The euro makes our lives simpler by enabling citizens to live, work and study abroad more easily. At the ECB, we safeguard the euro so that you can make the most of all that Europe has to offer. Compare our rate and fee with our competitors and see financial modeling the difference for yourself. For local phonetics, cent, use of plural and amount formatting (€6,00 or 6.00 €), see Language and the euro.
Save when you send money abroad
In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs. Live tracking and notifications + flexible delivery and payment options. The symbol € is based on the Greek letter epsilon (Є), with the first letter in the word „Europe“ and with 2 parallel lines signifying stability.
Value of Obsolete National CurrenciesEuro bank notes and coins began circulating in 2002 with old notes and coins gradually being withdrawn from circulation. The precise dates that each old currency ceased being legal tender and their official fixed rates are shown in the table below. These private and business transactions are still subject to taxation law, business law, anti-money laundering law and other general commodity trade rules. However, currencies which are not official within the euro area, are not governed by monetary law.
Use as reserve currency
The currency code for Euros is EUR, and the currency symbol is €. The euro is the official currency of 20 European Union countries which collectively make up the euro area, also known as the eurozone. The euro unites us in diversity, as reflected by the two sides of our coins.
The euro is divided into 100 cents (also referred to as euro cents, especially when distinguishing them from other currencies, and referred to as such on the common side of all cent coins). In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage.[33][34] Otherwise, normal English plurals are used,[35] with many local variations such as centime in France. Parties may also agree to transactions using other official foreign currencies (e.g. the US dollar). They may also agree to use privately issued ‘money’ like local exchange trading systems (e.g. voucher-based payment systems) or virtual currencies (e.g. Bitcoin).
Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. They add hidden markups to their exchange rates – charging you more without your knowledge. Bulgaria has negotiated an exception; euro in the Bulgarian Cyrillic alphabet is spelled eвро (evro) and not eуро (euro) in all official documents.[128] In the Greek script the term ευρώ (evró) is used; the Greek „cent“ coins are denominated in λεπτό/ά (leptó/á). As of January 2014, and since the introduction of the euro, interest rates of most member countries (particularly those with a weak currency) have decreased. Some of these countries had the most serious sovereign financing problems. Use of the Euro outside the EUA number of sovereign states that are not part of the European Union have since adopted the Euro, including the Principality of Andorra, the Principality of Monaco, the Republic of San Marino, and the Vatican City.
Popular Euro (EUR) Currency Pairings
Euro coins from any member state may be freely used in any nation that has adopted the euro. To ensure that you remain free to choose cash as a way to pay both now and in the future, the ECB and the central banks of the euro area are working to ensure that cash remains accessible to all. We will make sure it remains an accepted, competitive and reliable means of payment and a store of value.
Many languages have different official spellings for the Euro, which also may or may not coincide with general use. Additionally, there are various nicknames for the currency including, Ege (Finnish), Pavo (Spanish), and Euráče (Slovak). Our currency rankings show that the most popular Euro exchange rate is the EUR to USD rate.
Convert Euro to US Dollar
However they do not have a deadline to do so and can delay the process by deliberately not complying with the convergence criteria (such as by not meeting the convergence criteria to join ERM II). Bulgaria and Romania are actively working to adopt the euro, while the remaining states do not have a migration plan in progress. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all participating states have done so. Denmark has negotiated exemptions,[20] while Sweden (which joined the EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a 2003 non-binding referendum, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements.
- It would be like cash, but digital – allowing you to make and receive payments online and offline across the euro area, without additional costs.
- Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate.
- The definitive values of one euro in terms of the exchange rates at which the currency entered the euro are shown in the table.
- These countries generally had previously implemented a currency peg to one of the major European currencies (e.g. the French franc, Deutsche Mark or Portuguese escudo), and when these currencies were replaced by the euro their currencies became pegged to the euro.
- Our smart tech means we’re more efficient – which means you get a great rate.
Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states of the union as of 2002. Beginning in 2007 or 2008 (depending on the country), the old map was replaced by a map of Europe also showing countries outside the EU.[36] The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the EU member states as of 2002, raised somewhat above the rest of the map. The coins also have a national side showing an image specifically chosen by the country that issued the coin.
The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their 10 great ways to learn stock trading in 2020 official currency, and many others allow it to be used in a de facto capacity. The following EU member states committed themselves in their respective Treaty of Accession to adopt the euro.
Our smart tech means we’re more efficient – which means you get a great rate. Since 2005, stamps issued by the turnkey forex review should you use this broker Sovereign Military Order of Malta have been denominated in euros, although the Order’s official currency remains the Maltese scudo.[75] The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order. These are the average exchange rates of these two currencies for the last 30 and 90 days.
The Euro is used as a trading currency in Cuba, North Korea, and Syria and several currencies are pegged to it. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. To future-proof our money, we are also preparing for a possible digital euro. It would be like cash, but digital – allowing you to make and receive payments online and offline across the euro area, without additional costs. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members,[7] the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency.
