The Euro was
introduced beginning January 1, 2002. 14 billion Euro banknotes and 55
billion coins were initially introduced to more than 300 million people
in 12 countries of the European Union.
12 countries who initially converted were:
Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Netherlands, Spain and Portugal, & Monaco .
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For a list of the Euro
conversion rates (for the participating countries old denominations)
click
here Consult newer sources such as the business or travel section of
your newspaper for the latest conversion rates.
Current
Exchange Rates
Old Rates
The following rates are listed for historical reference only to give one a general idea of each
countries exchange rates before the Euro was introduced.
One US dollar equaled the following:
|
Greece 304 Drachma |
Italy 1770 Lira |
Austria 12.70 Schilling |
|
Switzerland 1.51 Francs |
France 6.05 Francs |
Spain 152.50 Pesetas |
|
Portugal 184 Escudos |
Germany 1.80 Marks |
Belgium 37.1 Francs |
|
Britain 0.62 Pounds |
Denmark 6.85 Kroner |
Ireland 0.71 Punt |
|
Netherlands 2.03 Guilder |
Norway 7.70 Krone |
Sweden 8.20 Krona |
ATM's
ATM's are scattered throughout large and small towns in all of Europe,
both in Eastern and Western Europe. The major difference between ATM's
in Eastern versus Western Europe is that the ATM's in Eastern Europe
sometimes have problems accepting ATM cards from North America. Western
European ATM's accept the major symbols such as Cirrus, Star, Plus,
and Explore. Luckily when I was in Eastern Europe I had enough foreign
currency to exchange. ATM's are a very easy way to get money for the
most part. In Western Europe I found that I had about a 80% success rate
on getting money from ATM's. In other words 80% of the ATM's I initially
used actually worked. Sometimes I would have to try 2 or 3 ATM's before I
found one that would actually work. This isn't a big problem in large
cities or even good size towns, but is a big problem in the smaller
towns or the country side. ALWAYS take out more local currency then you
think you will need, ESPECIALLY if you know you are going to be in small
towns or in the country. Time and time again on my initial European
travels I would take out just what I thought I was going to use, and
then time and time again I would have to waste time looking for another
ATM in order to take out more money because of unforeseen circumstances.
I did this because I was afraid to lose the small amount of money in the
re-exchange rate. However, I forgot that I was paying a fee to use the
ATM every time. Your bank may or may not charge you a small fee for
using the ATM. These fees range from a dollar to several dollars.
Money Belt
If you are going to be carrying cash, especially larger amounts of cash,
a money belt is highly recommended for carrying your money. A money belt
(preferably one that is water resistant) is an excellent way of securely
carrying your money or other important documents. It is well hidden
under your clothes and out of sight of potential thieves and pick
pockets. A water resistant belt is always a good idea, especially if you
are traveling in a hot climate in the summer time. I found that staying
drenched with water during the day was a better way to stay cool instead
of completely shedding upper body garments (at least for the male
gender). The dampness would allow one to stay cool for up to an hour and
was quite refreshing especially if there was a slight breeze. I
perfected this technique in the 112 degree F heat of downtown Athens in
mid July. One note is that there are water fountains, especially in the
southern European countries such as Greece and Italy, running
constantly. This makes drenching yourself much easier when you can
easily find running water fountains.
A money belt worn around your neck is not recommended. This is much
easier to see then a money belt worn under your clothes. It can be
easily removed from your neck either by quickly pulling it until it
snaps, or quickly cutting it.
Travelers Checks
Consider bringing travelers checks. Bring
more then enough for emergencies. I brought only $200 for 6 weeks of
travel, and I used them all up in the first week and a half! Most hotels
and stores will take them. Denominations of $20 US are easiest to deal
with.
Bring Some Cash
It is also a good idea to take some currency from your own country as
backup. I took
$500 hundred dollars US for 6 weeks, and I could have used another $500.
If you take cash from the US take $20 dollar bills. They are easy to
exchange. Sometimes banks will not exchange $100's or even $50's as they are afraid of counterfeiting
- however sometimes you do get a better exchange rate for the larger
bills. Remember that larger
bills are also harder to cash at small stores, restaurants, or other
places. Unfortunately ATM's usually give you large bills especially if
you withdraw a large amount. I never had a big problem using the large
bills to pay for something small, the large bills just raised a few
eyebrows when the cashier had to give up almost all of her small bills
in change!
Credit Cards
I found that southern Europe, mostly Greece and Italy did not take
credit cards such as Visa or MasterCard. This was true in hotels,
restaurants, stores and other locations. It was much easier to use
credit cards at most establishments in the rest of Europe.
Hiding Places in Hotel Room
For the most part I stayed at decent, clean, comfortable hotels. I would
leave my backpack in the hotel room. I
would leave for most of the day and sightsee and then return in the late
afternoon or evening. I never had anything stolen. Most of the time, you
can leave some of your valuables (money, purchases) with the front
desk. They will either have a small safe or a hidden away drawer that
they can store your items for you. Some rooms even have safes with a
key. Some may charge extra for the use of their safe. If you are really
paranoid there are ways to cleverly hide your valuables in your room
without losing them. First, you want to shy away from places that will
be looked at or altered by the maid. Some of these "stay away from
places" are bed sheets, pillow cases, towels, or mattresses. Some
places you may want to consider hiding valuables are the inside seam of
the bottom of curtains, and small non flammable items can be placed in
and on a light bulb cover, especially if the light bulb cover is colored
or non white. Other potential hiding areas are on the bottom drawer of
pull out drawers, cracks at the bottom of closets, or in the back of
pictures that are hanging on the walls. If you are in a "drop
tile" situation (the ceiling is made up of drop tiles)- pick one of the drop tiles, push it up, and place
some of your valuables above it - just be sure to collect it when you
return. I'm sure you can think of some
other nifty hiding places. Send me your ideas.
Other Info
There are foreign currency exchange offices located throughout the
cities and small towns. Some will charge a small commission rate to
exchange money and some will not.
Sometimes rental companies will take your passport
until you return their equipment. Other times hotels will hold on to
your passport until you pay the hotel bill. Keep in mind that you need a
passport to exchange travelers checks. It will do you little good if
your passport is sitting in a hotel or equipment rental company far from
where you are exchanging money. At the very least it will be a hassle to
go back and get your passport, and try to explain to people, that you
need it for exchanging money, especially if they do not speak English.
One item that I particularly recommend is a very tiny calculator. This
proved to be extremely helpful on many occasions for figuring out
exchange rates, or for determining the exact prices of certain items.
The prices varied dramatically from country to country. The cheapest
prices were in Eastern Europe, the next cheapest were in Greece and
southern Italy. The most expensive prices were in northern Europe, and
particularly in France, Austria, and Switzerland. Let me give you some
examples. A normal can of soda in Greece or The Czech Republic would
cost about 50 cents US money, where in Switzerland or Paris a can of
soda would be around $2.50 or $3.00 US dollars. Another example: renting
a motor scooter for an entire day cost about $12.50 in Greece. Another
example: a good sit down dinner for one in Prague (Czech Republic) was
between $5 and $12. In Paris a decent sit down dinner would average
around $15-25.
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