The euro has fallen to multi-month lows in recent weeks, as a continued dovish stance from the European Central Bank (ECB) puts it increasingly at odds with its global counterparts, particularly the Federal Reserve and the Bank of England (BoE).
South African rand to euro exchange rates – an introduction
Sending money from South Africa to the Eurozone? People use the currency markets to send money in order to pay living costs, rent, buy a property, get hold of their South African pension, start a business or pay staff. The ZAR/EUR exchange rate converts your rand into the local euro currency.
ZAR/EUR exchange rate movement facts
The ZAR/EUR exchange rate has been on rocky form these past ten years, as political tensions in South Africa and the Eurozone sovereign debt crisis kept the pairing on the rocks.
- The best exchange rate of the last ten years for ZAR/EUR was €0.1142, which was hit on the 8th January 2011.
- During the past decade, ZAR/EUR recorded its weakest rate of €0.0542 on the 17th January 2016.
Key facts to know about the South African rand and euro currencies
The South African rand doesn’t have any widely-used nicknames, but gets its ZAR currency code from the Dutch name for it; Zuid-Afrikaanse Rand. Meanwhile, the euro is often referred to as the ‘single currency’ or the ‘common currency’.
Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200 and €500 – the €500 note is no longer being produced, but is still in circulation and is still legal tender.
Causes of ZAR/EUR exchange rate fluctuations
The South African rand is heavily influenced by the fraught domestic political situation – accusations of corruption and unethical government spending are rife, and these weigh heavily on the currency markets.
Meanwhile, the Eurozone is still tentatively recovering from the sovereign debt crisis; signs the regional economy is doing well support the euro, but signs of weakness send it lower.
Our other tools
Get a quick and simple exchange rate – you can also compare how you’ll fare against the banks.
See how your chosen currency pair has fared over the last days, weeks, months and years.
Tell us your target exchange rate, and we’ll SMS & email you when it’s hit.
The pound traded in a wide range on Wednesday, as a weaker-than-expected inflation reading raised questions over whether the Bank of England (BoE) will hike interest rates next month.