Re: Euro vs 'old money'

[nitsansh]

My advice is to take them to Europe. There's no use to convert them to US Dollars. If you're going to a country and the money is still legal tender - there's no problem. If you can change it to Euro in banks, it's a little hassle, but you lose nothing. The problem might occur only if the date of conversion in banks has expired, so look out for those dates which are different in each country. If you have a currency of a country in the Euro zone and you're not going there, you have to change it anyway, and it makes no difference if you change it to Dollars in USA or Euro in any of the Euro countries. If you want to get rid of Greek Drachmas for example, there's a good chance you'll find another traveller going there who would like to buy it without commision while it's still a legal tender there.
Confused?
This is what you should NOT do:
Keep a currency of Euro country beyond the date it's a legal tender if you're not going there, or beyond the date you can exchange it in banks if you go there. The 1st date is no later than February 28th, but might be earlier in some countries. You can find the dates for each country if you click on its flag here:
www.euro.ecb.int/en/section1/timetable.html

Important notes: Hungary is not a Euro country. You can keep Hungarian Forints beyond 2002 if you want to, but I see no use for that, they just lose their value.
UK is not a Euro country, so don't change any money to Euro in UK, b/c that counts as 2 transactions: From a foreign currency to Pounds, and from Pounds to Euro. That's also the case in Denmark. Therefor, keep your Deutch Marks, Escudos or Drachmas until you reach a Euro country, and there you may exchange it without losing money on the transaction. Or exchange it with fellow travellers and save commisions for both of you.

[LHR02]

Thanks Nitsansh!
  Your advice makes good sense to me.  Never thought about trying to exchange with another traveler, great idea!  And never would have thought of the 'two' transaction deal if I tried to do it in London.  Appreciate the help.

ginger

[nitsansh]

Isn't it the same in USA?
Can you change from one foreign currency to another one in a US bank and not be charged for 2 transactions?
Euro is a foreign currency unit in UK, Denmark or any other non-Euro country.
I once made a big exchange deal in London. I converted US $ in cash into travellers cheques in various European currencies. First I had to convert them to Pounds and then convert the Pounds to Marks and Franks (Swiss and French). The bank made a nice profit on it, but there was no other way. I didn't want to keep the $ in cash for months until I arrive to those countries and take the risk of losing them! And if I bought travellers cheques in Pounds I would have to exchange them again anyway, so it didn't matter!

[nitsansh]

I thought over it again, and I think it won't be easy to find a traveller going to Greece in December-February... but if you encounter one, offer him/her your Drachmas in exchange to Euro or the local currency. Use the conversion rates here:
www.euro.ecb.int/en/section/conversion.html
(Euro is approx. 340 Drachmas, or 200 Escudos, or 1.95 Marks, etc.)

[LHR02]

"Isn't it the same in the USA?"

Probably....but in all honesty we rarely have to deal with 'foreign' money here.  Most Americans I should think are rather naive about the entire process.  The only reason I have any clue at all is due to living in Germany for so long.  In fact, unless you go to a big central bank you've no chance at all,  most 'neighborhood' banks don't even deal with such things.   Let me ammend that to add that those living near the Mexican or Canadian border are more likely to be in a position to convert money.  Here in the midwest, it's not a daily occurance by a long shot.    I was always amazed honestly while in Europe by all the people who knew the daily conversion rates and could do them almost instantly in their heads for any transaction!     Face it, we're a spoiled bunch...  The dollar is the same in NY or 3500 miles away in CA.  Conversion rates?  Greek to most Americans.

ginger
who thanks you again for sage advice

[nitsansh]

I also don't care about foreign currency in everyday life... only when I'm preparing to go abroad, and of course during the trip. Being prepared and knowledgable saves you money... Not only you need to know the rates, you should know where and when it's better to exchange money.
Here are some tips:
When entering a country, it's a good idea to have some local currency, as exchange rates at airports and rail stations are usually not good.
Be suspicious about change bureaus near tourist attractions. They tend to publicise rates that look good, but are actually bad. The best way to find out whether the rate is good is to ask: "How much (local currency) would I get for 100$ (or whatever you want to change)?
DO NOT change money with people who approach you on the street. Most of these are cheaters.
Stock with local cash before the weekend, b/c if you will need to exchange money during the weekend when banks are closed, it will be at a worse rate.
Stock with local cash before you go to remote and small places, b/c you may not find banks or ATMs to exchange money there.
If anyone is buying travellers cheques of Am Ex or Thomas Cook, find out where their offices are located at your destination. These are the best places to cash travellers cheques, but not good places to exchange cash.

While travelling in Europe, you must be aware of the value of each currency. Fortunately, from 2002 onwards this will be much easier as 12 national currency units are replaced by the Euro.
In the long term, Europe is going to be like United states, at least as far as money is concerned. The next generation of travellers will not have to worry about exchanging currency in Europe...

['Guest']

everyone but italy seems to have had a fairly smooth cash change to the euro.  those going to the zone should have an easier time with cash now.  

btw, found this on yahoo.  seems aplicable:

Tips for American travelers who still have European banknotes and coins being replaced by euro:

-Old money can be spent until Feb. 28 in most of euro bloc. Exceptions are Netherlands, until Jan. 27; Ireland, Feb. 9; France, Feb. 17.

-Currency can be exchanged at commercial banks until Feb. 28 in Germany; June 30 in France, Luxembourg, Portugal, Spain; Dec. 31 in Belgium, Netherlands. Up to individual banks in other countries.

-After that, currency must be exchanged at nations' central banks, which have offices in many major cities. Earliest cutoff for banknotes is 2011 in Finland, France, Greece, Italy. Quickest deadlines for coins are end of 2002 in Portugal, end of 2003 in Greece, end of 2004 in Belgium, France, Luxembourg.

-Banknotes can be sold in United States for dollars at some currency exchanges as long as individual nations' central banks accept old money.