Ruqayyah Snyder
Austria's currency is the Euro, which has been in use since 2002. The Euro is also the currency of many other European countries within the Eurozone, including Germany, France, Italy, and Spain. Before the Euro was introduced, Austria used the Schilling, which was replaced by the German Reichsmark during the Second World War. The Schilling was reintroduced after the war and was in use until 1999, and was the circulating currency until 2002.
| Characteristics | Values |
|---|---|
| Current Currency | Euro |
| Currency Symbol | € |
| Number of Cents in One Euro | 100 |
| Euro Denominations | €5, €10, €20, €50, €100, €200, €500 |
| Euro Coins | 1c, 2c, 5c, 10c, 20c, 50c, €1, €2 |
| Previous Currency | Austrian Schilling |
| Previous Currency Symbol | ATS |
| Exchange Rate at the Time of Transition | 13.7603 Schillings = 1 Euro |
| Credit Card Acceptance | Widely Accepted |
| Debit Card Acceptance | Widely Accepted |
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What You'll Learn
The Euro is the currency of Austria
The Euro is made up of 100 cents and is denoted by the symbol €. The currency is shared with several other European countries within the Eurozone, including Germany, France, Italy, and Spain. Austria uses the full range of Euro coins and notes. Coins are available in 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euros. Euro banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500. However, the 200 and 500 Euro notes are rarely used and may not be accepted by many stores.
When visiting Austria, it is recommended to carry some Euro notes and coins, especially for smaller purchases, tipping, and emergencies. While credit cards are widely accepted, with VISA and Mastercard being commonly used, debit cards are more commonly used for purchases and withdrawals. ATMs, known locally as Bankomaten, are commonly found in Austrian towns and cities, although some may close after midnight.
It is worth noting that foreign currencies, such as US dollars and British pounds, can be easily exchanged for Euros at bureaux de change in major cities like Vienna and Salzburg. However, currency exchange desks at airports and hotels may charge higher rates and hidden fees. Therefore, it is advisable to use other options, such as debit or credit cards, or specific travel money cards, to get better exchange rates.
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The Schilling was the currency before the Euro
The Schilling was the currency of Austria before the Euro. It was used on and off during the 20th century, from 1925 to 1938, and then again from 1945 to 1999. The Schilling was introduced to replace the Krone, which had been used since 1892. The Krone was used during the Austro-Hungarian Monarchy, along with several other currencies and coins.
The word 'Schilling' means 'silver shilling', and the currency was divided into 100 Groschen. The Groschen was a silver coin worth 12 Pfennigs or 3 Kreuzers. In medieval Austria, there were short and long Schilling coins, valued at 12 and 30 Pfennigs respectively. The Schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one Schilling to 10,000 Kronen. It was issued on 1 March 1925.
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 Schillings. The Euro was introduced at a fixed parity of €1 = 13.7603 Schillings.
The transition to the Euro went relatively smoothly, although the exchange rate made calculations difficult. Old Schilling-denominated coins and notes were phased out from circulation by 28 February 2002, when Euro coins and notes were introduced. Schilling banknotes and coins that were valid at the time of the introduction of the Euro will remain exchangeable for Euros indefinitely at any branch of the Oesterreichische Nationalbank.
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The Schilling was replaced at a rate of 13.7603 to 1 Euro
The currency in Austria is the Euro, which has been the case since 2002. The Euro is also the currency of many other European countries within the Eurozone, including Belgium, Germany, Ireland, Greece, Spain, France, and Italy.
Prior to the adoption of the Euro, the Austrian Schilling was the country's currency. The Schilling was replaced at a rate of 13.7603 to 1 Euro. This transition was relatively smooth, although the exchange rate was not particularly convenient for quick mental calculations.
The Schilling was first introduced in 1925, replacing the Krone which was largely used during the monarchy. The Schilling was abolished in 1938 following Germany's annexation of Austria, when it was exchanged at a rate of 1.50 Schilling for one German Reichsmark. The Schilling was then reintroduced after World War II in 1945.
The Euro was first adopted as the currency in Austria on September 20, 1924, and became the circulating currency in 2002. The Euro is divided into 100 cents, with coins of 1, 2, 5, 10, 20, and 50 cent coins, as well as 1 and 2 Euro coins. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500 Euros.
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Euros can be withdrawn from ATMs, known locally as Bankomaten
The currency used in Austria is the Euro. Euros can be withdrawn from ATMs, known locally as Bankomaten, which are common in Austrian towns and cities. Some ATMs are available 24/7, while others close after midnight. There is usually a €400 card withdrawal limit.
It is recommended to carry some cash in Austria, as it is not a cashless society. In particular, smaller shops and simple eateries may require cash. Cash is also needed for things like shopping trolleys, lockers at museums, and public toilets.
If you are travelling to Austria, it is a good idea to check that the PIN on your bank card will work there. You will need a four-digit code; six-digit codes will not work. You can check the daily withdrawal limit at the same time.
Credit cards are widely accepted in Austria, with cards from American Express, Visa, and Diners Club being the most common. Debit cards are also commonly used.
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US dollars and British pounds can be exchanged for Euros in cities like Vienna and Salzburg
The official currency of Austria is the Euro. If you are travelling to Austria from the US or the UK, you can exchange your US dollars or British pounds for Euros. This can be done in banks or currency exchange stores in cities like Vienna and Salzburg.
It is recommended to have some Euros on hand when travelling to Austria, as some places may be cash-only. However, it is important to note that Europe is largely moving towards a cashless society, and many transactions in Austria can be completed using credit or debit cards. Contactless payments, such as credit cards, Apple Pay or Google Pay, are widely accepted in Austria.
If you plan to exchange your money after arriving in Austria, it is generally more favourable to exchange your currency at your arrival point rather than before your departure. Exchange rates at the point of arrival are typically better than at the point of departure. However, it is worth checking the latest exchange rates before your trip, as the value of the Euro fluctuates against the US dollar and the British pound.
When exchanging currency in Austria, you can choose between banks, currency exchange shops, and online platforms. Most in-person currency exchanges in cities like Vienna and Salzburg will buy and sell major currencies, such as US Dollars. Banks typically provide licensed and safe transactions, while currency exchange stores may offer varying exchange rates and fees. Online platforms and travel cards, such as the Wise Multi-Currency Card, can also be convenient options for exchanging and spending money during your trip. These cards often provide competitive exchange rates and lower fees compared to physical currency exchange stores.
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Frequently asked questions
The currency used in Austria is the Euro.
The Euro was introduced in Austria on September 20, 1924, and has been the official currency since January 1, 2002.
Before the Euro, Austria used the Schilling, which replaced the Krone during the monarchy era.
Yes, credit and debit cards are widely accepted in Austria, especially in larger hotels, chain stores, and restaurants. However, smaller shops and eateries may require cash.
Yes, foreign currencies like US dollars and British pounds can be easily exchanged for euros at bureaux de change in major cities such as Vienna and Salzburg.
