Austria's Currency: What's In Their Wallets?

Austria's currency is the Euro, which has been in use since 2002. The Euro is also the currency of 19 other EU member states, including Germany, France, Italy, and Greece. The official symbol for the Euro is € and one Euro is made up of 100 cents. In Austria, banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500 Euros, while coins come in 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euros.

The official currency in Austria is the Euro

The Euro is a stable currency that is accepted everywhere in Austria without any problems. It is the second-most traded currency in the world and is used by 19 of the 27 European Union countries. In Austria, you will see costs of items in EUR and will need to pay for things in local coins and notes. These come in various denominations, including:

• Banknotes: 5, 10, 20, 50, 100, 200, and 500 EUR
• Coins: 1, 2, 5, 10, 20, and 50 cents; 1 and 2 EUR

It is recommended to carry a mix of payment methods when travelling to Austria. While card payments are widely accepted, having some cash on hand is also useful for small purchases and tipping. Additionally, it is wise to plan your expenses in advance, as exchanging too much cash can be expensive and not always possible, especially with coins.

When it comes to exchanging money, you can do so at banks, bureaux de change, and post offices. Comparing rates can help you avoid high fees. ATMs are also prevalent in Austrian cities and towns, and you can use your credit or debit card to withdraw cash. However, fees may apply, and it is important to check the daily withdrawal limit and ensure your PIN is a four-digit code, as six-digit codes may not work in Austria.

Euro notes and coins are used in Austria

Austria uses the Euro as its official currency, overseen by the Oesterreichische Nationalbank. The Euro was introduced as an accounting currency in 1999, and Euro coins and banknotes entered circulation in 2002. The Euro is the second-most traded currency in the world and is used by 19 of the 27 European Union countries.

Euro notes come in denominations of 5, 10, 20, 50, 100, 200, and 500. Euro coins are issued in 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euro denominations.

When visiting Austria, it is recommended to carry some cash in Euros, especially for small purchases, as not all vendors accept card payments. However, card payments are widely accepted, and ATMs dispensing Euros are readily available throughout the country.

If you are visiting Austria from a country with a different currency, it is important to be mindful of the current exchange rate. While some merchants may accept payments in major foreign currencies, the exchange rate offered may not be favourable. Therefore, it is generally advisable to obtain Euros before making purchases in Austria.

The Euro is overseen by the Oesterreichische Nationalbank

Austria's official currency is the Euro, which is issued and overseen by the Oesterreichische Nationalbank (OeNB). The OeNB is the Austrian member of the Eurosystem and was the monetary authority for Austria from 1923 to 1938 and from 1945 to 1998, issuing the Austrian schilling. The OeNB is a joint-stock corporation, with its entire capital of €12 million held by the Austrian federal government since May 2010. The main tasks of the OeNB revolve around maintaining a stability-oriented monetary policy within the Eurozone, ensuring financial stability in Austria, and providing the public and businesses with high-quality, counterfeit-proof cash.

The OeNB plays a crucial role in managing reserve assets, including gold and foreign exchange holdings, to support the euro during times of crisis. They also conduct economic analyses, compile statistical data, actively participate in international organisations, and oversee payment systems. Additionally, the OeNB operates a payment system for the euro, promotes financial literacy among the public and decision-makers, and supports research in Austria.

The Euro is the second-most traded currency globally and is shared by 19 of the 27 European Union countries. It was introduced in 1999 as an accounting currency and became available as physical coins and banknotes in 2002. The Euro's implementation as a common currency within the Eurozone has eliminated the need for exchange rates between member countries, simplifying travel and trade.

The OeNB's responsibilities extend beyond currency issuance and include contributing to monetary policy stability. As part of the Eurosystem, the OeNB works to ensure the Eurozone's financial stability and the smooth functioning of payment systems. Moreover, the OeNB actively engages with international organisations, promoting economic cooperation and collaboration.

The OeNB's role in overseeing the Euro is essential for Austria's economic stability and integration within the Eurozone. By managing reserve assets and conducting economic analyses, the OeNB helps safeguard Austria's financial well-being and ensures the country's alignment with the wider European economic landscape.

The Euro is the second-most traded currency in the world

Austria is one of the 19 European Union countries that use the Euro as their official currency. The Euro is issued and overseen by the Oesterreichische Nationalbank in Austria. In stores and restaurants, Euro prices are usually shown using the currency symbol €. Banknotes come in denominations of 5, 10, 20, 50, 100, 200, and 500 EUR, while coins come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 EUR.

The Euro's status as the second-most traded currency in the world is beneficial to Austria and other Eurozone members. It removes the need for currency exchange when travelling within the Eurozone and provides stability in purchases and payments. Additionally, the Euro's widespread use and trust contribute to its liquidity in the forex market.

Euros can be withdrawn from ATMs in Austria

ATMs are prevalent in all Austrian cities and even smaller towns, and they are linked to a national network that most likely includes your bank at home. Both the Cirrus and PLUS networks have automated ATM locators listing the banks in Austria that will accept your card. Alternatively, you can look for any ATM with your network's symbol on it.

It is important to note that you will need a four-digit PIN for your bank cards and credit cards to work in Austria. If you have a six-digit PIN, you will need to visit your bank to get a new one before your trip. Be sure to also check the daily withdrawal limit.

When withdrawing money from an ATM in Austria, fees may apply. It is recommended to carry only small amounts of money in case of theft, and to always have some cash on hand for small purchases. Card payments are widely accepted in Austria, but not everywhere, so it is a good idea to have multiple payment methods available.

Frequently asked questions