Damon Mcknight
Austria's currency is the Euro, which has been in use since 2002. One Euro is made up of 100 cents, and it is used across the Eurozone, which consists of 19-20 European countries. Before the introduction of the Euro, the Austrian Schilling was the country's currency from 1925-1938 and 1945-1999. The Schilling was divided into 100 groschen and was replaced at a rate of 1 Euro to 13.7603 Schillings.
| Characteristics | Values |
|---|---|
| Current currency | Euro |
| Currency symbol | € |
| Currency code | EUR |
| Number of cents in one Euro | 100 |
| Euro banknotes available | 5, 10, 20, 50, 100, 200, 500 |
| Euro coins available | 1, 2, 5, 10, 20, 50 cents, 1, 2 EUR |
| Former currency | Schilling |
| Former currency symbol | ATS |
| Exchange rate (Schilling to Euro) | 13.7603 Schillings = 1 Euro |
| Year of transition to Euro | 2002 |
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What You'll Learn
Current currency: Euro
The current currency of Austria is the Euro, denoted by the symbol €. It has been the country's official currency since 1999, but Euro coins and notes were not introduced until 2002. One Euro is made up of 100 cents, and there are Euro banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500. However, the 200 and 500 Euro notes are rarely used. There are also 1 and 2 Euro coins, as well as 1, 2, 5, 10, 20, and 50 cent coins.
Austria is a member of the European Community and the Economic and Monetary Union, which use the Euro as their common currency. The Euro is also the official currency of 19 other European countries within the Eurozone, including Germany, France, Italy, and Spain. This makes travelling between these countries much easier, as there is often no need to exchange money.
ATMs, or "bankomats" as they are known in Austria, are common in Austrian towns and cities, especially in larger towns and cities like Vienna and Salzburg. They rarely charge fees for ATM use, but your home bank may charge fees for using an ATM overseas and for currency conversions. It is recommended to let your bank know you are travelling to avoid any issues with your card. Credit cards are widely accepted in hotels, major restaurants, and stores, but they are less commonly used in small shops, cafes, and grocery stores. It is advisable to carry some cash, especially for small purchases, as some vendors may not accept card payments.
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Previous currency: Austrian schilling
The Austrian schilling was the official currency of Austria from 1925 until 1938, when it was replaced by the German Reichsmark following the annexation of Austria by Germany. The schilling was reintroduced after World War II in 1945, and it remained the official currency until 1999 when it was replaced by the euro. The euro was introduced at a fixed parity of €1 = 13.7603 schillings, and the old schilling-denominated coins and notes were phased out from circulation by 28 February 2002.
The history of the Austrian schilling can be traced back to the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, which established the schilling as Austria's currency. The schilling replaced the krone, which had been used in the time of the monarchy. According to the Act, one schilling was equal to 10,000 kronen. The first schilling coins were introduced in 1925, with bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 1/2 and 1 schilling coins being the first to be issued. In 1931, cupro-nickel 5 groschen issues were introduced, followed by cupro-nickel 50 groschen and 1 schilling coins, as well as silver 5 schilling coins in 1934. Gold and silver coins in denominations of 2, 5, 25, and 100 schillings were also issued during this period.
Following the annexation of Austria by Germany in 1938, the schilling was abolished and replaced by the Reichsmark at an exchange rate of 1.50 schillings to one Reichsmark. However, the schilling was reintroduced after World War II by the Allied Military, who issued paper money dated 1944 in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The Nationalbank also began issuing schilling notes in 1945, and the first coins were issued in 1946. A second "schilling" law was passed in 1947, introducing new banknotes and setting an exchange rate of 1 new schilling for 3 old schillings.
The Austrian schilling remained the official currency of Austria until 1999 when it was replaced by the euro as part of the introduction of a single currency in the European Community. The euro became the official currency of Austria on 1 January 2002, and euro coins and notes were introduced that year. The old schilling coins and notes were gradually phased out of circulation, and they can now be exchanged for euros at any branch of the Oesterreichische Nationalbank.
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Euro introduction
The currency currently used in Austria is the Euro, which has been in place since 1 January 2002. The Euro is also the official currency of 18 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.
Prior to the introduction of the Euro, Austria's currency was the Schilling, which was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924 and issued on 1 March 1925. The Schilling was replaced by the German Reichsmark in 1938, but it was reintroduced after World War II on 30 November 1945 by the Allied Military. The Schilling remained Austria's currency until it was replaced by the Euro in 2002. The transition to the Euro was relatively smooth, although the exchange rate of 13.7603 Schillings to 1 Euro made calculations difficult.
