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The induction of the Euro seeks to unite all countries of the old continent under one currency in order to facilitate international trade and diplomatic relationships. This endeavor has transcended into the world of Forex, and today the EUR is the second most iconic currency in circulation.
Local bank transfer in EUR will take a significantly less amount of time, usually up to 24 hours, to be processed, while international transfers might take between 2 to 5 business days, and at times even more.
Local bank transfers in EUR are significantly cheaper than international Wire Transfers. International Bank Transfers are most of the time taxed and the charge can go up to the €30 mark. And one must not forget that even with or without fees charged by the broker, there is always the probable chance that banks will issue a transaction fee whether for a deposit or a withdrawal.
Credit and Debit card payments in EUR are instant. Due to the huge number of brokers operating with the Euro currency, we can only give you the average percentage of Credit/Debit card transaction fees, most of which occur during withdrawals. These charges range from 0.5% (of the sum), to 3%. These may seem insignificant, but consider if the payment sum is in the four or five digit value, then these small percentages may turn out to be hundreds and even thousands of euros.
There are, however, many brokers that allow free-of-charge Credit/Debit card payments, like Trading 212, Plus500 and Markets.com, just to name a few.
The most popular of alternative methods are Neteller and Skrill, which process payments almost instantaneously. There are, nevertheless, fees that occur during transactions.
Most brokers charge between 0.5% and 2% of the sum if one uses Skrill or Neteller.
Skrill as the 3rd party payment provider, charges 1.45% of the sum for sending money.
For Netteler, the commissions issued by the payment system are 2.5% of the requested sum.
Some alternative methods are rooted in particular countries like iDeal for the Netherlands, or Sofort for Germany.
iDeal payments are instant and are free of charge form the broker’s side. The iDeal payment provider charges €0.29 per transaction.
Sofort payments at times can take up to 1 working day, while fees on Sofort payments within brokers are rare, but should they occur they do not surpass 2% of the sum. However, the payment provider itself issues a fixed charge of €0.25 per transaction plus 0.9% of the processed sum.
Even though the euro is the official currency of the European Union, it still hasn’t been adapted by a total of 9 countries: Bulgaria, Denmark, the Czech Republic, Hungary, Croatia, the UK, Poland, Romania and Sweden.
The Euro accounts for around 36% of all global payments, which puts it directly behind the US dollar.
Interestingly enough, only 20% is the euro’s share in holdings of foreign exchange reserves. The first one being the US dollar with 60%.