Ruqayyah Snyder
Austria's currency is the euro, which has been in use since 2002. The euro is divided into 100 cents, and is used across the Eurozone, which includes countries like Germany, France, Italy, and Spain. Before the introduction of the euro, the Austrian schilling was the country's official currency.
| Characteristics | Values |
|---|---|
| Current Currency | Euro |
| Currency Symbol | € |
| Number of Cents in One Euro | 100 |
| Euro Banknotes | 5, 10, 20, 50, 100, 200, 500 |
| Euro Coins | 1, 2, 5, 10, 20, 50 cents, 1 and 2 euros |
| Currency Before Euro | Schilling |
| Schilling Symbol | ATS |
| Exchange Rate of Schilling to Euro | 13.7603 Schillings to 1 Euro |
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The Austrian Schilling
The schilling was established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, at a rate of one schilling to 10,000 kronen. It was issued on 1 March 1925, in denominations of 1, 5, 10, 20, 100 and 1,000 schillings. In 1927-1929, a second series was added with 5, 10, 20, 50 and 100 schilling notes. The one schilling note was substituted by a coin. In 1934, cupro-nickel 50 groschen and 1 schilling were introduced, along with silver 5 schilling coins.
The schilling was abolished in 1938 when Germany annexed Austria, and the German Reichsmark became the official currency. The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military, who issued paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schilling. The Nationalbank also began issuing schilling notes in 1945 and the first coins were issued in 1946.
Between 1947 and 1952, coins in denominations of 1, 2, 5, 10, 20, and 50 groschen, and 1, 2, and 5 schilling were introduced. In 1957, silver 10 schilling coins were introduced, followed in 1959 by aluminium-bronze 50 groschen and 1 schilling, and in 1960 by silver 5 schilling coins.
The Austrian Mint also produced 1000 Schilling Austrian Gold Coins, which were issued in 1976 to commemorate the Babenberg Dynasty. These coins contain .3906 Troy oz of gold and bear a face value of 1,000 Schillings.
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The Euro
Euro banknotes are available in denominations of €5, €10, €20, €50, €100, €200, and €500. However, the €200 and €500 notes are seldom used and may not be accepted in many stores. It is always a good idea to carry smaller notes and coins for purchases and emergencies. Coins are available in denominations of 1c, 2c, 5c, 10c, 20c, 50c, €1, and €2.
ATMs, or 'bankomats', are widely available in Austria, especially in larger towns and cities. It is recommended to carry a travel money card to avoid poor exchange rates and excessive fees.
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Exchanging Money
The official currency in Austria is the Euro, which has been in use since 2002. The Euro is also the official currency of 19 other countries within the Eurozone. The Euro is divided into 100 cents, and the coins come in denominations of one, two, five, 10, 20 and 50 cents, as well as one and two Euros. Notes come in five, 10, 20, 50, 100, 200 and 500 Euros.
If you are travelling to Austria and need to exchange money, it is advisable to carry only small amounts of cash in case of theft. It is also recommended to have some cash on hand for small purchases, as card payments are not accepted everywhere. Foreign currency can be exchanged at banks, bureaux de change, and post offices. It is worth comparing rates to avoid high fees. Austrian banks are generally open Monday to Wednesday and Friday from 8 am to 3 pm, and on Thursdays from 8 am to 12.30 pm, reopening from 1.30 pm to 5.30 pm.
ATMs are widely accessible in Austria, and foreign debit cards can often be used to withdraw cash. However, it is important to note that some ATMs may charge fees for withdrawals. Additionally, when making card purchases or withdrawing money from an ATM, you may encounter Dynamic Currency Conversion (DCC). This service offers to charge you in your home currency rather than Euros, which may seem convenient, but it often comes with a markup of four percent or more. Therefore, it is generally advisable to choose to be charged in Euros to avoid these extra fees.
If you are exchanging money at an airport or hotel, be aware that these locations often have higher exchange rates due to being captive markets with little competition nearby. It is recommended to only exchange the amount of money you need at these locations and then find an exchange centre with a more reasonable rate. It is also important to ensure that your banknotes are in good condition, as merchants in Austria may refuse to accept damaged bills.
