The Euro:                                                  Back

.

The new Euro has made it a lot easier for tourists. Unless your spending all of your time in one country (In which case it wouldn't matter.) the conveyance of only changing your currency one time as you enter the Union makes travel in Europe a lot easier. How ever there are some things you should know.

Some information I gained from an article by Carol Pucci of the Seattle Times.

.

1. Use ATM cards & credit cards with travelers checks as a backup. ATM's are

everywhere and are well stocked with Euros. Exchange rates are favorable (generally

within 1 % of the official bank rate.) Check with your bank before going to Europe to

see if there is an extra charge for overseas withdrawals.

2. Buying Euros in the U. S. from a local bank or company such as American Express or

Thomas Cook is an expensive way to go. Be prepared to pay a service fee and accept

an exchange rate anywhere from 3 to 7 % less then the official rate.

3. Credit Card purchases are processed at a favorable rate, but some issuers are also

levying surcharges on foreign purchases. (some as high as 4%) so again, it pays to check

beforehand.

4. Cashing Travelers check overseas now is expensive (The Euro has hurt the currency

exchange business in Europe, (less currency needs exchanging) & banks & private

exchange bureaus are making up for it by charging more to exchange U. S. dollars. The

convenience, however, is sometimes worth it. Your ATM card may not work every-

where all the time.

5.  Banks sell travelers checks in Euros, but from what Carol says in her article, "I found

these to be pretty much useless and not worth the expense. Some big hotels and stores

do take them, but most smaller restaurants don't know what they are."

6. Avoid getting stuck with high-denomination Euro notes, especially 200 & 500 Euro bills.

Most places won't take them due to higher instances of counterfeiting & problems making

change.

7. If your using a guidebook with prices for hotels & restaurants quoted in the old

currencies, carry a conversion chart with you. A chart & other handy information on the

Euro for travelers is available at Oanda.

8. Despite the Feb. 28 2003 cutoff date in most countries, if you still have some of the old

currency, don't worry, Overseas banks will (for a fee) still exchange them for Euros.