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The Polish Zloty is the national currency of Poland and has been so since the 14th century. While this currency is very old, it has undergone numerous changes over the centuries and is now considered the “New Zloty”, the one before it is the “old złotych”. The latest change from the old to the new happened in 1995, where the currency underwent redenomination due to inflation. Since the change, the Polish Zloty has been relatively stable and is now widely accepted among numerous online trading brokerages in Europe. Most of these brokerages accept the Euro as well, but an increasing number is accepting the Polish Zloty.
show moreThe Polish Zloty is represented by the “zł” sign and by the currency ticker or code (PLN). Before the new Zloty, the old Zloty was represented by the code (PLZ), but this code is no longer valid. The Polish Zloty differs from most other currencies in the way it’s represented by placing the sign after the currency amount, instead of before. For example, for the US Dollar it’s represented like $100, and for the Polish Zloty it’s represented like 100zł. The Polish Zloty is broken up into denominations of 100, each one being called “Grosz” and represented by the symbol “gr”. The most frequently used Polish Zloty banknotes include 10zł, 20zł, 50zł, 100zł, 200zł. As for the most frequently used coins, they include 1gr, 2gr, 5gr, 10gr, 20gr, 50gr, 1zł, 2zł, 5zł.
Since the Polish Zloty was redenominated in 1995, the value of it has remained quite stable and is exchanged at a rate of between 3 and 4 Zloty per1 US Dollar. The most common currency pairs with the Polish Zloty are the USD, EUR, GBP, CHF, and JPY. Most online trading brokerages accepting the Polish Zloty will also accept the Euro as well. These two currencies are easily exchangeable, and most brokerages will have no problem exchanging the two for a small fee. For traders located outside of Poland and wish to trade with a Polish trading brokerage, they will more likely than not accept Euros in addition to the Polish Zloty. Therefore, traders do not even have to exchange their native currency for Polish Zloty when trading with a Polish trading broker.
The Polish Zloty is issued by the National Bank of Poland and traders have numerous banking options for the Polish Zloty when it comes to trading with Polish brokers. There are several services that facilitate deposits of the Polish Zloty such as the standard debit card and credit card method as well as bank wire transfers. Additional more unconventional methods include depositing via various e-wallets or gift cards or prepaid cards. The depositing fees may vary between brokers, so it’s best to consult numerous brokers before depositing. Withdrawing Polish Zloty generally has most of the same options as deposits, however, some brokers will not have nearly as many options. Therefore, it is very important to check which withdrawal options are available before making a deposit.
