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Euro Conversion Basics

How to handle a Euro to dollar or dollar to Euro conversion

By Lisa Maloney
The Euro is fast becoming the ubiquitous currency of the European Union, but not every country has made the conversion to Euro currency yet. Making sure you get the right currency--and that you don't get cheated out of your hard earned money--means brushing up on a few basics before you travel to EU countries.

Luckily, it won't take long to master the Euro fundamentals. The following steps will help you catch up on the Euro conversion basics you should be familiar with before traveling or trading, such as:

1. Which countries use the Euro and what the Euro looks like;

2. Rates of conversion to Euro or from Euro currency;

3. How and where to manage a conversion of Euro currency.

 

Familiarize yourself with basic Euro conversion information

While the Euro is close to being the universal European currency, there are still a few countries, like Britain, Switzerland and Denmark, that don't use it. Before exchanging your money, first determine whether you should be dealing with Euros or another currency like the British pound, then familiarize yourself with your new currency.
Try: Travel Pete Company lists which European countries use the Euro and which don't. Asia Travel Tips.com provides photos of Euro bills and coins to help you familiarize yourself with the currency.

Learn about Euro US conversion rates

As with any other world currency, the value of the Euro against the US dollar goes up and down as both currencies are traded in the world market; so your dollars may be worth more, or less, in Euros on one day than in days past.
Try: Yahoo! Finance offers a currency converter that allows you to convert to and from the Euro and other world currencies, while Index Mundi displays a euro conversion chart tracking the most recent changes in value of the Euro against the US dollar.

Find out where to conduct Euro conversions

ATMs are very common in Europe and are one of the easiest ways to quickly get local currency at a reasonable exchange rate. This doesn't mean you don't have to be prepared before you travel, though: You can conduct a Euro exchange in most banks, over the phone or even online. You can also buy and sell Euros at money changing kiosks in major international airports, but this method may carry extra fees and commissions.
Try: Wells Fargo lets you order foreign cash, including Euros, online, over the phone, or in person at their banking stores. EZforex.com is a broker that lets you purchase foreign cash online, and also gives you the option of selling it back, with a guarantee of receiving the same exchange rate as when purchased.

 

  • If you're planning to travel between European countries that don't use the Euro and those that do, research the Euro conversion rate against other local European currencies, not just against the dollar.

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