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Many individuals without much thought go to high road banks to send money to Slovakia. What a waste it is transferring money to Slovakia through high street banks. Your high street banks will collect colossal exchange charges on global money transfers. More to that you will be left with no space for arrangement on the outside trade rates.
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Slovak Koruna exchange rate?
At the moment Slovakia uses the Slovak koruna as their currency and this is expected everywhere, but many places that are near the Austrian border also accept Euros as an alternative currency. So if you are looking to transfer money to Slovakia find out if your recipient would like it in the Slovak koruna or the Euro. Do this and you will avoid any confusion or delay when it comes to your recipient receiving their money.
Know the exchange rate in Slovakia?
As with any kind of foreign currency exchange it is advisable to know the currency rate Slovakia currency, the Solvak koruna is being exchanged for. If you and your recipient are in no hurry to complete your money transfer to Slovakia you can afford to wait until the exchange rate is favourable. By doing this you can ensure that your recipient gets as much money as possible when you exchange your foreign currency and send it to them.
When will the Euro be the only currency in Slovakia?
At the moment the Slovak koruna is the main currency in Slovakia, with only a handful of places on the Austrian border actually accepting Euros. However, this stands to change by the end of 2010 with the country fully adopting the Euro. So by the end of 2010 if you are planning a currency transfer to Slovakia you should be aware of this. Although if you do use an online exchange broker you will be informed of this while you are completing your transfer of funds.