In this article, we’re discussing the Slovakia currency that was adopted following the country’s independence from the Czech Republic, the euro.
This article is part of our free series on opening a foreign currency account, transferring funds abroad, and banking internationally, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
Slovakia Currency
Slovakia currency is the euro with the currency symbol € and the ISO 4217 Code EUR. The euro has been the official currency of Slovakia since 2009 when it replaced the Deutsche Mark (DM).
Unlike many of the other countries in the Eurozone, Slovakia adopted the euro in 2009. Comparatively, many of the other Eurozone countries adopted the euro in 1999.
Banknotes & Coins
The euro is available in seven different banknotes and eight different coins. However, due to the elimination of the 500 euro banknote in 2019, only six banknotes continue to be produced. Here is a look at the denominations of the banknotes and coins available in Slovakia.
Banknotes Accepted in Slovakia
- € 5
- € 10
- € 20
- € 50
- € 100
- € 200
- € 500 (accepted but not produced)
Coins Accepted in Slovakia
- € 0.01
- € 0.02
- € 0.05
- € 0.10
- € 0.20
- € 0.50
- € 1.00
- € 2.00
Exchange Rate
As the official currency of Slovakia is the euro, the official exchange rate will be the same as the rest of the countries within the Eurozone. As a major international currency, the value of the euro in comparison to other currencies is determined primarily by market forces, central bank interventions, and overall economic conditions.
Does Slovakia Accept Foreign Currency?
Yes, Slovakia does accept foreign currency in certain situations, such as retail locations and restaurants that specifically cater to foreign tourists. However, it’s important to note that the official currency of Slovakia is the euro, which is the only legal tender in the entire country.
How Can I Send Money to Slovakia?
In order to send money to Slovakia, individuals and businesses can choose from a wide range of options, including conventional transfer methods and more obscure options.
Not surprisingly, the first option that most people consider is sending a bank transfer. If you are sending funds from outside of the Single Euro Payments Area (SEPA), bank transfers involve sending a transfer through the SWIFT network.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a network of international banks that facilitate international transfers across the globe.
Alternatively, if you are sending funds from within the Single Euro Payments Area, you will likely be sending a SEPA transfer.
The main difference between a SWIFT transfer and a SEPA transfer is the cost of sending, SWIFT is often an expensive transfer option when compared to the low-cost option of sending SEPA transfers. However, SEPA transfers are only available between banks within SEPA countries.
That said, there is a wide range of alternative transfer methods to choose from when sending money to Slovakia, including the following.
Options for Sending Money to Slovakia
- International transfer services
- Money order services
- Paypal or other peer-to-peer transfer services
- Cryptocurrency transfers
- Sending physical checks
Here is a closer look at a few of the most popular options in great detail.
International Transfer Services
There is a wide range of international transfer services to choose from when sending money to Slovakia. In most cases, these services are delivered through digital platforms and mobile applications.
In addition to offering convenience, international transfer services are also one of the lowest-cost options available. Additionally, if you choose to use one of the larger transfer services, your transfers will be secure with large licensed financial institutions.
Money Order Services
International money orders are available in most countries. However, it’s important to note that they are often more expensive than some of the other options available.
That said, money orders are secure and offer an immediate solution to sending funds. When using a large money order service provider, you can also arrange for money to be picked up in cash or to have it deposited directly into a bank account.
Peer-to-Peer Transfer Services
Peer-to-peer transfer services are another option for sending money to Slovakia. In fact, they are one of the fastest and most affordable ways to transfer funds.
However, peer-to-peer transfer services do require both parties to have accounts with the same platform. Additionally, they can often be more challenging to fund and withdraw funds from than traditional bank accounts.
How to Choose a Method for Sending Money to Slovakia?
As you can see, each of the options above has different pros and cons. So, it’s important to consider your specific objectives and situation when selecting a method to send money to Slovakia.
Additionally, you should consider all of the options available. When doing so, consider the security, cost, and delay in your funds arriving at the intended recipient.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into Slovakia currency. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
When Did Slovakia Convert to Euro?
Slovakia converted to the euro on January 1, 2009. The adoption of the euro marked the end of the Slovak koruna and the final step towards economic integration with the European Union. In doing so, Slovakia became the 16th country to join the Eurozone.
What Was Slovakia’s Currency Before Euro?
Before adopting the euro on January 1, 2009, Slovakia’s official currency was the Slovak koruna. The symbol for the koruna was Sk and the ISO 4217 code was SKK. The Slovak koruna was first adopted by Slovakia following independence from the Czech Republic in 1993, replacing the Czechoslovak koruna.
What Is the Slovakian Currency?
The Slovakian currency is the euro. The euro was adopted as the official currency of Slovakia on January 1, 2009. Adopting the euro was one of the steps taken by Slovakia towards full integration into the European Union, which it joined in 2004. Prior to the euro, the Slovakian currency was the Slovak koruna.
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