Currency Profile

Euro (EUR)

The euro is the official currency of the European Union (EU).

It was first introduced in 1999 and is used by 19 of the member states of the EU.

More than 337 million people use the euro as their currency, making it the second most-used currency in the world after the US dollar. 

The euro is also a major reserve currency, accounting for over 20% of global reserves. 

The history of the euro began in the aftermath of World War II. In 1948, the Benelux countries (Belgium, Luxembourg, and Netherlands) formed the European Payments Union (EPU) to reduce the risk of exchange rate fluctuations. This led to a series of proposals for a European currency, culminating in the creation of the euro in 1999.

The Euro is managed by the European Central Bank which is based in Frankfurt and is headed by former IMF chief Christine Lagarde.

The Euro is also unofficially used in multiple places including Kosovo and Montenegro.

Many other currencies are planned to be replaced with the Euro including the Romanian Leu, Croatian Kuna and the Bulgarian Lev.

Key Facts about the

Convert Online & Phone

When you need to convert the Euro you can do it both in your online account and by calling the team

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