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Foreign Exchange Guide to Monaco

Read this currency guide to Monaco with money transfer and travel tips.   [USD/EUR=0.8821]

 
Monaco
Country Code:
MC
Domestic Currency:
Euro
Symbol - Code:
€ EUR
Telephone Prefix:
+377

This is a foreign exchange guide to Monaco, the Euro currency plus EUR transfers and travel tips.


In this Monaco currency guide we take a look at :

  1. Euro info - general info about the Euro
  2. Euro in the markets - recent EUR moves and predictions from the FX markets
  3. Travelling in Monaco - currency & money saving tips
  4. Buying Euro cash online - travel money for Monaco
  5. Sending money to Monaco - save on Euro bank transfers to Monaco
  6. Euro exchange rates - latest & historic exchange rates.
  7. EUR News - the latest Euro related articles from our blog.

Euro (EUR) general currency information


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.

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.


Euro (EUR) in the markets

13-February-19: 2018 was a mixed year for the euro. A 5 percent loss versus the US dollar was offset by a 6 percent gain versus the Australian dollar and small gains against other majors.

Since November, the euro has been remarkably stable against the US dollar, against which it has traded for the most part between $1.125 and $1.15. The euro was quoted towards the low of this range at $1.128 at the time of writing, down 1.5 percent year-to-date.

At the time of writing, euro-pound was 2.5 percent lower on the year at £0.876. Most price action since September has been between £0.865 and £0.91.

The euro is understandably under pressure in early 2019 ahead of Brexit, which more than ever is a source of uncertainty, and on increasing recession risks — Italy slid into recession in February and Germany barely escaped one in the October-December period.

The main euro-supporting factor this year would be an interest rate hike by the ECB, although this is up in the air considering the aforementioned risks.

Forecasts: In February, the head of strategy at BMO Capital Markets predicted a decline in EUR/USD to 1.11 by the end of April. Experts at Natwest predicted a slide in EUR/GBP to £0.85 by mid-year.

The interactive chart below shows the USD to EUR 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.


USD-EUR 3 Month chart
USD-EUR 3 Month chart
USDEUR currency converter

Travel, Currency and Money saving tips for Monaco

 

Squeezed into just 200 hectares, Monaco might be the world’s second-smallest country (only the Vatican is smaller), but what it lacks in size it makes up for in attitude. A magnet for high-rollers and hedonists since the early 20th century, it's also renowned as one of the world's most notorious tax havens and home to the annual Formula One Grand Prix.

Despite its prodigious wealth, Monaco is far from being the French Riviera's prettiest town. World-famous Monte Carlo is basically an ode to concrete and glass, dominated by high-rise hotels, super yachts and apartment blocks. In dramatic contrast, the rocky outcrop known as Le Rocher, jutting out on the south side of the port, is crowned by a rather charming old town, home to the principality's royal palace.

Monaco.

The official language of Monaco is French. However, the national language is Monegasque, which is spoken by roughly 20 percent of the principality’s population, and is similar to Italian. Italian is also used by many residents, as well as some German. It is easy to get around Monaco with English, with most people working in the tourism industry speaking English.

What currency to use in Monaco?

Monaco uses the euro as its official currency, despite the fact that it is not part of the EU.. There are plenty of ATMs in Monte Carlo where you can withdraw Euros. If you plan on withdrawing money or using your credit card while travelling, don't forget to notify your bank before you go for security purposes and to check what international withdrawal fees may apply to your card. Money is easily changed at airports, hotels, banks, and currency exchange kiosks. There are also currency exchange ATMs, which allows visitors to exchange money, as well as regular ATMs throughout the principality.

How to get around in Monaco?

All the regular transport options are available in Monte Carlo like buses, taxis and hire cars, but they also have something very different. Elevators. People actually take elevators around town. Monte Carlo has a system of free public elevators that takes people from downtown Monte Carlo to nearby districts if you can't be bothered walking. It’s really easy to simply walk around the city. If the winding streets ever tire you though, you can always jump on public elevator, which operate 24 hours a day. Head to the Central Tourist Centre to pick up a map to locate the 7 elevators.

Monte Carlo also has a very efficient bus service that operates 5 different routes that’ll take you to Monaco-Ville, Saint Roman, Casino, Jardin Exotique, Larvotto, Gare, Fontvieille and Hôpital.

