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The official currency in Europe is the Euro. However, there are some countries which have their own currency. Depending on your place of a visit, you should get your currency exchanged. Ideally, it is better to carry Euros with you and you can get the same exchanged at the country’s airports or banks into the local currency.
| Overview | Euro |
|---|---|
| Currency Name | Euro |
| Short Name | EUR |
| Symbols | € |
| Unit | 1/100, CENT |
| Frequently Used Currency (Denomination) | 1 €, 2 €, 10C, 20C, 50C |
If you do use Euro, you will be tendered change in the local currency. Make sure you have an idea about the exchange rates before a transaction. You can use your debit or credit card as well, as most places are comfortable with plastic money. There will additional transaction fees levied, depending on your bank. It is always best to carry smaller denominations if you do not feel comfortable using your card.
Check the rates with SOTC before you head for your Europe trip so that you do not have currency woes while on your Europe holiday.
Europe continues to reign at the number one spot in the ‘most frequently travelled tourist destination’ category. And there are a number of reasons for that. The scenic varied topography from the amazing Alps to the magnificent Mediterranean coastline, rich history and cultural heritage, diverse climates in beautiful natural regions, authentic wide-ranging cuisines and world-famous architecture in Europe invite travellers from every corner of the world. The European visa processing is less cumbersome and most importantly, most of the countries belonging to European continent are safe to travel. Tourists can either focus their itinerary on a single European nation or they may opt for a host of countries at one stroke. There are many Europe tour packages available with tour planners in the market. A well-thought plan on what are the places to visit in Europe will surely make it a memorable trip. The compact geography of European continent added with a meticulously developed transport infrastructural system makes the travel enjoyable, convenient and fast.
Out of the 28 member states, the currency used in Europe, Euro (€) is the official currency of 19 member states of the European Union (EU). The group of states is named Eurozone or Euro area. After the US dollar, the EU’s currency is the second largest and second most traded currency in the foreign market. In addition, the European Euro has one of the highest combined values of banknotes and coins in circulation globally. The institutions of the EU as well as four European microstates—viz. Andorra, Liechtenstein, Monaco and San Marino that are not EU members—officially use this currency. Moreover, more than 200 million people across the world use currencies pegged to Europe's Euro. One current Euro currency is 1.11 US dollars and 79.12 Indian rupees.
Almost all of Europe nowadays uses the single currency, Euro and this has made things simpler, especially for travellers like you. Prior to 1999, every European nation had its own currency. But after that, the EU took an important move towards a unified Europe. An economic and political structure in Europe was formed by 11 European nations and its membership became important. The organisation extended significant support and financial aid to the nations meeting the required criteria and seeking to join the same. Foreseeing that the adoption of a single currency across 23 participating nations would make things easier, the individual monetary unit of every EU nation was decided to be replaced by Euro and since 2002 onwards, these Eurozone nations started to use Euro as their official currency.
It is always prudent to inform your bank that you will be travelling to Europe and that should be intimated in advance before the date of your travel. In doing so, you will probably save some good percentage of fees, which you would have normally paid while using the currency exchange outlets. You can carry your bank’s debit card to the country you are visiting and use it there withdrawing foreign currency for negligible or no fee depending on your bank. You might only have to pay a small percentage of the transaction fee. You might even exchange money at your bank itself. If you are a high net worth privileged customer of the same, this actually is not a bad idea as the bank is likely to waive off your fees. Another good option is to use credit cards that offer 0% foreign transaction fee and which has a chip and PIN card. It is a much better deal compared to other possibilities. However, try to keep the airports and hotel desks your absolute last resort with respect to currency exchange as it is going to cost you as much as 25% in fees.
There is a significant upsurge in digital payments across Europe. And the demand for digital transactions is on the rise. The introduction of digital payments and digital wallets has changed the entire scenario of digital transaction. It is already extremely popular among users, especially among the youth. However, with the rise in service providers along with the upsurge in the convenience of payment methods, cyber security has become a critical factor across European nations. Effective steps have been taken up to curb the menace and maintain things under a tight grip.
While some European countries think it is excessive and unnecessary as people in service earn a decent salary, some think that tipping is generally not a common practice in Europe. What should be the amount for the tip depends on the country you are visiting, because it varies from country to country. However, a gesture of generosity is quite welcome wherever you visit. Try and see you don’t exceed 10% of the final bill because if it is beyond that, it may be considered excessive.
