How the new European currency may affect you

The euro has now been fully introduced in the EMU* first wave countries, also known as the euro zone.

The euro zone countries are: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal and Spain and their old currencies can now no longer be used.

This page tells you how the euro might affect your and aims to answer any questions you may have. It is particularly useful if you travel to the euro zone or make regular transactions to and from those countries. You may find that you benefit from the introduction of the euro into the euro zone, because you'll only have to deal with one currency rather than several.

* European Monetary Union

The Royal Bank of Scotland offers a number of euro products and services, including:

• a full range of euro notes and travellers cheques, available to order from branches at competitive rates of exchange
• a selection of euro accounts
• a comprehensive range of services for making and receiving payments to and from euro zone countries

Your euro questions answered

What exchange rates have been fixed between each old national currency and the euro?

What currency do I take to euro zone countries?

You can now only spend euros in euro zone countries.

What do I do with unused, old national currency?

The old national currencies have now been officially withdrawn. However it will usually be possible to send notes and travellers cheques in the old currencies (sometimes called 'legacy currencies') for collection from your branch. This process could take several days and additional charges may be incurred.

For an extended period, charity collection boxes are available in all branches for the donation of any notes or coins, with proceeds going to Save the Children.

Can I use my Switch/Highline and credit cards in euro zone countries?

Yes, the way you use your cards in these countries hasn't changed. Your statement will show the amount you pay converted from euro to sterling, in the same way national currencies were before.

If I want to make payments to, or receive payments from someone in the euro zone, what currency do I use?

Whenever you make a payment in local currency to someone in a euro zone country, it will have to be in euro. Equally, if you receive payment from the euro zone, it will also have to be in euro.

What euro notes and coins are in circulation?

There are seven euro bank notes, which are the same for all countries in the euro zone €5, €10, €20, €50, €100, €200*, €500*. There are also eight coins**: 1,2,5,10,20,50 cents and €1 and €2. One euro is made up of 100 cents. Each coin has one common side and one country-specific side.

All euro notes and coins can be used throughout the euro zone countries.

A full range of international payment services are available in euro from The Royal Bank of Scotland.

* Available for order upon request
** Coins are not available for purchase from the Royal Bank