The solar-powered Bateau Bus sails back and forth across the harbour between quai Antoine 1er (Monaco Ville) and quai des États-Unis (Monte Carlo). Boats make the four-minute crossing every 20 minutes from 8am to 7.50pm; buy tickets on board (€2) or from machines at the docks (€1.50).

Driving is not the best way to get around Monaco; major thoroughfares are crowded, traffic patterns are convoluted and on-street parking is limited. You're generally better off walking or taking public transport.

Travel tips for Monaco.

Perhaps the attraction that best exemplifies Monaco's capital city is its casino. The building's beaux-arts design was overseen by Charles Garnier, architect of the Paris opera. And likewise, this grand casino also contains the city's opera and ballet. If this complex looks familiar, it's because you may have seen it before in the James Bond films, "Never Say Never Again" and "Goldeneye." It was also the inspiration for the casino in Ian Fleming’s first Bond book, "Casino Royale."

One of Monaco's most popular beaches, Larvotto is a free-to-the-public shore located just a short walk from Monte-Carlo. But like many French Riviera beaches, this one has pebbles rather than sand, so bring some sturdy shoes and be prepared to shell out some euros for a chair rental.

Founded in 1910 by Prince Albert I (also a sea captain), this museum and aquarium are must-sees in Monaco. The prince went on dozens of expeditions, and the exhibits are the fruits of his explorations: For example, the skeleton of a whale featured in the museum’s zoology room. And the aquarium – widely considered one of the best in Europe – contains more than 90 tanks, one of which is a shark lagoon.

 

Travel money for Monaco

 

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 Providers
Ratings & Reviews
Amount EUR(€)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
Wells Fargo Bank Foreign Currency
Wells Fargo Bank logo
826.34 EUR
Compare
0.8432$206.37%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
826.27 EUR
€0.07 less
0.8347$106.38%Branch-
U.S. Bank Foreign Currency
U.S. Bank logo
826.20 EUR
€0.14 less
0.826206.39%Branch-
 
Travelex Online US logo
823.80 EUR
€2.54 less
0.82380^6.66%Online order, Branch pickup, Home delivery2-3 days
Wells Fargo Bank: Travel Money USD→EUR
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:0.8432 (4.46% from mid-rate)
EUR amount:826.34 EUR
Total Cost:6.37%
Time:12:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo

Travel Money USD→EUR
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:0.7723 (12.5% from mid-rate)
EUR amount:826.27 EUR
Total Cost:6.38%
Currency Services:Branch
Delivery/Collect:-
U.S. Bank: Travel Money USD→EUR
USD amount:$1,000 USD
Fee:0
Exchange Rate:0.8262 (6.39% from mid-rate)
EUR amount:826.20 EUR
Total Cost:6.39%
Time:12:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→EUR
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:0.8238 (6.66% from mid-rate)
EUR amount:823.80 EUR
Total Cost:6.66%
Time:
Rate Fetched: Wed Feb 20 2019 10:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/20/2019
 

Monaco Trip Checklist    

 
  1. Compare EUR travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Monaco
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Monaco

When searching around for information on how to get a good exchange rate when sending money to Monaco 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).

Can foreigners buy property in Monaco?

A new register disclosing to true beneficiaries of companies that own Monaco property will remove confidentiality.

The major tax break for people who own property in this way disappeared in 2011 when the rule exempting sales of property owned by foreign entities from sales tax (up to 9%) was withdrawn.

What are benefits of Monaco residential tax status in Monaco?

Residents are also having to work harder to prove they deserve Monaco's beneficial residential tax status which includes in most cases zero tax on income and on capital gains accrued abroad.

Anyone applying for, or renewing, their visa is facing more stringent checks to utilities and local expenditure to check that they actually live in Monaco.

What prime property does $US1m buy in Monaco?

The area (㎡) of prime property that $US1million buys in Monaco (Q1 2018) is a very small and cozy 15㎡.

This is compared to equivalent areas for Hong Kong 22㎡, New York 25㎡, London 27㎡, Singapore 37㎡, Paris 45㎡, Shanghai 50㎡, Los Angeles 58㎡, Tokyo 70㎡, Berlin 74㎡, Miami 78㎡, Mumbai 94㎡, Istanbul 110㎡, Dubai 138㎡ and San Paulo 172㎡.

Average prime sale prices in the last year were roughly 41,000 euros per square metre nearly, three times the average price for New York.


Get a better deal for foreign transfers to Monaco

When sending money to Monaco 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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Euro amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Monaco.

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!

