euro

The euro came to life on January 1, 2002 as the currency of 12 central European nations, now up to 15. Here's what it looks like, a €20 bank note compared to an American $20 bill. Both images are defaced with the word "specimen." As of February 2008 the euro is worth about $1.47 so €20 is about $29.

The Euro Zone
Official Austria Belgium Cyprus Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovenia Spain	Unofficial Andora Kosovo Monaco Montenegro San Marino Vatican City	Definitely Not Britain Denmark Iceland Liechtenstein Norway Sweden Switzerland
Possibly open to negotiation in other countries which have their own currencies. In fact, hotel rates are often posted in euros and/or dollars in eastern Europe.

Money exchange rates are in constant flux, sort of like the waves on the beach. But as far as you are concerned, the only rate is the amount of foreign currency you receive, after the exchange rate is calculated and the commissions and/or fees have been deducted. This varies from money changer to money changer. It is a rip-off industry and/or racket throughout Europe. Before giving your money to anybody behind a bullet-proof window ask them to write down the total amount of local currency that you will receive for the cash in your hand, AFTER their commissions and/or fees have been deducted. Be very wary of any exchange office which advertises "No Commission" in big bold print.

In virtually every country of Europe ATMs accept most American bank cards and credit cards. These machines are usually attached to banks but are sometimes free standing machines in train stations, airports, and shopping areas. They are not called ATMs but look almost the same as native ATMs in the USA. Use these machines with your PIN to withdraw local cash, usually at the best exchange rates and usually with no fee, except for the fee at your home town bank. Home town bank fees can be as high as $5.00 per transaction or a percentage of the amount withdranw. Ask your bank for their fee before using your ATM card in Europe.

Call or visit your home town bank before going to Europe to let them know that you'll be over there, and trying to get local cash out of local machines in the European countries you will be visiting. This will help ensure that you can use your ATM card there, but no guarantee, absolutely no guarantee. It is wise to always have a few days supply of cash in your pocket and/or a backup ATM or credit card from another bank or credit union. Also, there is a difference in the performance, if you will, between regular ATM cards and debit cards. The banks have been trying to get everybody to use debit cards for the past decade. These are linked with VISA or MasterCard. Unfortunately, these debit cards do not work as universally as a straight ATM card. This may be because of the credit card link since some banks in Europe do not allow cash advances on credit cards.

Another unfortunate feature of debit cards compared to credit cards is that there may be no limit on liability in case your card is lost or stolen. Your liability for a lost or stolen credit card is $50 up to the time you notify the card issuer. With a debit card a finder can clean out your bank account before you notice that the card is missing. True, a PIN is needed to withdraw cash at an ATM but a PIN is usually not needed at a gas station. If your debit card is used as a credit card, all it takes is a forged signature to clean out your account.

And ask your bank for its ATM maintenance schedule. Bank systems are shut down for software and/or hardware maintenance for a few hours per week or month. They usually do this when most everybody is sleeping — on the west side of the Atlantic. You're on the other side when you are in Europe and cruising along at 5 to 12 hours ahead of your home town. The down-time maintenance hours may inconvenience you and throw a severe crimp into your day's activities if you immediately need a fresh batch of cash while the system is doing its hiccup.

Most ATMs in Europe only accept four digit PINs and most of them only have numbers on the keypad, i.e. no a, b, c. So change your PIN to four easy to remember numbers before you go to Europe. For example, use the year you were born. Do it in reverse for greater security. Or turn 'cash' into 2274 or 'john' into 5646. Be original to be safe.

For much more about money in Europe see chapter 8 of How To Europe.

Here are links to exchange rate web sites and more information about money.
The Euro
XE.com
Pacific Exchange Rate Service
VisitEurope.com


Europe probably has as many ATM machines as the USA. Here is a bilingual cash machine on Boulevard St. Germain in Paris, France. It accepts nine kinds of plastic. [P1020069-ParisATM.jpg]


Stores like this were common throughout Europe before the euro came. Now you only see them in countries where the euro is not the official currency. This merchant in Riga, Latvia sells Kodak products and buys nine kinds of currency. You are probably better off dealing with a bank or using an ATM. [P1160045-RigaMoneyStore.jpg]


The Forex company specializes in foreign currency exchange. Their offices are located in countries which do not accept the euro. This bureau is in the Oslo, Norway train station.[P1120226-OsloForex.jpg]


Here are miniature views of some of the currencies afloat in Europe. From upper left are 20 Swedish kronor, 50 Norwegian kroner, 50 Danish kroner, 2 Estonian krooni, 50 Lithuanian litu, 10 Polish zlotych, 50 Czech korun, and 10 Swiss francs/franchi/Franken/francs. There are four official languages in Switzerland.


Most ATM machines have only numeric keypads, but this one in Nova Milanese, Italy is also alpha. It accepts a dozen types of plastic. However, Italian cash machines are notorious for not giving out money. You often need to visit two or three before you find a cooperative dispenser of euros.[P1080406-MilanATM.jpg]