Croatia Joins Eurozone: Remittances Cheaper Already
Croatia has officially joined the eurozone, becoming the twentieth country to adopt the euro. The switch from the kuna (HRK) to the euro on 1 January 2023 has already brought changes to remittances and money transfers, with initial data showing lower costs for sending money to Croatia.
Prior to the switch, many Croatians held savings and conducted informal transactions in euros. This familiarity with the currency has likely eased the transition. Companies are currently updating their pricing structures to reflect the change, with many in the process of switching to euro-based rates for transfers to Croatia.
The near-immediate impact on remittances and money transfers is notable. While there's no specific data on costs before and after the switch, early indications suggest lower fees for sending money to Croatia since the adoption of the euro.
Croatia's move to the euro has brought about swift changes in money transfers, with lower costs reported. As companies continue to update their pricing, the full impact of the currency switch on remittances will become clearer. Despite the changes, Croatia's familiarity with the euro has likely smoothed the transition for its citizens.
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