Some countries outside of the EU use the Euro as their official currency.
Monaco is one of them, having adopted the Euro in 2002.
The Euro is widely accepted in Monaco, and you can easily exchange your money for Euros at a local bank or currency exchange office.
Monaco is a tiny country on the French Riviera, but its use of the Euro has made it a popular destination for tourists and business travelers alike.
Its small size and favorable tax laws have made Monaco an attractive place to live and work, especially for wealthy individuals and entrepreneurs.
EU Countries Using Euro
The EU countries using the euro are quite a few, and it's interesting to see which ones are part of this group. The euro is used by 19 of 28 EU member countries.
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain are all using the euro as their currency. You can find this list in the EU countries using the euro table in the article section.
Some of these countries, like Austria, Belgium, and France, have been using the euro for a long time. Others, like Estonia, Latvia, and Lithuania, joined more recently, with Estonia starting to use the euro on January 1, 2011.
Non-EU Countries Using Euro
There are several non-EU countries that use the euro as their official currency. One of them is Kosovo, a country that's not fully recognized as an independent nation by all countries.
Another non-EU country using the euro is Montenegro, a small nation in the Balkans. Both Kosovo and Montenegro are part of the eurozone, but they're not part of the European Union.
Here's a list of non-EU countries using the euro:
These countries have chosen to adopt the euro as their official currency, despite not being part of the EU.
Euro Currency
You can exchange old Irish banknotes and coins for euro at the Central Bank of Ireland, either in person by appointment or by sending them by registered post. The Central Bank will transfer the value in euro to a bank account.
The conversion rate between the euro and the Irish Pound is €1 = £0.787564. You can check with your bank to see if they provide a service to exchange old money through your branch.
If you're visiting a Eurozone country or a country that has adopted the euro, you can exchange your home currency for euros at a bank or credit union. You can also use a foreign exchange store or an ATM if you have a debit card.
Some national central banks will exchange your home currency for euro, but this is only possible for the former national currency of a country in the euro area. There may be time limits on this exchange, so it's essential to check with the bank.
You can also use your credit card to make purchases and pay in euros instead of your home currency. Another option is to use a prepaid debit card loaded with euros, which works similarly to a debit card but isn't connected to a bank account.
Traveling with Euro
If you're traveling to a country that uses the euro, you'll need to exchange your money or get a local currency. You can exchange your home currency for euros at a bank or credit union, foreign exchange store, or through an ATM if you have a debit card.
In some cases, you can also use your credit card to make purchases and pay in euros instead of your home currency. This is a convenient option, but be aware of any foreign transaction fees your bank may charge.
The Central Bank of Ireland will exchange old Irish banknotes and coins for euro, and you can also exchange old money through your bank branch if they provide this service.
Buying Currency
You can exchange your home currency for euros at a bank or credit union, foreign exchange store, or through an ATM if you have a debit card.
If you're visiting a Eurozone country, you can exchange your currency at a bank or credit union. Some banks may offer better exchange rates than others, so it's worth shopping around.
To exchange your currency, you'll need to provide your identification and proof of address. This is a standard requirement at most banks and financial institutions.
In some cases, you may be able to exchange your currency through your bank branch, but you'll need to check with your bank first to see if they offer this service.
You can also use a prepaid debit card loaded with euros, which can be a convenient option for making purchases and paying for expenses while traveling. This type of payment card works in a similar way to a debit card, but it's not connected to a bank account.
Some countries have time limits on exchanging former national currency for euros, so be sure to check the specific rules for the country you're visiting.
Top 12 Best-Value Destinations
If you're looking for a great value destination in Europe, consider Vatican City. It's the smallest country in Europe by area.
Vatican City is a great choice for travelers on a budget, as it's a tiny country with a relatively low cost of living. You can find a basket of holiday essentials like coffee, beer, suncream, and an evening meal for a reasonable price.
Some of the best-value destinations in Europe can be found in Eastern Europe, where the cost of living is lower than in Western Europe.
Fun Facts and Lists
The Euro is a widely used currency, and it's interesting to learn about its different nicknames. Ireland calls it the "Yoyo".
