This is a foreign exchange guide to Austria, Euro currency news plus EUR transfers and travel tips.
In this guide we review :
- Euro info - general info about the Euro
- Euro in the markets - recent EUR moves and predictions from the FX markets
- Travelling in Austria - currency & money saving tips
- Buying Euro cash online - travel money for Austria
- Sending money to Austria - save on Euro bank transfers to Austria
- Euro exchange rates - latest & historic exchange rates.
Euro (EUR) general currency information
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.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR and the symbol is €.
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthélemy, Saint Martin, Saint Pierre And Miquelon, San Marino, Slovakia, Slovenia and Spain.
Euro (EUR) in the markets
On June 14th, the euro had one of its worst days in recent memory after the ECB signalled it would leave interest rates unchanged at 0.0 percent until the latter stages of 2019. A day later (the day of this report), the euro was trading in the mid-$1.15s versus the dollar and looked set to lose more of its value (earlier in the year it had traded in the mid-$1.25s), and had fallen towards the bottom end of its long-term trading range against the pound, at £0.873.
The ECB did at least announce it would phase out quantitative easing in Europe, which kept the euro’s losses within reasonable limits. QE will be terminated at the end of the year.
Goldman Sachs described the June ECB meeting as a “material negative for the euro.”
Prior to the ECB decision, Danske Bank had estimated a median price for EUR/USD in H2 2018 of 1.18; the bank saw a return to the 1.20s as unlikely in the near term (that's almost certain after the ECB meeting). Danske had predicted a “foot-dragging” ECB that would be “reactive rather than active.”
The interactive chart below shows the EUR to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Travel, Currency and Money saving tips for Austria
The capital city of Austria is Vienna and has a population of around 1.7 million. Austria has a very high standard of living and is one of the richest countries in the world. The majority of the population speak local Bavarian dialects of German as their native language, and Austrian German in its standard form is the country's official language. Getting around Austria is not a problem as the local transport infrastructure is very good and inexpensive. Taxi drivers usually expect a 10% tip.
Austria is located in the Alps and is a largely mountainous country. For skiers Austria now represents better value for money than the French Alps, everything from basic holiday costs to lift pass, ski school, eating out and partying usually costs less.
Travel money for Austria
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Money Exchange Rates Compared
Buying EUR Cash with USD 1,000
Rate timestamp : Wed Jul 18 2018 00:00:04 GMT+0000 (UTC)
Austria Trip Checklist
Sending money to Austria
When searching around for information on how to get a good exchange rate when sending money to Austria you need to start with finding out the latest Euro foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Get a better deal for foreign transfers to Austria
When sending money to Austria it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Austria.
Use our Send to EUR calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending USD 10,000 to EUR
Rate timestamp : Wed Jul 18 2018 00:03:10 GMT+0000 (UTC)