Using the euro - Your Europe (2024)

FAQs

Using the euro - Your Europe? ›

You can use the euro in 20 EU countries: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

Resist the urge to buy foreign currency before your trip.

Some tourists feel like they must have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.

All EU Member States, except Denmark, are required to adopt the euro and join the euro area, once they are ready to fulfil them. The Treaty does not specify a particular timetable for joining the euro area, but leaves it to member states to develop their own strategies for meeting the condition for euro adoption.

If you do want to wait until you arrive in Europe to get your euros, a word of caution. It's not usually a good idea to exchange currency at the airport, or even at your hotel. These places are definitely convenient, but you're likely to pay a premium for it. Commission fees can be high and exchange rates unfavorable.

It's always better to pay in the local currency when you're on holiday. If a retailer offers to convert your card transaction into pound sterling, politely decline and continue with the transaction in the local currency. So if you're in France, pay in euros, if you're in the United States, pay in US dollars.

It is cheaper to exchange money at the bank (or by using an ATM) than the airport. That's because currency exchange stores and kiosks at the airports mark up the exchange rate to make a profit.

Don't Expect to Get Too Far Without Cash

There's a lot that you can buy with a credit card in Europe, so bring at least one. But don't expect to get very far without a little cash, too—especially if you're a tourist. Transportation services, such as taxis and buses, often require local currency.

A good rule of thumb, though, is that, on average, you should plan to carry between $50 and $100 per day in the currency of the country in which you're travelling. As with all things, research is your friend here. Understand where you're travelling and what the local customs regarding cash are.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges.

Waitrose has the best Euro rate right now at 1.1634. You'll need to order online to guarantee this rate as rates may be lower in store. You can buy your euros online and collect them from your nearest Waitrose travel money store if you don't want to wait for home delivery.

How to avoid ATM fees in Europe? ›

The benefits of paying in local currency

Your bank may charge a fee to carry out the transaction. The rate your card provider uses when processing local currency payments will, in most cases, be lower than that of the merchant, or foreign bank, when paying in dollars (USD).

How Much Spending Money Do I Need Per Day? Virtually impossible to predict, we'd advise a figure roughly around €140 a day for spending money in Western Europe and about €60–140 a day for Eastern Europe.

ATMs and banks can be found all over Europe. And we advise that you use them to get your euros rather than exchanging cash or purchasing them from a bank ahead of a trip. (Like purchasing euros from a bank at home, currency exchange kiosks don't typically offer the best rates, and many charge a commission.

Most credit cards charge a cash advance fee, which is usually a percentage of the amount you withdraw or a fixed fee, whichever is higher. This fee can add up quickly and make your euros more expensive than anticipated.

The first thing to know is that when visiting Rome, bringing a lot of money with you is a very bad idea. By buying euros in advance, you will get ripped off on the exchange rate in your home country. By buying a lot of euros in advance, you will get ripped off exponentially.

Ordering currency from your bank before you travel is almost always better than using the airport currency exchange. Sally French is a travel rewards expert who joined NerdWallet in 2020.

Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.

Wherever you wander in Europe, it's wise to travel with cash euros. While ATMs and card facilities are widespread across the continent, this cannot always be relied upon. Some countries or areas off the beaten track have yet to fully embrace card payments, so cash means you won't get caught short.