What is the currency in Croatia in 2023?
Croatia is set to join the European Union and adopt the euro on Jan. 1, 2023. This development will also see the country retire its native Croatia currency, the Kuna (HRK), on the same date.
Croatia will abandon its native currency, the Kuna, in favour of the euro early next year.
Payset will support users throughout the transition and convert user assets to euros as required beginning on December 12, 2022.
Kuna Exchange Rate Announced
The Council of the European Union has officially announced Croatia’s transition to the new currency and has set an exchange rate of 7.53450 HRK = 1 EUR. Conversely, 1 HRK = 0.13272 EUR under the established exchange rate.
Croatia entered the EU’s Exchange Rate Mechanism II (ERM II) in 2020, which allowed it to establish a conversion rate at an early date and avoid possible devaluation.
The country’s engagement with EU regulators also means that multiple banks in the country have been supervised by the European Central Bank since 2020.
Croatian National Bank, the country’s central bank, has agreed to monitor developments around the kuna in the forex market until Jan. 1, 2023.
The Eurozone Is Expanding
Most European countries have now adopted the euro. With its entry into the union next year, Croatia will become the twentieth EU member state to do so.
Countries already using the euro include Austria, Belgium, Finland, France, Germany, Greece, Italy, the Netherlands, Portugal, and Spain, among others.
Lithuania joined the EU in 2015 and is the most recent country to adopt the euro. Romania and Bulgaria are expected to join the EU in the near future.
Croatia’s adoption of the euro should bring the country into a stronger economic position. Boris Vujcic, governor of the Croatian National Bank, has stated that EU membership will “bring [Croatia] more security, lower risks, increase investment ratings, and raise living standards.”
What It Means for Payset Customers
Payset will stop supporting the Kuna (HRK) on Dec. 12, 2022.
If you are a Payset user and hold Kuna funds, you should withdraw, convert, or move that balance into a Payset euro account before that date. Otherwise, your kuna balance will be automatically converted to euros.
Payset will continue to support Croatian customers and other customers in the European Union throughout the Croatian currency transition. We offer support for more than 38 currency pairs, including the euro and other regional European currencies. Plus, we provide access to top European payment networks such as SEPA, CHAPS, and Faster Payments (FPS).
This wide variety of payment options makes our service an excellent choice for users transacting both within Europe and abroad, whether for business or personal uses.
To find out more or sign up, click here.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
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