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 helpful links to our currency converter, our online currency-purchasing
service, and information on the Travelocity.com World MasterCard.
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 will have a short time to convert
their currencies to the euro, after which the old currencies will be 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.
When will the old currencies be taken out of circulation?
For most member states, the euro becomes the sole legal tender on February 28, 2002. However, some
countries--most notably Germany--are required to convert to the euro sooner. Here is a list of
conversion deadlines:
- Germany (German mark)--Convert by December 31, 2001
- The Netherlands (Dutch guilder)--Convert by January 28, 2002
- Ireland (Irish punt)--Convert by February 9, 2002
- France (French franc)--Convert by February 17, 2002
- Austria (Austrian schilling)--Convert by February 28, 2002
- Belgium (Belgian franc)--Convert by February 28, 2002
- Finland (Finnish markka)--Convert by February 28, 2002
- Greece (Greek drachma)--Convert by February 28, 2002
- Italy (Italian lira)--Convert by February 28, 2002
- Luxembourg (Luxembourg franc)--Convert by February 28, 2002
- Portugal (Portuguese escudo)--Convert by February 28, 2002
- Spain (Spanish peseta)--Convert by February 28, 2002
What if I have leftover currency after the conversion deadline for the euro?
You won't be able to use your leftover currency for transactions after the conversion deadlines
listed above. However, you may still exchange leftover currency for euro at any European bank until
June 30, 2002. After that, you can only 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 by June 30, 2002 at the latest.
Is the euro available for purchase in the United States?
The euro is available for purchase in the United States. If you would like to purchase the euro or
other currencies online, you can do so using Travelocity’s currency-purchasing service, featuring
more than 60 international currencies.
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 BetterMyTravel.com using
our Currency Converter. Click here to use our Currency Converter.
Will the value of the euro be 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.
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