The euro is the official form of currency used throughout the eurozone, a group of European Union nations. After the United States and the European Union, the eurozone accounts for the largest percent of the world’s gross domestic product. This makes the euro one of the world’s most important and most valued currencies. If you plan on traveling to one of the 19 eurozone countries, it is important that you familiarize yourself with the euro rate in addition to learning about benchmark hospitality in Europe. To find out more about this important currency, keep reading below.
What Is An Exchange Rate?
An exchange rate is defined as the price of one nation’s currency against another’s, which can learn about from the Dubai stock market. Many different factors may influence the exchange rate between two currencies. This includes inflation, political instability, trade rates and interest rates. Today, the exchange rate between the dollar and the euro is approximately .96 USD to 1.00 EUR. This means that you would “lose” four cents when converting your US dollar to the euro. However, someone converting their euro to dollars would “gain” four cents. This is important to know if you are traveling abroad for business or pleasure. You should always have a clear idea of how far your money will go when converted to your destination’s official currency.
What Is The Eurozone?
The eurozone is the monetary union that was formed in part through the European Union. They are represented by the European Central Bank which sets the monetary policy of the zone. Their main task is to keep inflation under control. These types of regulations have helped the euro mark its place as one of the world’s strongest currencies. As a world traveler, it is important that you understand which countries officially use the euro as their main form of capital so that you can prepare yourself and your wallet for the expenses of future trips.
Who Is Part Of The Eurozone?
There are 28 European Union member states, but only 19 have adopted the euro as their official currency. Other members of the EU, apart from Denmark and the United Kingdom, will be required to do the same in the future. The 19 countries that are currently part of the eurozone are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. If you will be traveling to any of these locations soon, it is important that you know the euro rate.
How Can You Convert To The Euro?
If you plan on traveling to one of the countries listed above, it is a good idea to start preparing, like knowing about the hotel linen service. You can do this by exchange your dollars or other currency for the euro. There are plenty of places that you can convert your cash without paying a huge fee. The easiest way to do this is to withdraw cash from an in-network ATM once you are in your desired location. However, this requires your bank to have international branches in that area. Instead, you could contact your bank directly before you leave to request foreign currency.
The euro rate is an important factor to consider when planning a trip to any of the 19 participating eurozone countries. Your money could be more or less valuable compared to the euro, which is a good thing to know ahead of time. This way, you can prepare yourself to spend more on the trip if necessary. Keep the euro rate in mind the next time you travel.
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