Information for bank customers about the new currency
From 1 January 2002, the euro is the new currency in 12 European Union countries (the 'Euro zone') which are replacing their national currencies. New euro notes and coins have been introduced and the old national currencies are being withdrawn. Euro notes and coins can be used throughout the Euro zone.
Which countries have adopted the euro as their national currency?
The countries of the Euro zone are Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, The Netherlands, Portugal, and Spain.
Denmark, Sweden and the UK are not part of the Euro zone.
Will it be called the euro in all of the 12 Euro zone countries?
Yes, although it may be pronounced differently.
What will euro look like?
There are seven euro banknotes (5, 10, 20, 50, 100, 200 and 500) and eight coins - 1 cent, 2 cent, 5 cent, 10 cent, 20 cent, 50 cent and 1 and 2 euro. The notes will be smaller than sterling notes, and will incorporate illustrations of bridges, gateways and windows. Click here to see examples of the notes and coins.
What happened on 1 January 2002?
On 1 January 2002 euro notes and coins were introduced in all the countries of the Euro zone and shops and restaurants there have started charging in euro rather than national currencies; cash machines in the Euro zone are dispensing euro notes.
Will I still be able to use the old notes and coins?
Yes, using the fixed conversion rates, but only for a short period - the latest date in any 'in' country is 28 February 2002.
Country - Last date for using old notes and coins in shops
Austria - 28 February
Belgium - 28 February
Finland - 28 February
France - 17 February
Germany - 28 February
Greece - 28 February
Ireland - 9 February
Italy - 28 February
Luxembourg - 28 February
Netherlands - 28 January
Portugal - 28 February
Spain - 28 February
What travel money should I take to the Euro zone?
If you are travelling over the year-end, take national currency of the country you are visiting - you will still be able to use it in January. After that you just need to take the euro.
What about travellers cheques?
Euro travellers cheques are available. Euro zone banks recommend these in preference to national currency travellers cheques.
Will my credit and debit cards work?
Yes. Your account will be debited by the sterling equivalent of the euro on your transaction slip. If you travel this year, check carefully whether the amount you are signing for is in euro or the old currency so that you don't get charged the wrong amount.
Will I be able to change old currency notes and coins into euro?
In the country concerned, you should be able to do so during January and February, but banks may make a charge if you are not a customer. It will be simpler to use your notes and coins directly for purchases. After February, exchange at a bank will be your only option.
In the UK, banks will be able to change notes, but not coins. They may make a charge. They will not have euro coins and so may have to make up the difference in sterling.
Will I be able to use euro cheques throughout the euro zone?
Cheques have national characteristics and there are likely to be handling charges if you use them outside their country of issue.
Will I be able to use euro notes and coins in the UK?
Some shops may accept euros as well as pounds as payment once euro notes and coins have become legal tender in other European countries, though there will be no legal obligation on retailers to accept them. Shops in major tourist areas and in airports and stations are more likely to take them than others. Find out which shops will be accepting the new euro here.
What can I do with left over notes and coins from countries that are adopting the Euro?
On 1 January 2002 the euro will replace the notes and coins in 12 European countries. By the end of February 2002 the old currencies will have been withdrawn and the Euro will be the only currency in these countries.
A number of UK banks will exchange your notes (but not your coins) into euro from 1 January 2002. An alternative is to donate your notes and coins to charity. Below is a list of some of the banks that will collect coins and notes for certain charities.
Alliance & Leicester - Age Concern
Barclays Bank - Macmillan Cancer Relief
Co-Operative Bank - Christian Aid
Coutts & Co - Save the Children
Halifax/Bank of Scotland - Age Concern
LloydsTSB - Cancer Research Campaign
HSBC Bank - UNICEF
National Westminster Bank - Save the Children
Royal Bank of Scotland - Save the Children
¯¿½ 2000-01 BBA & BBAE. This information is taken from the British Bankers'Association's web site with BBA's authorization. The BBA is the leading trade association in the banking and financials ervices industry representing banks and other financial services firms operating in the UK.
