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 iTravelCheap.net 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.
| 
