on the Euro. Economic sentiment figures are being closely monitored as a drop in confidence could further weaken the Euro.
Meanwhile, the USD initially lost ground due to positive market sentiment, but a rise in the core PCE price index has led to an increase in bets for a Fed rate hike, which has strengthened the currency. However, economists expect the USD's strength over the past year to eventually reverse in 2023 as the Fed's interest rate hikes cycle comes to an end. A forecasted drop in consumer confidence also poses a potential risk for the USD, which could pull the currency lower.
The EUR to USD exchange rate has been hovering around a 60-day low near 1.0711, which is 1.3% below its 3-month average of 1.0853. While the exchange rate has remained stable within a 6.3% range over the past 3 months, recent events such as the ECB's dovish stance and Germany's technical recession could continue to affect the Euro's performance against the USD.
EUR/USD forecasts EUR/USD rates
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 Vatican City 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.