Austria's Currency: What's The Deal?

Austria's currency is the Euro, which has been in place since 2002. The currency is shared with 19 other European countries within the Eurozone, including Germany, France, Italy, and Spain. Before the introduction of the Euro, the Austrian currency was the Schilling, which was used from 1925 until 2002, with a brief break between 1938 and 1945 when the German Reichsmark was used.

Austria's currency history

Early History

During the 16th, 17th, and 18th centuries, the region that is now Austria was part of the Austro-Hungarian Monarchy, and the florin and the crown/krone were used as currency. The florin, which had been in existence since the 16th century, was divided into 8 schillings, 60 kreuzer, or 240 pfennigs.

19th Century

In the 19th century, Austria's currency system underwent several changes. In 1811, the country experienced a state bankruptcy, leading to the replacement of the old Bancozettel with new Einlösungsscheine ("redemption notes"). This devalued the Bancozettel to one-fifth of their face value.

In 1816, the Austrian central bank, "Privilegirte Österreichische Nationalbank," was founded to prevent the issuance of paper money at forced exchange rates. During the revolutionary and war-torn years of the 1840s and 1850s, the large empire was forced to issue various forms of interest-bearing and non-interest-bearing paper money.

In 1857, the Austro-Hungarian gulden was introduced, with 100 kreuzers to 1 gulden. This replaced the previous standard of 60 kreuzers to 1 gulden.

20th Century

In 1892, the Austro-Hungarian krone was introduced upon the adoption of the gold standard. After World War I and the dissolution of the Austro-Hungarian Empire, the Austrian crown was introduced in 1919.

In the early 20th century, Austria's currency underwent significant changes. The Austrian schilling was introduced in 1925 and was the country's currency until 1938, when Austria was annexed by Germany, and the Reichsmark became the official currency.

After World War II, the schilling was reintroduced, and it remained the country's currency until the adoption of the euro in 1999. The euro became the official currency of Austria in 2002, ending the use of the schilling.

21st Century

Since 2002, Austria has used the euro as its official currency, along with many other countries in the European Union. The euro is issued by the European Central Bank and is the second most traded currency in the world's foreign exchange markets.

While Austria mints its own coins with a national design on one side, these coins are accepted throughout the eurozone, and vice versa. The euro has brought stability and ease of use for both locals and tourists visiting Austria.

The Euro in Austria

Austria's currency is the Euro, which has been in place since 2002. As a member of the Economic and Monetary Union, Austria is one of 20 countries that use the Euro as their official currency. Austria was one of the first countries to adopt the Euro, which replaced the Austrian Schilling in 1999. The Euro is issued by the European Central Bank and is the second most traded currency on the world's foreign exchange markets.

The Euro currency is shared with 19 other European countries within the Eurozone: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, The Netherlands, Portugal, Slovenia, Slovakia, Croatia, Finland, Estonia, Latvia, and Lithuania.

Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500. The designs are the same throughout the Eurozone, with different sizes and colours denoting the different bill values. Austrian euro coins come in eight denominations: one cent, two cents, five cents, ten cents, 20 cents, 50 cents, €1, and €2. The 'common' side of the coin used across the Eurozone features a map of the European Union and the numerical value of the coin. The reverse 'national' side features the same design, which has been modified three times since Austria adopted the Euro.

While each country's coins are accepted across the Eurozone, there is technically no such thing as an 'Austrian' euro. Austria mints its own coins, which feature a national design on one side, but these are used throughout the Eurozone.

Exchanging currency in Austria

Austria's currency is the Euro, which was introduced in 1999 and replaced the Austrian Schilling in 2002. As a member of the Eurozone, Austria's currency is the same as that of 19 other EU countries, including Germany, France, Italy, and Spain.

• Avoid exchanging currency at the airport or in hotels, as these places often have poor exchange rates and may charge hidden fees.
• Compare rates at banks, bureaux de change, and post offices to avoid high fees.
• If you plan to use ATMs, choose to be charged in Euros rather than your home currency to get a better rate.
• Be aware that some merchants may be reluctant to accept €100 and €200 bills, and the €500 note is rarely used.
• Keep your expenses roughly planned, as exchanging too much cash back can be expensive and not always possible (especially with coins).
• It is advisable to carry only small amounts of money at a time, in case of theft.
• If you're exchanging cash, make sure the notes you bring from home are in good condition. Some exchange services reject defaced or damaged banknotes.
• If you're using a card, be aware of the fees and charges you might incur. Your home bank may impose high rates and fees for overseas transactions, ATM withdrawals, and currency conversions.

The Austrian economy

Austria's social market economy is thriving, with a rich history and a diverse economic structure. The country has evolved significantly over the years, shifting from nationalised industries in the 1980s to a more privatised landscape. Austria's economy is currently ranked among the top 14 richest nations globally in terms of GDP per capita.

Austria's economic success is driven by several key factors. Firstly, the country has a strong labour force, thanks to robust labour movements. Secondly, it has a highly developed industrial sector that coexists harmoniously with a flourishing tourism industry. International tourism plays a significant role in the country's economy, with people visiting to experience the country's breathtaking landscapes, rich culture, and famous cuisine.

Austria's currency is the Euro, which was officially adopted in 1999, and the first Euro banknotes and coins were introduced into circulation in 2002. Before the Euro, the country used the Austrian Schilling, which was replaced at a fixed parity of €1 = 13.7603 schillings. The transition to the Euro went relatively smoothly, although the exchange rate made calculations a bit tricky.

Austria is a member of the Economic and Currency Union and the Eurozone, which comprises a total of 19 to 20 member states. As a member of the European Community and part of the Economic and Monetary Union, the use of the Euro as the common currency makes travelling to and within Austria much easier for tourists. They can pay in their usual currency if they are from another Eurozone country, and those from countries with different currencies can easily exchange their money.

Austria has a stable currency, and card payments are widely accepted, although it is recommended to carry some cash for small purchases and when visiting markets. Credit cards are accepted in many places, especially in hotels, major restaurants, and stores, but they may incur surcharges. Debit cards are commonly used, and ATMs ("bankomats" in Austria) are readily available, especially in larger towns and cities.

Overall, Austria's economy is strong and diverse, benefiting from a combination of industrial development and tourism, contributing to its position as one of the richest nations in the world in terms of GDP per capita.

Tipping in Austria

When paying, state the amount you're giving, so if the bill is €9, you would hand over a €10 note and say "€10". If you're paying by card, you can ask to add a tip to the total, or pay the bill and then give some cash as a tip.

The amount you tip depends on the quality of the service. Generally, it is common to add 5-10% to the bill, rounding up to a convenient number. For example, if the bill is €9, you could round up to €10. If the bill is €25, you could round up to €28. It is not expected that you tip more than this, but you can if you wish.

Tipping culture in Austria is similar to that of other major European cities. It is customary to tip porters, taxi drivers, waiters and waitresses, hairdressers, and anyone who fixes anything for you. It is also usual to leave a tip for hotel cleaning staff when you leave.

Frequently asked questions