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Coins and Notes
The current currency in Austria is the euro, which has been in use since 2002. Euro notes are available in denominations of 5, 10, 20, 50, 100, 200, and 500 euros, although the 200 and 500 euro notes are seldom used. The euro is divided into 100 cents, with coins available in denominations of one, two, five, 10, 20, and 50 cents, as well as one and two euros.
Prior to the adoption of the euro, the Austrian currency was the schilling, which was in use from 1925 to 1938 and again from 1945 to 2002. The schilling was introduced in 1925, with notes issued in denominations of 1, 5, 10, 20, 100, and 1,000 schillings. In 1927–1929, a second series of notes was added, with denominations of 5, 10, 20, 50, and 100 schillings. The one-schilling note was later replaced by a coin.
During the German annexation of Austria from 1938 to 1945, the German Reichsmark became the official currency. After World War II, the schilling was reintroduced by the Allied Military, who issued notes in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1,000 schillings. The Oesterreichische Nationalbank also introduced notes in 1945 in denominations of 10, 20, 100, and 1,000 schillings.
Between 1947 and 1952, coins in denominations of 1, 2, 5, 10, 20, and 50 groschen, as well as 1, 2, and 5 schillings, were introduced. In 1957, silver 10-schilling coins were introduced, followed by aluminium-bronze 50-groschen and 1-schilling coins in 1959, and silver 5-schilling coins in 1960.
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Payment Methods
The official currency in Austria is the Euro, which has been in use since 2002. Before the Euro, the Austrian Schilling was the country's currency from 1925 to 1938, and then again from 1945 to 1999. The Euro was introduced at a fixed parity of €1 = 13.7603 schillings.
Austria has a high standard of living and a strong GDP per capita, which provides a good foundation for businesses to grow. The country's payment methods are similar to those in neighbouring Germany, with a mix of traditional and modern options being used.
Cash
Despite the growing popularity of digital payment methods, cash is still widely used in Austria, especially for smaller in-store purchases. According to Statista, cash accounted for 47% of all in-person transactions in 2021. While it is mostly used in physical stores, cash on delivery also comprises 4% of all e-commerce transactions.
Card Payments
Both credit and debit card payments are widely accepted in Austria, especially for online shopping. In fact, card payments make up 35% of all online payments, according to a report by JP Morgan. Mastercard has the largest market share in Austria, with Visa coming in second. However, it's worth noting that Austrians generally prefer debit cards to credit cards, with 1.12 debit cards per capita compared to only 0.39 credit cards.
Bank Transfers
Bank transfers are another popular payment method in Austria, accounting for a significant portion of online transactions. The Electronic Payment System (EPS) is the most widely used system, offered by more than 80% of merchants. It allows customers to make payments directly from their bank accounts. Other bank transfer services like Trustly and Sofort are also used, but to a lesser extent.
Digital Wallets
Digital wallets are becoming increasingly popular in Austria, especially for online transactions. According to JP Morgan, digital wallets make up about 25% of all online transactions. PayPal is the most commonly used digital wallet, but others like Amazon Pay, Apple Pay, Skrill, and Google Pay are also gaining traction. Digital wallets are particularly useful for cross-border transactions due to their convenience, ease of use, and security features.
Buy Now, Pay Later (BNPL)
While still a small portion of overall transactions, the use of BNPL services is rapidly increasing in Austria, especially for online purchases. The most popular BNPL providers in the country are Klarna and Ratepay.
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Frequently asked questions
The currency in Austria is the Euro.
The Euro was introduced as the official currency of Austria in 1999, but Euro coins and notes were not introduced until 2002.
Between 1925 and 2002, the Schilling was the currency in Austria. The German Reichsmark was the official currency for a brief period between 1938 and 1945.
The Euro was introduced at a fixed parity of €1 = 13.7603 schillings.
Euro banknotes are commonly found in denominations of €5, €10, €20, €50, and €100. Smaller shops and vendors may not have enough change for €200 and €500 notes. Euro coins are used for smaller purchases, with €1 and €2 coins being useful for museum lockers and shopping trolleys.