Did you know that 17 EU member states use the Euro? This is coordinated by the European Central Bank (ECB) based in Frankfurt, Germany.
Several non-EU states use the Euro, including the Principality of Andorra, the Principality of Monaco, and the Vatican City.
Key Information
The euro has become a widely accepted currency in Europe, but did you know how it all started? The goal of establishing the euro was to make European commerce easier and more integrated.
The euro debuted in 2002 in a dozen countries, with more joining in later years. Additional countries have since signed on, and some are still planning to adopt the euro.
The euro and the dollar are key to global markets, playing a significant role in international trade and finance. This is why it's essential to understand the euro's history and how it's used.
In 1999, the euro came into being in cashless form when 11 EU member states locked the exchange rates of their currencies against the euro. This marked the beginning of a new era in European currency.
Here's a list of countries that have adopted the euro over the years:
- 2002: 12 EU states (including Greece)
- 2007: Slovenia
- 2008: Malta and Cyprus
- 2009: Slovakia
- 2011: Estonia
- 2014: Latvia
- 2015: Lithuania
- 2023: Croatia
Currency Issues
The Central Bank of Ireland will exchange old Irish banknotes and coins for euro, using a conversion rate of €1 = £0.787564. You can visit the Central Bank by appointment or send your old banknotes by registered post.
The Central Bank issues the value in euro by transfer to a bank account, and in some cases, you can exchange old money through your bank branch. However, you should check with your bank if it provides this service.
Some countries have time limits on exchanging former national currency for euro, so it's essential to check with the national central bank if you have cash in the former national currency of another country in the euro area.
Other Options
You can exchange old Irish banknotes for euro at the Central Bank of Ireland by appointment or by sending them by registered post. They'll issue the value in euro by transfer to a bank account.
Some countries outside the euro area have adopted the euro as their official currency, such as the Principality of Monaco and the Republic of San Marino. They have the right to produce limited numbers of euro coins, but not to issue euro banknotes.
If you're visiting a Eurozone country, you can exchange your home currency for euros at a bank or credit union, foreign exchange store, or through an ATM if you have a debit card. This way, you can get some euros for your trip.
Countries that don't use the euro, like Denmark, maintain the independence of their economies and can set their own interest rates and monetary policies. This means they can manage their own financial crises, but also can't go to the European Central Bank for assistance.
You can also use a prepaid debit card loaded with euros, which works in a similar way to a debit card, but isn't connected to a bank account. This can be a convenient option for travelers or people who want to make purchases in euros.
Counterfeit
Counterfeit money can be a real headache, but there's a simple way to deal with it. If you suspect a banknote or coin is counterfeit, you must give it to your bank, the Gardaí or the Central Bank for verification.
You should always get a receipt when handing over suspected counterfeit money, so you can be refunded the amount if it's genuine. This way, you'll be protected in case it's a forgery.
The Central Bank of Ireland has a process in place for checking counterfeit money, and you can be reimbursed if the banknote or coin is genuine.
Frequently Asked Questions
Is the euro short for Europe?
The euro is indeed short for "European", a name that reflects its shared currency status among European Union member states.
Which EU members do not use the euro?
Seven EU members, including Bulgaria, Czechia, Hungary, Poland, Romania, and Sweden, do not use the euro as their official currency. Denmark is the only exception, but it's required to join the eurozone once it meets the necessary criteria.
Is Germany on the euro?
Yes, Germany has been using the Euro as its official currency since January 1, 2002. The Euro replaced the Deutsche Mark, which was Germany's currency for many years.
What is the newest country to adopt the euro?
Croatia is the newest country to adopt the euro, joining the euro area in 2023.
Sources
- https://www.aph.com/community/holidays/list-of-european-countries-which-use-the-euro-currency/
- https://www.thoughtco.com/what-countries-use-the-euro-1435138
- https://www.citizensinformation.ie/en/money-and-tax/personal-finance/eu-payments/euro/
- https://www.worldremit.com/en-se/currency-converter/currencies/eur_fr
- https://blog.remitly.com/currencies/what-countries-use-the-euro/
Featured Images: pexels.com