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You're Going to Love the Euro
Part 1: A Pleasant Surprise for Budget-Minded Tourists

It might be the biggest story you didn't watch, hear, or read.

Germans parted company with their beloved marks. The French put away their familiar francs.

Munich's Marienplatz
 More of this Feature
• Part 2: Getting More Euros for the Money
• Part 3: Where next? How about Poland?
• Part 4: The New Europe
 
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Citizens of twelve European Union nations began paying their tabs in euros on January 1, 2002.

North America yawned. There were a few stories on the left side of the Atlantic about Paris storekeepers who refused to deal in the new currency. Some mass-transit ticket machines or pay telephones weren't ready for the switchover. Glitches make news, and these were fairly predictable.

Less than two weeks after the changeover, I went to Europe with a group of American journalists to see for myself. We would speak with German and Polish leaders about the health and probable expansion of the European Union. In my mind, any such discussion would start with integration of the euro.

Here's what travelers need to know:

  • Euros come in 5, 10, 20, 50, 100 and 500 banknotes. Coinage is issued in amounts of 1, 2, 5, 10, 20 and 50. Fractions of a euro are called cents.
  • If you still have marks, lira, francs or other currencies from previous trips, bring them along. They will still be bought at central banks in each country for years to come. You will get change back in euros for any non-euro currency you spend.
  • Countries trading in euros: Austria, Belgium, Italy, Ireland, Finland, France, Germany, Greece, Luxembourg, The Netherlands, Portugal, and Spain.
  • Countries not trading in euros: The United Kingdom, Sweden and Denmark are all members of the European Union but have not adopted the euro. Norway and Switzerland are not EU members. Eastern European nations are applying for EU membership, and could begin trading in euros as early as 2004.

    Beyond the logistics, why should budget travelers care about the euro? The answer lies in a very simple rule frugal travelers embrace: change money as little as possible.

    A typical European itinerary might take a visitor to Holland, Belgium, France, and Germany. Home currency had to be changed into Dutch guilders and then exchanged three more times. By the time any remaining marks were traded for home currency, no less than five separate transactions had taken place. With each move, money was lost.

    Now, that same trip means a simple exchange for euros, and a second upon return home. Managed properly, the savings is significant.

    Next page > More Euros for the Money > Page 3, 4

    All photographs (c) 2002 Mark Kahler, licensed to About.com, Inc.

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