Differences Between Euro Dollar & Euro FX

The symbol for the euro was voted on by citizens in the countries in which it was first implemented

The largest difference between the euro dollar and EuroFX is that one is a type of currency and the other tracks the exchange rates of that currency. The euro dollar is universal form of currency for the members of the European Union (EU). EuroFX is a listing of exchange rates between the euro dollar and other forms of currency.

Euro FX Function

Banks worldwide submit rates to an online platform used by EuroFX where rates are posted daily. The Official Frankfurt Foreign Exchange used to handle this process before the introduction of the euro in 1999.

Euro Currency

Euro coins look the same on the front from country to country, but each country has its own design for the back. 2 euro image by Steffi Mueller from Fotolia.com

Although the euro was introduced in 1999, it was only used in electronic transactions until 2002. In 2002, the paper and coin money for the euro was circulated to all participating countries.

Euro Usage

The euro has replaced the German mark. third reich coins, tails image by John Sfondilias from Fotolia.com

Although most of the countries in the EU use the euro, the United Kingdom, Denmark, and Sweden do not. The exchange rates between these countries currency and the euro are listed on EuroFX. Other countries and territories not in the EU, such as Switzerland, the Vatican and Kosovo, do use the euro.

References

• EuroFX: What is EuroFX?
• GoCurrency.com: What is the Euro (EUR)?
• ThinkQuest: What is the Euro?