Lyla Lindsey
Austria's currency is the Euro, which has been in use since 2002. The Euro is also the official currency of 18 other European countries within the Eurozone. The currency sign for the Euro is €, and the code is EUR. In Austria, the symbol is usually written after the numeral, for example, 10€. While cards are accepted in larger hotels, chain stores, and restaurants, it is recommended to carry cash in Austria, especially in smaller shops and markets.
| Characteristics | Values |
|---|---|
| Currency | Euro |
| Currency Code | EUR |
| Currency Symbol | € |
| Number of Cents in One Euro | 100 |
| Coins | 1, 2, 5, 10, 20, and 50 cents, 1 and 2 euros |
| Banknotes | 5, 10, 20, 50, 100, 200, and 500 euros |
| Former Currency | Austrian Schilling |
| Exchange Rate (Euro to Austrian Schilling) | 1 Euro = 13.7603 Schillings |
| ATMs | Widely available, known as 'Bankomaten' |
Explore related products
What You'll Learn
Austria's current currency is the Euro
The Euro in Austria is made up of both coins and banknotes. The coins are 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euro coins. The banknotes come in denominations of 5, 10, 20, 50, 100, 200, and 500 Euros. While the higher-denomination 200 and 500 Euro notes are rarely used, they are still legal tender.
Before the adoption of the Euro, Austria used the Schilling as its currency from 1925 to 2002, with a brief period from 1938 to 1945 when the German Reichsmark was the official currency. The Schilling was replaced by the Euro at an exchange rate of 13.7603 Schillings to 1 Euro.
When travelling to Austria, it is advisable to carry some cash in Euros, as it is not a completely cashless society. While cards are accepted in many places, particularly in larger hotels, chain stores, and upmarket restaurants, smaller shops and eateries may only accept cash. ATMs ("Bankomaten" in Austrian) are widely available in Austrian towns and cities, and they usually offer a choice between being charged in Euros or your home currency. It is recommended to choose Euros to avoid poor exchange rates.
Austria's Place in the Northwestern Europe Debate
You may want to see also
Explore related products
The Euro was introduced in 2002
Austria's currency is the euro, which was introduced as the official currency in 2002. Before this, the country used the Austrian schilling, which was replaced by the euro at a fixed parity of €1 = 13.7603 schillings. The schilling was in use from 1925 to 1938 and again from 1945 to 1999, and it continued to circulate until 2002.
The introduction of the euro in Austria was a significant milestone, representing a logistical challenge of unprecedented proportions. The changeover was smooth and rapid, thanks to meticulous preparations by the Oesterreichische Nationalbank (OeNB). The adoption of the euro as legal tender was a historic step towards a single market, facilitating the free movement of goods, capital, services, and people.
Austria joined the European Union in 1995 and was one of the first countries to adopt the euro for accounting purposes on 1 January 1999. However, physical euro banknotes and coins were not introduced until three years later, on 1 January 2002. This date marked the beginning of the circulation of euro notes and coins in 12 EU Member States.
The euro currency is shared by numerous countries within the Eurozone, including Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia, Croatia, Finland, Estonia, Latvia, and Lithuania. Each country has its own unique designs for the euro coins, and Vienna appears on three of the Austrian-minted coins.
A Day in the Life of Austrian Royalty
You may want to see also
Explore related products
The Schilling was Austria's former currency
The history of the Schilling can be traced back to the Carolingian coin reform in 794 AD, which introduced new units of account, including the Schilling. Initially, it was only a coin of account, but it eventually became an actual coin produced in many European countries. In medieval Austria, there were short and long Schilling coins, valued at 12 and 30 pfennigs respectively. The Schilling was officially established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, at a rate of one Schilling to 10,000 kronen. The first notes were issued on 1 March 1925, with coins and notes of all denominations following soon after.
Austria's strict hard-currency policy contributed to the Schilling's stability, earning it the nickname 'Alpendollar'. The Schilling was abolished in 1938 following Germany's annexation of Austria, and it was exchanged for the German Reichsmark at a rate of 1.50 Schillings per Reichsmark. During World War II, the Reichsmark served as the official currency.
After the war, on 30 November 1945, the Allied Military reintroduced the Schilling, issuing paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 Schillings. The Oesterreichische Nationalbank also began issuing notes in 1945, with the first coins released in 1946. A second "Schilling" law in 1947 led to the introduction of new banknotes. The currency stabilised in the 1950s when it was tied to the US dollar at an exchange rate of $1 to 26 Schillings.
In the 1950s, silver 10-Schilling coins were introduced, followed by aluminium-bronze 50 groschen and 1-Schilling coins in the late 1950s. In 1960, silver 5-Schilling coins were issued. The composition of the 5-Schilling coins changed from aluminium to silver during this decade, a highly unusual event. The Schilling remained in use until the transition to the Euro in 2002.
Austrian Economics: Truly Free Market Philosophy?
You may want to see also
Explore related products
The Schilling was replaced by the Reichsmark in 1938
The Schilling was the currency of Austria from 1925 to 1938. In March 1938, the Reichsmark was introduced in Austria by decree following the country's annexation by Germany. The Reichsmark replaced the Schilling at an exchange rate of 1.50 Schillings per Reichsmark.
The Reichsmark was the currency of Germany from 1924 until the fall of Nazi Germany in 1945. It was also used in the American, British, and French occupied zones of Germany until 1948, and in the Soviet occupation zone until June 1948. The Reichsmark was put on the gold standard at the rate previously used by the German mark, with one US dollar worth 4.20 Reichsmarks.
During the period when the Reichsmark was used in Austria, the National Socialists pumped up the money supply to finance the war, which led to inflation. By the end of World War II, there were an estimated 11 billion Reichsmarks in circulation, far exceeding contemporary estimates of the amount of money needed to maintain price stability.
After World War II, the Schilling was reintroduced in Austria in 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 Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100, and 1000 Schillings.
Exploring Vienna's Weather: A Local's Perspective
You may want to see also
Explore related products
Euros can be withdrawn from ATMs in Austria
Austria's official currency is the Euro, which has been in use since January 1, 2002. Euros can be withdrawn from ATMs in Austria, which are known locally as Bankomaten and are very common in Austrian towns and cities. In fact, ATMs are widely accessible and foreign debit cards can often be used to withdraw cash.
ATMs in Austria rarely charge on-site withdrawal fees, but your card issuer may levy a charge. If you see a fee displayed on the screen, you can choose to cancel the transaction. It is best to use ATMs of real banks, and avoid Euronet ATMs, which are known to charge fees.
When withdrawing money from an ATM, it is recommended to choose to be charged in Euros to avoid poor exchange rates. Dynamic Currency Conversion (DCC) may be offered, which will charge you in your home currency, but this is likely to result in a poorer exchange rate.
The Euro currency is shared with several other European countries within the Eurozone, including Belgium, Germany, Ireland, Greece, Spain, France, Italy, and the Netherlands.
Best Bank Cards for Salzburg, Austria and Europe
You may want to see also
Frequently asked questions
The official currency of Austria is the Euro.
The symbol for the Euro is €.
The Schilling was replaced by the Euro at a rate of 13.7603 Schillings to 1 Euro.
