Using Euros In Austria: What You Need To Know

Austria's currency is the euro, which was introduced in 1999 and is now the official legal tender. Euro banknotes and coins were introduced in 2002, and the currency is divided into 100 cents. Euros can be used in 19 other EU countries, and it is also the national currency of Andorra, Monaco, San Marino, and Vatican City. In Austria, credit and debit cards are widely accepted, but smaller shops and eateries may require cash.

Euro banknotes and coins were introduced in Austria in 2002

Austria uses the euro as its official currency. Euro banknotes and coins were introduced in Austria on 1 January 2002, after a three-year transitional period when the euro was the official currency but only existed as 'book money'.

Austria joined the European Union in 1995 and was one of the first countries to adopt the euro on 1 January 1999. However, during the three-year transition period, the euro only existed in non-physical form (e.g. traveller's cheques, electronic transfers, and banking). The old Austrian schilling banknotes and coins continued to be used as legal tender during this time.

The dual circulation period, when both the schilling and the euro had legal tender status, ended on 28 February 2002. The introduction of euro banknotes and coins in 2002 was a major milestone for the Austrian economy. The changeover was smooth and rapid, thanks to the meticulous preparations of the Oesterreichische Nationalbank (OeNB).

Today, euro banknotes in Austria are available in denominations of 5, 10, 20, 50, 100, 200, and 500, although the 200 and 500 EUR notes are seldom used. There are also 1 and 2 euro coins, and cent coins come in denominations of 1, 2, 5, 10, 20, and 50.

Euros can be used in 20 EU countries

The euro is also used in many overseas territories of these countries, such as the Azores, the Canary Islands, and French Guiana. Additionally, some countries outside of the EU, like Andorra and Monaco, have adopted the euro as their national currency through agreements with the EU.

The euro is the second most-used currency worldwide, with around 341 million people using it daily. It is the most tangible proof of European integration, making travelling and shopping online across EU countries much more convenient.

Austria, for example, adopted the euro as its official currency on January 1, 1999, and introduced euro banknotes and coins in 2002. The Austrian schilling was phased out during a dual circulation period, which ended on February 28, 2002. The Austrian National Bank continues to exchange schilling banknotes and coins for euros indefinitely.

Euros are the official legal tender in Austria

As the official legal tender, the euro is recognised by the Austrian government, meaning it can be used to pay for goods and services, as well as taxes and debts. Euros come in banknotes of 5, 10, 20, 50, 100, 200, and 500 EUR, although the 200 and 500 EUR notes are not commonly used. There are also 1 and 2 EUR coins. Each euro is divided into 100 cents, with coins of 1, 2, 5, 10, 20, and 50 cents.

Although euros are the only currency with legal tender status in Austria, some other currencies, such as US dollars and British pounds, can be exchanged for euros at bureaux de change in major cities like Vienna and Salzburg. However, it is important to note that only the euro is officially recognised for financial transactions in Austria.

ATMs, known as "Bankomaten" locally, are prevalent in Austrian cities and towns, providing easy access to cash withdrawals in euros. Credit and debit cards are also widely accepted in Austria, especially in larger establishments and those catering to tourists.

Euros can be exchanged for other major currencies in big cities

Exchanging currency can be costly, with varying exchange rates and fees charged by financial institutions. Airports and hotels, for example, often have poor exchange rates and high fees, so it is best to avoid exchanging currency at these locations. Instead, it is recommended to use a foreign ATM, your bank's ATM, or identify whether your bank has any banking affiliates in the foreign country. Many credit and debit card issuers also allow users to make purchases overseas without foreign transaction fees, so this is another option to consider.

When exchanging euros for other currencies, it is important to be aware of the mid-market exchange rate, which is the true exchange rate without any hidden fees. Using an online currency converter before your trip can help you understand the value of your money and ensure you get a fair rate when exchanging currency. Additionally, when withdrawing money from ATMs, always choose to pay in the local currency to get the best available rates.

In terms of specific locations for exchanging euros, your local bank or credit union is likely the best option, as they usually offer the best rates and lower fees. Some banks may also buy back leftover foreign currency when you return. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services, but the exchange rate may not be as favourable.

If you are exchanging euros for another major currency in a big city, it is important to do your research beforehand to find the most cost-effective option.

Credit and debit cards are widely accepted in Austria

Austria adopted the euro as its official currency in 1999, and euro banknotes and coins were introduced in the country in 2002.

Credit cards are widely used and accepted across Austria, particularly in shops, restaurants, and other commercial establishments. You should be fine using a credit card at larger businesses frequented by tourists, such as hotels, chain stores, and upmarket restaurants. However, smaller shops and simple eateries may require cash, so it is always a good idea to carry some cash when travelling in Austria, especially when visiting less touristy areas or local businesses.

Major credit cards, such as those issued by VISA, Mastercard, and American Express, are generally accepted in Austria. However, it is recommended to check with your bank or card provider to ensure that euro currency conversion is supported and that your specific type of credit card is accepted. Additionally, using a credit card in a foreign country like Austria may incur various fees, including foreign transaction fees and currency conversion fees, which can make it a pricey option.

As for debit cards, both VISA and Mastercard prepaid travel debit cards are commonly accepted in Austria. These cards usually have lower fees and exchange rates than traditional credit cards, making them a more cost-effective option for travellers.

Frequently asked questions