 
Foreign Transfer Providers
Ratings & Reviews
Receive EUR(€)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
8,721 EUR
Best Overall
0.87210^1.19%Bank Transfers - Online & Phone1-2 days
 
TransferWise logo
8,737.21 EUR
€16 more
0.8782$511.01%Bank Transfers - Online1-2 days
Wells Fargo Bank International Money Transfers
Wells Fargo Bank logo
8,539.6 EUR
€181 less
0.8555183.24%Online, Branch, Bank Transfers2-3 days
HSBC International Money Transfers
HSBC logo
8,534.18 EUR
€187 less
0.8547$153.31%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
8,482 EUR
€239 less
0.8532153.9%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
8,426.88 EUR
€294 less
0.8512$1004.52%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
8,426.88 EUR
€294 less
0.8512$1004.52%Online, Branch, Bank Transfers2-3 days
 
OFX: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:0.8721 (1.19% from mid-rate)
EUR amount:8,721 EUR
Total Cost:1.19%
Time:
Rate Fetched: Wed Feb 20 2019 10:02:30 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TransferWise: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:0.8782 (0.5% from mid-rate)
EUR amount:8,737.21 EUR
Total Cost:1.01%
Difference:
€16 more than using OFX
Time:12:07 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:18
Exchange Rate:0.8555 (3.07% from mid-rate)
EUR amount:8,539.6 EUR
Total Cost:3.24%
Difference:
€181 less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:0.8547 (3.16% from mid-rate)
EUR amount:8,534.18 EUR
Total Cost:3.31%
Difference:
€187 less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:15
Exchange Rate:0.8494 (3.76% from mid-rate)
EUR amount:8,482 EUR
Total Cost:3.9%
Difference:
€239 less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Bank of America: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:0.8512 (3.56% from mid-rate)
EUR amount:8,426.88 EUR
Total Cost:4.52%
Difference:
€294 less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:0.8512 (3.56% from mid-rate)
EUR amount:8,426.88 EUR
Total Cost:4.52%
Difference:
€294 less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/20/2019
 

Popular EUR cross rates


EUR/USD - Euro to United States Dollar - 10 Year History

DateExchange RatePeriodChange
19 Feb 20191.1336Latest
12 Feb 20191.13341 Week+0.02%
20 Jan 20191.13651 Month-0.26%
23 Aug 20181.15426 Months-1.78%
19 Feb 20181.24001 Year-8.58%
19 Feb 20171.06262 Years+6.68%
20 Feb 20141.37195 Years-17.37%
21 Feb 20091.271410 Years-10.84%

EUR/GBP - Euro to British Pound Sterling - 10 Year History

DateExchange RatePeriodChange
19 Feb 20190.8694Latest
12 Feb 20190.87921 Week-1.11%
20 Jan 20190.88431 Month-1.68%
23 Aug 20180.90116 Months-3.52%
19 Feb 20180.88621 Year-1.9%
19 Feb 20170.85492 Years+1.7%
20 Feb 20140.82385 Years+5.54%
21 Feb 20090.885010 Years-1.76%

EUR/JPY - Euro to Japanese Yen - 10 Year History

DateExchange RatePeriodChange
19 Feb 2019125.3589Latest
12 Feb 2019125.25421 Week+0.08%
20 Jan 2019124.64681 Month+0.57%
23 Aug 2018128.54606 Months-2.48%
19 Feb 2018132.33591 Year-5.27%
19 Feb 2017119.99232 Years+4.47%
20 Feb 2014140.34645 Years-10.68%
21 Feb 2009119.077710 Years+5.27%

EUR/AUD - Euro to Australian Dollar - 10 Year History

DateExchange RatePeriodChange
19 Feb 20191.5872Latest
12 Feb 20191.59551 Week-0.52%
20 Jan 20191.58691 Month+0.02%
23 Aug 20181.59346 Months-0.39%
19 Feb 20181.56791 Year+1.23%
19 Feb 20171.38562 Years+14.55%
20 Feb 20141.52315 Years+4.21%
21 Feb 20091.979410 Years-19.81%

EUR/CAD - Euro to Canadian Dollar - 10 Year History

DateExchange RatePeriodChange
19 Feb 20191.5031Latest
12 Feb 20191.49951 Week+0.24%
20 Jan 20191.50881 Month-0.38%
23 Aug 20181.51216 Months-0.6%
19 Feb 20181.55841 Year-3.55%
19 Feb 20171.39092 Years+8.07%
20 Feb 20141.51915 Years-1.05%
21 Feb 20091.597010 Years-5.88%

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