Money
Single European currency (Euro): The Euro is now the official currency of 12 EU member states (including Germany). The first Euro coins and notes were introduced in January 2002 and completely replaced the Deutschmark on 28 February 2002. Euro (€) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10, 5, 2 and 1 cents.
Note: As from the end of 2001, Eurocheques will cease to be guaranteed and can no longer be accepted for encashments. However, they may still be used for payments without the guarantee in certain places.
Currency exchange: Foreign currencies and travellers cheques can be exchanged at banks, bureaux de change, post offices, airports, railway stations, ports and major hotels at the official exchange rates.
Credit & debit cards: These are accepted in approximately 60 per cent of all shops, petrol stations, restaurants and hotels. Nationals of other Western European countries, Canada and the USA will find less credit card availability than they are used to in their own countries and it is advisable to carry cash or a Eurocheque card as well. All major credit cards are accepted. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.
Travellers cheques: Generally provide the best rate of exchange. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Euros, Pounds Sterling or US Dollars.
Currency restrictions: There are no restrictions on the import or export of either local or foreign currency.
Exchange rate indicators
The following figures are included as a guide to the movements of the Euro against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | €1= | £0.63 | £0.64 | £0.63 | £0.68 | | €1= | $0.92 | $0.97 | $1.00 | $1.08 |
Banking hours: Generally Mon, Tues, Wed and Fri 0830-1300 and 1430-1600, Thurs 0830-1300 and 1430-1800 in main cities. Main branches do not close for lunch.
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