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Information on the Euro
It’s been a long time coming, but the euro is finally here. If you are traveling to Europe any time soon, you may wonder what this means for you. Below you’ll find the answers to frequently asked questions about the new European currency, along with a helpful link to our currency converter.
What is the euro?
The euro is the new single currency of the European Monetary Union. On January 1, 2002 the euro became legal tender for 12 member states of the European Union. Participating states had a short time to convert their currencies to the euro, and now the old currencies are being taken out of circulation and no longer accepted as legal tender.
Where can I use the euro?
You can use the euro in 12 participating EU member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. All other European countries will continue to use their own currencies. Please note that three EU member states--Great Britain, Denmark, and Sweden--have not converted their currencies to the euro.
What if I have leftover currency?
You can no longer use your leftover currency for transactions. However, you may still exchange leftover currency for euro at national central banks and some specially designated banks. As deadlines and fees for this service vary by country, it is highly recommended that you convert all leftover currency as soon as possible.
Can I still use my credit card in Europe?
The introduction of the euro will not affect your ability to use your credit card, where accepted, for purchases or cash withdrawals. Your credit-card bill will reflect your transactions according to the exchange rate at the time they were made.
If you plan to use your credit card for an ATM transaction, please note that most European ATMs require a four-digit pin number. If your pin number is more than four digits, you should change it through your credit-card company before your trip.
Can I still withdraw cash at ATMs in Europe?
Your ATM card, where accepted, will continue to work at ATMs in Europe. In countries that have switched over to the euro, you will receive your withdrawal in euro. When you receive your bank statement, your account will be adjusted to reflect your withdrawal according to the exchange rate at the time of your transaction, along with any bank or ATM-service fees. You should have at least an approximate knowledge of the exchange rate so that you know how much money you are withdrawing from your account, and how many U.S. dollars you are spending when you make purchases with euro.
Please make sure that your pin number is four digits. If it is more than four digits, be sure to change it with your bank before your trip.
You can track the exchange rates for the euro and other currencies on Travelocity.com using our Currency Converter. Click here to use Travelocity’s Currency Converter.
Is the value of the euro the same throughout the European Union?
Even though 12 European countries have switched to the same currency, you should still expect at least some fluctuation in the value of the euro, depending on where you are. For example, a cappuccino in Venice may cost more in euro than the same drink in Seville.
Related Links
Handling Cash When Traveling Overseas
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