Currency and Exchange Rates
In most European countries you will be using the Euro (€), currency of the European Union, but even some EU countries have still not adopted this common currency. If you are touring to non EU spots, be prepared to pay in the local currency, as a lot of places do not officially take Euros. To check for exchange rates, go to oanda.com to see the most recent exchange rates:
The Deutsche Mark, the Austrian Schilling, the Italian Lira etc are no longer accepted anywhere in Europe, or any of the former currencies of any other members of the so-called ‘Euro Zone’. If you still have some of these banknotes, they are no longer valid or exchangeable.
Coins and Bills - The Euro is circulated in denominations up to 500 Euro in coins of 1, 2, 5, 10, 20, 50 cents, and 1 and 2 Euros, and bank notes of 5, 10, 20, 50, 100, 200 and 500 Euros. Larger notes over 100 Euro may not be readily accepted in some smaller restaurants or shops. ATMs will readily pay out in the larger denominations in many places but you can usually easily go into a bank and exchange larger notes for smaller ones. Note also that the motifs on coins vary from country to country within the European Union but are valid anywhere the Euro is accepted.
What is the best way to take money to Europe?
Whatever you do, you will never completely avoid paying fees and/or commissions. However, from our experience, we would recommend debit cards as our first choice. Whatever you decide to do, please consult your bank.
• Debit card- There are ATM machines everywhere in Europe and they are almost all multilingual. Check your bank ATM card and see if it has a Cirrus or Maestro logo on the back. If so, it will be accepted at almost any ATM in Germany, Austria or the Czech Republic. Most ATM cards charge a transaction fee of about 1 or 2%- and your home bank usually gives you a conversion rate that is pretty favorable. Check with your bank on how much they will charge you to use a foreign ATM and check with them that your pin will work from abroad. Some banks have a reciprocal agreement with other banks, and this saves on bank charges when using the ATM. Generally, you would have a cash withdrawal limit of approximately AUD 750-800 per day.
• Credit card - Using credit cards for a draw should be your last resort. Normally credit cards will charge you a transaction fee plus interest from the date of the draw, i.e. NO grace period, and the transaction fee is usually added to the amount accumulating interest. However, most charges (not draws) are treated the same as they are in Australia plus the international fee of approximately 5%. Bear in mind, credit card policies differ among banks. It is always a good idea to check before you buy or sit down to a meal to ensure that any type of credit card is accepted or that your particular brand is readily accepted. Most stores and restaurants will display the logos of the brands they accept on their doors, but it is still wise to ask before ordering. Most petrol stations accept nearly every type of credit card offered.
• Cash – Do not change all your money into cash and carry it around with you in case of theft. Make sure, however, to take some cash and change it to Euros either at a local Australian bank or in Europe (avoid changing money at the airport as they usually take about 10% commission). Some local banks do not have foreign currencies immediately available so it is a good idea to make a request at least 10 days before departure.
• We are not big fans of Traveller's Cheques – Even though they are universally accepted throughout Europe, you may encounter several difficulties.
- You will be charged a fee for their use which sometimes can be quite large
- Generally only banks accept cheques and you are limited by their opening hours
- Not all types of cheques are accepted by European banks (check this before you take them)
Bank Opening Hours:
Bank opening hours vary across Europe. Check for each individual country.
How much money will you need?
Well...how much money are you planning to spend? How much shopping do you want to do? How many gifts do you plan to purchase? How many ice creams can you eat? How many coffees will keep you awake?
In general, when travelling on group tours, you will only need lunch and pocket money. On most of our tours, the cost of the tour has been budgeted to include two meals a day, buffet breakfast and three- course dinner, all activities, tips and travelling costs.
How much additional money you require is very personal and will be affected by many different factors. We suggest you set a daily budget to give you an idea of how much money will be needed. Unfortunately, the Euro is very strong compared to the dollar at the moment, so everything will be more expensive. In order however, to budget for lunches, here are a few average price indicators that can give you a rough idea of food expenses:
Snacks and Drinks:
- Bottle of 0.5 still water in a supermarket AUD 1-1.5
- Sandwich or pastry at a local bakery AUD 4-7
- Coffee/tea at a coffee shop AUD 5-8
- Pizza slice at a local pizzeria AUD 7-8
- Hot dog at a sausage stand AUD 6-8
- Salad at a local restaurant AUD 12-15
- Chocolate bar AUD 2-3
- Middle - sized ice cream AUD 4-5
- A packet of chips AUD 2-3
Middle-range Restaurants:
- Lunch menu special AUD 10-18
- Bottle of 0.3 Coca Cola at a local restaurant AUD 5-7
- Wiener schnitzel (breaded escalope) with potatoes at a local restaurant AUD 20-25
- Pasta dish in a local pizzeria AUD 14-25
