As you might have guessed, currency values fluctuate from country to country. Fortunately, the euro, denoted by the symbol (EUR), has simplified matters in 13 countries to date: Austria, Belgium, Finland, France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Monaco, Portugal and Spain.
Made up of 100 cents (like the U.S. dollar), the euro shows the value on its common side, and the flipside (or national side) carries an image chosen by the country that issued it. There are two-euro, one-euro, fifty-cent, twenty-cent, ten-cent, five-cent, two-cent and one-cent coins, while banknotes are issued in the following amounts: 500, 200, 100, 50, 20, 10 and 5. All the coins and banknotes in the euro system can be used in the participating countries in what is commonly referred to as the Eurozone.
The ten newest European Union members Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia will eventually use the euro by 2010.
A short list of the European countries that remain with their own currencies (with the symbol for each) follows:
- Britain pound sterling (£ / GBP)
- Bulgaria lev (BGL)
- Croatia kuna (HRK)
- Cyprus Cypriot pound (CYP)
- Czech Republic Czech koruna (CZK)
- Denmark krone (DKK)
- Estonia kroon (EEK)
- Hungary forint (HUF)
- Iceland Icelandic krona (ISK)
- Latvia lat (LVL)
- Lithuania litas (LTL)
- Malta Maltese lira (MTL)
- Norway kroner (NOK)
- Poland zloty (PLN)
- Romania leu (RON)
- Slovakia Slovakian koruna (SKK)
- Slovenia tolar (SIT)
- Sweden Swedish krona (SEK)
- Switzerland Swiss franc (CHF)
- Turkey Turkish lira (TRY)
- Ukraine hryvnia (UAH)
You do not have to be a mathematician to calculate every exchange as close to the penny as possible, but a few simple guidelines can take the sting out of paying heavy service charges or being fooled by what appear to be fantastic rates.
You will find the best rates in Europe, but if you can purchase a small amount of local currency before your departure, you will have more options upon your arrival, making it easier to buy that first cup of espresso or taking a cab ride or rail ride into town. Avoid cashing your money or travelers checks at hotels, hostels or the airport unless you find an ATM, in which case exchange away, because using your own ATM card often results in the best rates with low fees or transaction charges.
Shop around for the best rates at banks or commercial exchange outlets, which tend to have higher fees and lower exchange rates than ATMs and banks but may be accessible during odd hours of the day and holidays. Currency exchange machines are yet another option. Again, the rates are not very good, but these machines can be found in airports, train stations and most tourist spots.
Minimize the frequency of your transactions because every time you change cash, travelers checks or withdraw money from a bank machine, there is a transaction fee.
The amount of currency you exchange is another issue. If you are based in a big city, you will have options when necessary, but once you travel into the countryside or small villages, be sure you supply yourself with plenty of local currency as financial institutions and ATMs may not be as plentiful as in tourist centers or cities.
For up-to-the-minute exchange rates between the dollar, the euro and that long list of local currencies, visit our Currency Converter.