Austria's adoption of the Euro as its official currency was a significant milestone for the country's economy. The meticulous preparations of the Oesterreichische Nationalbank (OeNB) ensured a smooth and rapid changeover, despite the logistical challenges it presented. The introduction of the Euro in Austria was facilitated by earlier treaties, such as the Treaty of Rome (1957), the Single European Act (1986), and the Treaty on European Union (1992). These treaties laid the foundation for the Economic and Monetary Union (EMU) and the establishment of a single currency.
Today, Austria uses the full range of Euro coins and notes. While credit cards and other forms of electronic payment are widely accepted in major cities, it is important to carry some Euro notes and coins when visiting Austria, especially in smaller shops and markets. ATMs, known as "bankomats" in Austria, are readily available in larger towns and cities, making it convenient for tourists to withdraw cash. However, it is advisable to inform your bank before travelling to avoid any issues with foreign transactions.
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Exchanging money
The official currency in Austria is the Euro, which has been in use since 2002. The currency sign for the Euro is €, while the code is EUR. The Euro is the second most traded currency on the world's foreign exchange markets.
If you're travelling to Austria, it's a good idea to carry some cash with you, as it's widely used. However, card payments are also widely accepted, and international credit and debit cards are accepted at major retailers, hotels, restaurants, and stores. It's worth noting that smaller shops, cafes, and grocery stores may not accept card payments, so it's always good to have some cash on hand.
When it comes to exchanging money, there are a few options available to you:
Banks and Exchange Bureaus
You can exchange your currency at banks or exchange bureaus in Austria. It's recommended to compare rates to avoid high fees, and steer clear of exchanging currency at airports and hotels, as they usually offer poor exchange rates due to their captive market position.
ATMs
ATMs are widely available in Austria, especially in larger towns and cities like Vienna and Salzburg. They are called "bankomats" in Austria. While some sources suggest that foreign debit cards can be used to withdraw cash, others state that local ATMs won't accept certain cards, such as American Express. It's best to check with your card issuer to confirm their usability in Austria. Additionally, remember to inform your bank about your travel plans to avoid any issues with foreign transactions.
When using ATMs, be cautious of Dynamic Currency Conversion (DCC). This is when the ATM offers to charge you in your home currency instead of euros. While this may seem convenient, you will likely be marked up in price, sometimes by four percent or more. Therefore, always choose to be charged in euros to avoid poor exchange rates.
Credit Cards
Using a credit card for purchases in Austria can be convenient, as they are widely accepted at major retailers, hotels, restaurants, and stores. However, you may encounter surcharges or additional charges for foreign transactions. Some credit cards also offer enticing perks, such as added security, loyalty programs, and even free travel insurance.
Travel Money Cards
Consider ordering a travel money card or a multi-currency card from providers like Wise. These cards can offer benefits such as no purchase, load, or reload fees, competitive exchange rates, and the convenience of managing your money through a mobile app. Additionally, some cards provide free ATM withdrawals and no annual or monthly fees.
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Payment methods
Austria's official currency is the Euro, which has been in use since 2002. The currency sign for the Euro is €, and the code is EUR. The Euro is also used in several other European countries within the Eurozone, including Germany, France, Italy, and Spain.
Austria has a high bank account penetration rate of 98.2%, and bank transfers are a popular payment method, accounting for 15% of online transactions. The Electronic Payment System (EPS) is a widely used domestic online bank transfer service, accepted by 80% of Austrian merchants. Other bank transfer services such as Trustly and Sofort are also used but are less common.
Card payments, both credit and debit, are commonly used for online shopping in Austria, making up 35% of all online payments. However, they are less frequently used in physical stores. Austrians generally prefer debit cards to credit cards, with 1.12 debit cards per capita compared to 0.39 credit cards. Mastercard holds 80% of the card market share, followed by Visa at 18% and American Express at 1%.
Digital wallets are becoming an increasingly popular payment method in Austria, especially for online and cross-border transactions due to their convenience, ease of use, and security features. PayPal is the most commonly used digital wallet, with other options including Amazon Pay, Apple Pay, Skrill, and Google Pay.
Despite the growing popularity of digital payments, cash is still widely used in Austria, particularly for smaller in-store purchases. Cash on delivery also accounts for 4% of e-commerce transactions, although this is expected to decrease over time.
Buy Now, Pay Later (BNPL) services are gaining traction in Austria, with Klarna and Ratepay being the most commonly used providers.
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Frequently asked questions
The currency in Austria is the Euro, which has been in use since 2002.
Before the introduction of the Euro, Austria used the Schilling, which was replaced by the Euro at an exchange rate of 13.7603 Schillings to 1 Euro. The Schilling was in use from 1925 until 2002, with a break between 1938 and 1945 when the German Reichsmark was the official currency.
Euro banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500, though the 200 and 500 notes are rarely used. There are also 1 and 2 Euro coins, as well as 1, 2, 5, 10, 20, and 50 cent coins.
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