When it comes to currencies, many European payment gateways try to offer as many local currencies as possible. Given the fact that many European countries have EUR as their official currency, the list of available currencies is not as extensive as one might expect.
Which currencies are used throughout Europe?
There are 44 countries in Europe, out of which 28 are members of the European Union. 19 of them have EUR as their official currency 💶
The Euro was introduced in order to help strengthen European trade and currently EUR is the second most traded currency after USD.
The countries that use EUR as their national currency are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
The other European countries have their own currencies as they are either not yet members of the European Union, they are members of the EU but have powerful economies and didn’t consider moving to EUR, or they didn’t reach that precise step of currency change in their adhesion process.
The EU member states that have their own currencies are: BGN (Bulgarian lev), HRK (Croatian kuna), CZK (Czech koruna), DKK (Danish krone), HUF (Hungarian forint), PLN (Polish zlot) , RON (Romanian leu), SEK (Swedish krona), GBP (Pound sterling).
Aditionally, Switzerland is not part of the European Union and has maintained the CHF (Swiss franc) as their official currency, while United Kingdom uses it’s own GBP as currency.
Other European countries that are not members of the European Union and have their own currencies are: ALL (Albanian lek), BAM (Bosnia and Herzegovina convertible mark) , BYN (Belarusian ruble), GIP (Gibraltar pound), ISK (Icelandic krona), MKD (Macedonian denar), MDL (Moldavian leu), NOK (Norwegian krone), RUB (Russian ruble), RSD (Serbian dinar), TRY (Turkish lira), UAH (Ukrainian hryvnia).
Which are the most used currencies in Europe?
With an estimated 400million online users for 2018, Europe is a 300bn EUR e-market ready to take online orders.
The currencies mostly used in Europe are EUR, GBP, SEK, PLN, NOK, CHF, DKK, RON, CZK, HUF, BGN and HRK in this particular order, based on the 2018 ecommerce estimations by Statista.com.
Which currencies should a European payment gateway support?
If you are looking to sell goods and services within the European Union, you should consider payment gateways that support the currencies that are part of the strongest European economies: EUR, GBP, CHF, NOK, SEK, DKK at least, and additionally the USD as it is the most used currency world wide.
The currencies of the countries where you want to sell the goods should be among the supported currencies for processing, while the currency of one of your bank accounts should be among the currencies supported for settlement by the payment gateway.
Twispay currently supports the following currencies EUR, USD, RON, GBP, CHF, NOK, SEK and DKK for both processing and settlement, and we are actively working to expand our portfolio based on our clients' needs.
You might also want to check the list of countries where your company must have an office in order to process payments though us.