6 Managing Your Money
The European Union monetary unit is the euro (€). The euro functions similarly to the U.S. dollar in that it is subdivided into 100 cents. There are eight euro coins denominated in 2 and 1 euros, then 50, 20, 10, 5, 2 and 1 cents. Each euro coin has a common European face and a face designed by each country that can be used in every monetary member country. There are six euro notes that are differently sized and colored, and come in denominations of 200, 100, 50, 20, 10 and 5. The notes, unlike the coins, do not have national sides and are uniform.
For current exchange rates, consult the oanda.com currency converter
- Bring € 100 – € 200 to cover expenses over the first two or three days. Use the ATMs to periodically withdraw more money.
- Bring a debit card with personal identification number (PIN). With it you can withdraw funds directly from your U.S. checking or savings account at ATMs throughout Europe at the most favorable exchange rates. This is the most popular way to obtain cash. Check with your bank about international transaction fees.
Bring a credit card with PIN. Visa and MasterCard can be used to obtain cash advances from ATMs. The credit card company charges a fee for the service, and computes interest from the date of withdrawal. Verify both your cash advance and credit limits before you leave the US. Keep a record of all credit card numbers and emergency telephone numbers in case of theft. Keep PINs separate from cards.