Lyla Lindsey
Austria's unit of currency is the Euro, which was introduced on January 1, 2002. The Euro is divided into 100 cents, and is available in denominations of 5, 10, 20, 50, 100, 200, and 500. Before the introduction of the Euro, Austria's currency was the Schilling, which was replaced by the Reichsmark in 1938 following Germany's annexation of Austria.
| Characteristics | Values |
|---|---|
| Currency | Euro |
| Symbol | € |
| Number of Euros in 1 Schilling | 13.7603 |
| Number of Cents in 1 Euro | 100 |
| Banknote Denominations | 5, 10, 20, 50, 100, 200, 500 |
| Coin Denominations | 1, 2, 5, 10, 20, 50 |
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What You'll Learn
The Euro is the unit of currency in Austria
The Euro replaced the Austrian Schilling, which was the country's currency from 1925 to 1938 and from 1945 to 1999. The Schilling was briefly replaced by the German Reichsmark from 1938 to 1945. The transition to the Euro occurred at an exchange rate of 13.7603 Schillings to 1 Euro. While the Schilling is no longer used as legal tender, the Austrian National Bank continues to exchange them for Euros indefinitely.
When visiting Austria, it is recommended to carry some Euro notes and coins, especially when visiting Vienna. Euros can be obtained at any Austrian bank, as well as at railroad stations, airports, travel agencies, and hotels. It is important to note that smaller shops and eateries may require cash transactions, while larger establishments often accept card payments. ATMs, known as "Bankomaten" locally, are also commonly available in Austrian towns and cities.
It is worth mentioning that each country's coins are accepted across the Eurozone, so it is not uncommon to find coins with designs from other European countries in Austria. This is particularly true for German-minted coins due to the shared border and the high number of German tourists visiting Austria.
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The Euro was introduced in 2002
The unit of currency in Austria is the Euro. Euro banknotes and coins were introduced in Austria on 1 January 2002, marking a major milestone for the Austrian economy. The euro replaced the Austrian Schilling, which was the country's currency from 1925 to 1938 and again from 1945 to 1999. The Schilling continued to circulate until 2002, when it was officially replaced by the Euro.
The introduction of the Euro in Austria was the result of meticulous preparations by the Oesterreichische Nationalbank (OeNB). The changeover was smooth and rapid, despite the logistical challenges it presented. The Euro was introduced at a fixed parity of €1 = 13.7603 Schillings. This exchange rate proved challenging for calculations, as it required a large number of digits.
Prior to the introduction of the Euro in 2002, Austria had a three-year transitional period during which the Euro was the official currency but only existed as 'book money'. This transitional period ended on 28 February 2002, when the old Schilling banknotes and coins were phased out from circulation. The dual circulation period, when both the Schilling and the Euro had legal tender status, was an important step in the transition to the new currency.
The Euro currency is shared by 20 EU Member States, including Austria. The introduction of the Euro in Austria and other EU countries has been a significant step towards a single market, enabling the free movement of goods, capital, services, and people. The Euro has facilitated economic prosperity and contributed to the goal of "an ever closer union among the peoples of Europe."
Today, the Euro is an integral part of Austria's economy, and it continues to be the country's official currency. The Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500, while the coins include €1 and €2, as well as 1, 2, 5, 10, 20, and 50 cents.
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The Austrian Schilling was the currency before the Euro
The unit of currency in Austria is the Euro. It has been the official currency since 2002, but the country adopted the Euro in 1999. Before the Euro, Austria used the Austrian Schilling as its national currency.
The Austrian Schilling was introduced in 1925 to replace the Krone, which had been used since 1892. The Schilling was subdivided into 100 smaller units called groschen. In 1938, following the annexation of Austria by Germany, the German Reichsmark replaced the Schilling. However, after Germany's defeat in World War II, the Schilling was reintroduced in 1945.
The Schilling remained the official currency of Austria until the adoption of the Euro. During the transition period, both the Schilling and the Euro had legal tender status. This dual circulation period ended on February 28, 2002, when the Euro became the sole currency of Austria.
Despite the introduction of the Euro, the Austrian National Bank continues to exchange Schilling banknotes and coins for euros indefinitely. The exchange rate is €1 for 13.7603 Schillings.
Even today, you may still hear some Austrians, especially older individuals, refer to the Schilling in conversation.
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The Euro is divided into 100 cents
The unit of currency in Austria is the Euro. Euro banknotes and coins were introduced in Austria on 1 January 2002, after a three-year transition period where the euro was the official currency but only existed as 'book money'. The Euro is divided into 100 cents.
Euro cents come in coins of 1, 2, 5, 10, 20 and 50. These are useful to have on you when visiting Austria, as they can be used for shopping trolleys, museum lockers, and public toilets. You can also get €1 and €2 coins, which are handy for lockers and tips.
Euro banknotes come in denominations of 5, 10, 20, 50, 100, 200 and 500. However, the €200 and €500 notes are seldom used and are likely to be refused by many stores. The €1 and €2 coins feature Vienna in their design.
Before the introduction of the Euro, the currency in Austria was the Schilling, which was replaced by the Euro at an exchange rate of 13.7603 Schillings to 1 Euro. The Schilling was divided into 100 groschen. The Austrian National Bank continues to exchange schilling banknotes and coins for an unlimited period.
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Euro notes come in several denominations
The unit of currency in Austria is the euro, which was introduced in the country on 1 January 2002. Euro banknotes were first issued in 2002 and come in several denominations. There are seven different denominations of euro banknotes: €5, €10, €20, €50, €100, €200, and €500. The €500 banknote, however, has not been issued since 27 April 2019, and the €200 note is also seldom used. The second series of euro banknotes, also known as the Europa series, does not include the €500 note. This series was developed to make the currency more secure and durable.
Each euro banknote has a distinctive colour and size, displaying examples of historical European architectural styles. The obverse features windows or gateways, while the reverse depicts bridges. The illustrations are stylised and do not represent existing structures. The euro banknotes are made of pure cotton fibre, giving them a unique feel and improving their durability.
The euro currency is shared with several other European countries within the Eurozone, including Belgium, Germany, Ireland, Greece, Spain, France, Italy, and more. Austria previously used the Schilling (symbol: ATS), which was replaced by the euro in 2002. The transition to the euro was relatively smooth, and the currency is now well-established in Austria.
It is worth noting that while the €200 and €500 notes are legal tender, their high denominations may cause inconvenience in day-to-day transactions, especially in smaller shops or markets. These denominations are less frequently used and may not be accepted by some stores in Austria.
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Frequently asked questions
The unit of currency in Austria is the Euro.
The Euro was introduced as the official currency in 1999, but Euro coins and banknotes were not introduced until 1st January 2002.
Before the Euro, the currency of Austria was the Schilling, which was replaced at a rate of 13.7603 Schillings to 1 Euro.
