Are you planning a trip to European countries?
Then, you should know the answers to these questions.
1. Which currency should I take with me while I am travelling to Europe?
2. What are the countries in Europe that use the Euro as their currency?
3. Which are the European Countries that do not use the Euro?
4. Why do some countries use the Euro as their currency and others don’t?
5. Did you know that the Euro is also used outside of Europe?
6. How can I prepare for the European Trip?
Which currency should I take with me while I am travelling to Europe?
The Euro is accepted in all 20 eurozone countries and is Europe’s most widely accepted currency. However, the best currency to take with you while travelling to Europe depends on which countries you are visiting. If you are visiting any of the countries in the eurozone, then you should take euros. The Euro is accepted in all 20 eurozone countries, also known as the euro area, and it is the most widely accepted currency in Europe.
The Euro was established in 1999, and in 2002, the euro coins and banknotes were introduced. It is the second most traded currency worldwide, following the US dollar. The eurozone has been a success story. It has helped to promote economic growth and stability in Europe.
What are the countries in Europe that use the Euro as their currency?
The eurozone members are:
Which are the European Countries that do not use the Euro?
Here is a list of the currencies used in the European countries that do not use the Euro:
- Albania: lek
- Andorra: Euro
- Armenia: dram
- Azerbaijan: manat
- Belarus: ruble
- Bosnia and Herzegovina: convertible mark
- Bulgaria: lev
- Croatia: kuna
- Denmark: krone
- Faroe Islands: krone
- Georgia: lari
- Iceland: króna
- Kosovo: Euro
- Liechtenstein: Swiss franc
- North Macedonia: denar
- Moldova: leu
- Monaco: Euro
- Montenegro: Euro
- Norway: krone
- Poland: zloty
- Romania: leu
- Russia: ruble
- San Marino: Euro
- Serbia: dinar
- Switzerland: Swiss franc
- Turkey: lira
- Ukraine: hryvnia
- United Kingdom: pound sterling
Why do some countries use the Euro as their currency and others don’t?
There are many reasons why some countries use the Euro as their currency, and others don’t.
- Economic convergence: Countries joining the eurozone must meet specific financial criteria, such as a low budget deficit and a low inflation rate. It ensures that all eurozone countries have a similar level of economic development.
- Political union: The eurozone is more than just a currency union. It is also a political union with a common central bank and a single financial system. It gives eurozone countries a stronger voice on the global stage.
- Convenience: Using a single currency makes it easier for businesses and consumers to trade and invest across borders. It also reduces exchange rate risk.
Some countries have chosen not to join the eurozone for many reasons. These reasons include:
- Maintaining financial independence: Eurozone countries give up some control over their monetary policy when they join the eurozone. It can be a concern for countries that want to be able to respond to their economic challenges.
- Protecting national identity: Some countries believe using their currency symbolises their national identity. They are reluctant to give up this symbol by joining the eurozone.
- Economic concerns: Some countries have not met the financial criteria required to join the eurozone. Others are concerned about the potential negative impact of the eurozone on their economies.
Here are some specific examples of why some countries have chosen not to join the eurozone:
- Denmark: Denmark has opted out of the eurozone altogether. It is because the Danish people have traditionally been sceptical of the Euro. They are concerned about the loss of monetary sovereignty and the potential for inflation.
- Sweden: Sweden has not yet met the economic criteria required to join the eurozone. However, the Swedish government has said that it is committed to joining the eurozone in the future.
- United Kingdom: The United Kingdom left the eurozone in 2020. It was a decision made by the British people in a referendum. The British government argued that the UK was better off outside of the eurozone, as it would give the UK more control over its economy.
It is important to note that the eurozone is still a relatively new currency union. The eurozone may evolve, and more countries will join in the future.
Did you know that the Euro is also used outside of Europe?
Yes, the Euro is also used in many countries outside of Europe. These countries are:
- Andorra: Andorra has a formal agreement with the European Union to use the Euro as its currency.
- Monaco: Monaco has a legal agreement with the European Union to use the Euro as its currency.
- San Marino: San Marino has a legal agreement with the European Union to use the Euro as its currency.
- Vatican City: Vatican City has a legal agreement with the European Union to use the Euro as its currency.
- Kosovo: Kosovo uses the Euro as its de facto currency.
- Montenegro: Montenegro uses the Euro as its de facto currency.
It is important to note that Andorra, San Marino, Monaco, and Vatican City are not members of the European Union. However, they have formal agreements with the EU to use the Euro as their currency. Kosovo and Montenegro are not members of the EU, but they use the Euro as their de facto currency.
How can I prepare for the European Trip?
If your travel bucket list contains multiple European countries, it is best to take a mix of euros and the local currencies of the countries you visit. It will give you more flexibility and avoid exchanging your money multiple times. Carrying more currencies is a risk. So, travellers always opt for a prepaid travel card. You can load up to 14 currencies onto Unimoni’s Forex card, which is the most convenient way.
Apart from using a travel card, it would help if you also carried some cash. You can exchange your currency at banks, currency exchange bureaus, or hotels. However, exchanging money at the best currency exchange service provider is generally best, as they typically offer better exchange rates. However, awareness of the fees associated with using a Forex card overseas is essential.
Here are some tips for taking money with you while travelling to Europe:
- Only take the amount of money that you need.
- Divide your capital into different places, such as your wallet, backpack, and checked luggage.
- It is advisable to keep a separate copy of your passport and other essential documents, apart from your money, in an emergency. It will ensure that you have access to important information even if your money or other valuables go missing.
- It is essential to remember the exchange rates and fees involved in exchanging money when travelling abroad.
- Use a Prepaid travel card for convenience, but be mindful of the costs of using them overseas.
With some planning, you can easily take the right amount and currency on your trip to Europe and avoid any hassles!!!