Currency in Austria
Foreign exchange guide to Austria and the Euro
What's in this Austria currency guide?
What currency is used in Austria?
The official currency of Austria (country code: AT) is the Euro, with symbol € and currency code EUR.
Things to know about the Euro
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The euro banknotes and coins
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Travel money for Austria
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Austria
Austria is a country located in central Europe. It is bordered by Germany to the west, the Czech Republic to the north, Slovakia to the northeast, Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The capital of Austria is Vienna, and the official language is German. The currency is the euro.
Austria has a population of about 8.9 million people and is known for its mountainous landscape, with the Austrian Alps taking up a large part of the country. The country has a rich cultural heritage, with a long history of classical music, art, and literature.
The economy of Austria is highly developed and industrialized, with a strong service sector and a thriving export industry. The country is known for its high standard of living, and it is a member of the European Union (EU) and the Schengen Agreement.
Overall, Austria is a picturesque and culturally rich country, with a strong economy and a high quality of life.
Travel tips for Austria
Here are a few travel tips for visiting Austria:
Learn some basic German phrases: While many people in Austria speak English, it is a good idea to learn some basic German phrases, as this will show respect for the local culture and may make it easier to communicate with locals.
Know the customs: Austria has a rich cultural heritage, and it is a good idea to be aware of local customs and traditions. For example, it is customary to take off your shoes when entering someone's home, and it is considered impolite to tip in restaurants.
Stay safe: Austria is a safe country, but it is a good idea to take the usual precautions to stay safe, such as keeping an eye on your belongings and being aware of your surroundings.
Respect the environment: Austria is known for its stunning natural beauty, and it is important to respect the environment and to follow the guidelines for responsible tourism.
Know the weather: Austria has a temperate climate, but the weather can vary depending on the region and the time of year. It is a good idea to check the weather forecast and to pack accordingly.
Use public transportation: Austria has an efficient and reliable public transportation system, and it is a good way to get around the country.
Try local foods: Austria has a rich culinary tradition, and it is a good idea to try some local foods, such as Wiener Schnitzel, Sachertorte, and Kartoffelsalat.
Overall, it is a good idea to be respectful and to do some research before visiting Austria, to make the most of your trip.
Things to do in Austria
Austria is a country with a rich cultural heritage and a diverse landscape, and there are a number of interesting things to do when visiting the country. Here are a few ideas:
Visit Vienna: Vienna, the capital of Austria, is a city with a rich cultural heritage and a vibrant arts scene. It is home to a number of world-class museums and galleries, such as the Kunsthistorisches Museum and the Belvedere, as well as a number of historic landmarks, such as the Vienna Opera and the Schönbrunn Palace.
Explore the Austrian Alps: The Austrian Alps are a stunning mountain range that covers a large part of Austria. The region is known for its ski resorts, hiking trails, and picturesque villages. Some popular destinations in the Austrian Alps include Salzburg, Innsbruck, and Kitzbühel.
Visit the Salzkammergut: The Salzkammergut is a region in Austria known for its beautiful lakes and mountains. It is a popular destination for hiking, swimming, and water sports.
Visit the Wachau Valley: The Wachau Valley is a beautiful region in Austria known for its vineyards, castles, and historic towns. It is a great place to go wine tasting and to explore the local history and culture.
Visit the city of Graz: Graz is the second-largest city in Austria, and it is known for its cultural and architectural heritage. The city has a number of interesting landmarks, such as the Schlossberg, the Landesmuseum, and the Dom im Berg.
Visit the city of Linz: Linz is the third-largest city in Austria, and it is known for its arts and culture. It is home to a number of interesting museums, such as the Ars Electronica Center, and a number of
Is it expensive to ski in Austria?
Skiing in Austria can be expensive, especially if you are planning to stay in a ski resort or to travel during peak season. However, there are ways to save money and to make skiing in Austria more affordable. Here are a few tips:
Look for discounts and deals: Many ski resorts offer discounts and deals on lift tickets and ski rentals, especially if you book in advance or if you are willing to ski during the week instead of on weekends. It is a good idea to do some research and to compare prices from different resorts to find the best deal.
Rent gear instead of buying it: Ski gear can be expensive, especially if you are only planning to ski a few times. It may be more cost-effective to rent gear instead of buying it, especially if you are only planning to ski in Austria for a short period of time.
Stay in a vacation rental instead of a hotel: Vacation rentals, such as apartments or houses, can be a more affordable option compared to hotels, especially if you are traveling with a group.
Eat in instead of dining out: Eating out at restaurants can be expensive, especially in ski resorts. It may be more cost-effective to eat in and to prepare your own meals, especially if you are staying in a vacation rental with a kitchen.
Consider skiing in the off-season: Skiing during the off-season, such as in the spring or the fall, can be less expensive compared to skiing during peak season.
Overall, skiing in Austria can be expensive, but with some planning and budgeting, it is possible to find ways to save money and to make the most of your trip.
EUR/USD Market Data
The below interactive chart displays the EUR/USD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Austria?
The domestic currency in Austria is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Converted at USD/EUR interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Austria - Best Rates
To get a good (and fair) exchange rate when sending money to Austria you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Austria
When sending money to Austria it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Austria.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Austria
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Austria.
How is the Austrian economy?
The economy of Austria is highly developed and industrialized, with a strong service sector and a thriving export industry. Austria has a GDP of about $497 billion, making it one of the wealthiest countries in Europe. The country is known for its high standard of living and has a low unemployment rate of about 5.4%.
The service sector is the largest contributor to the economy, accounting for about 75% of GDP. The industrial sector, including manufacturing, construction, and energy, accounts for about 25% of GDP. Austria is a major exporter of machinery, equipment, and other manufactured goods, and it is also a major producer of automobiles, steel, and chemicals.
Agriculture and forestry account for a small share of the economy, but Austria is known for its high-quality agricultural products, including dairy, livestock, and fruit. The country is also a major producer of wood and wood products.
Overall, the economy of Austria is diverse and highly developed, with a strong service sector and a thriving export industry. The country has a high standard of living and is a member of the European Union (EU).
Is it expensive to live in Austria?
Austria is known for its high standard of living, and the cost of living in the country is generally higher compared to other countries in Europe. The cost of living in Austria can vary depending on the region and the city, with prices generally being higher in the major cities, such as Vienna, Salzburg, and Innsbruck.
Housing costs in Austria are generally high, especially in the major cities. Rent prices for apartments can vary widely depending on the location, size, and quality of the property. It is generally more expensive to rent an apartment in the city center compared to the suburbs.
Food and grocery costs in Austria are similar to other countries in Europe. Dining out at restaurants can be expensive, especially in the major cities.
Transportation costs in Austria are generally reasonable, with public transportation being widely available and relatively affordable. Gas prices are similar to other countries in Europe.
Overall, the cost of living in Austria is generally higher compared to other countries in Europe, but it is still possible to find ways to save money and to live comfortably in the country. It is a good idea to do some research and to budget carefully when living in Austria.
Managing your finances in Austria
Here we list some key points for expats and businesses to consider when managing financial dealings in Austria:
Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Austria. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Austria. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Austria. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Austria, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
