Europe is not all about euros! After all, countries maintain their own currencies, each with unique value and history. And sometimes, especially when you travel across Europe, knowing more about those currencies and having a way of quickly using them can save you a great deal of headaches.
In this article, Genome’s team will review common currencies in Europe so that you’re always aware of currency exchange options when conducting business or just visiting Europe.
Why Europe has multiple currencies
The abundance of different currencies within Europe shows its complex history, national identities, and economic policies. These factors greatly contributed to their currency choice and reasoning for it.
For example, Germany, France, and Italy adopted the euro as part of the EU’s effort to create economic unity and stability.
At the same time, Switzerland and Norway, both outside the EU, maintain their own currencies – the Swiss franc (CHF) and Norwegian krone (NOK) – to retain full control over their monetary policies.
Even within the EU, some countries, like North Macedonia, continue to use their national currency, the Macedonian denar (MKD), as they are not yet part of the eurozone. Others, like Denmark, negotiated opt-outs, while countries such as Poland and Hungary are delaying euro adoption due to economic considerations.
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The euro: Europe’s dominant currency
The euro is the official currency of the eurozone, used by 20 EU countries. Introduced to create economic stability and ease cross-border trade, it simplifies travel, business, and financial transactions.
Major European countries use it, including Germany, Italy, France, Spain, and the Netherlands. Having one currency eliminates exchange rate fluctuations, making trade smoother between member states. For example, Italy, like other EU members, benefits from increased investment and economic integration.
New nations occasionally join the eurozone, adopting the currency once they meet economic criteria.
Non-euro EU currencies
Several EU member states continue to use their own currencies in Europe instead of the euro. The national currency is still used in:
Bulgaria – Bulgarian lev (BGN)
Czech Republic – Czech koruna (CZK);
Denmark – Danish krone (DKK);
Hungary – Hungarian forint (HUF);
Poland – Polish złoty (PLN);
Romania – Romanian leu (RON);
Sweden – Swedish krona (SEK).
The reasons for these European countries not joining the Euroze are linked to different factors.
For instance, Bulgaria is currently in the process of adopting the euro and has already passed the respective law in August 2024. At first, the country expected to adopt the euro sometime in 2026 eventually.
However, in January 2025, it became apparent that the plans were being delayed. The country’s finance minister announced that Bulgaria will not submit a request for an extraordinary convergence report to the European Commission until the country’s inflation rate criteria are met.
Romania’s situation is more complicated, as the country has set multiple dates for joining the eurozone. Still, as of 2024, Romania hasn’t met the criteria. In 2024, the country struggled to name the target date.
The National Bank of Romania governor emphasized that the adoption can happen after reducing the public deficit to 3% of GDP. He estimated that it can take Romania 4 to 7 years or longer to reach this goal.
The Czech Republic has no target date for adopting the euro and has not yet joined the Exchange Rate Mechanism (ERM II).
Poland also doesn’t have a set date to join and seemingly doesn’t plan to do so. The country’s finance minister noted in 2024 that the Zloty, the national currency of Poland, helped Poland avoid recession during the global financial crisis.
Denmark doesn’t use the euro because it has a formal opt-out agreement, secured in 1992 when Danish citizens rejected the Maastricht Treaty (which established the euro) in a referendum.
Despite this, Denmark pegs the krone (their national currency) to the euro within the Exchange Rate Mechanism II (ERM II), keeping its currency stable while maintaining control over its monetary policy.
For Hungary, the possible adoption of the euro has been a lengthy process, with the first target date set for 2010. However, the adoption didn’t happen, as Hungary couldn’t meet all the criteria.
Currently, the new date for the adoption of the euro hasn’t been set, and Hungary’s central bank governor explained that the country’s economy is not ready yet. He believed joining the single currency zone would only be possible after 2030.
Sweden uses the Swedish krona (SEK) instead of the euro. In 2003, Sweden held a referendum. During this time, 56% of voters rejected the euro, citing concerns over the economic independence of Sweden.
Therefore, Sweden also hasn’t joined the Exchange Rate Mechanism II (ERM II), a key step required for euro adoption.
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Currencies in non-EU countries
But what about other European nations that are not a part of the European Union? It is quite common for such countries to use their own, other currencies like Norway or the UK.
Thus, if you’re a business conducting payments to non-EU-nations or just an individual traveling abroad, you always need to check the currency that is used within the country and exchange rates, payment methods, etc.
Some notable examples of other currencies in Europe include:
United Kingdom – British pound sterling (GBP);
Switzerland – Swiss franc (CHF);
Norway – Norwegian krone (NOK);
Iceland – Icelandic króna (ISK);
Serbia – Serbian dinar (RSD);
Turkey (partly in Europe) – Turkish lira (TRY).
However, some non-EU countries use the euro unofficially or through special arrangements. Take Montenegro and Kosovo as two examples:
Montenegro started using the euro due to historical and economic factors, particularly the hyperinflation of the 1990s. After first using the Deutsche Mark as the official currency in 2001, Montenegro transitioned to the euro in 2002 when Germany replaced the mark with the euro.
Before 1999, Kosovo used multiple currencies, including the Deutsche Mark, USD, and Swiss franc, due to its large diaspora. After the United Nations Interim Administration Mission in Kosovo made the Deutsche Mark the main currency, Kosovo naturally adopted the euro in 2002, though the Serbian dinar is still used in northern areas.
Microstates and special currency cases
There’s a curious case of European microstates: Andorra, Monaco, San Marino, and Vatican City. All four of these use euros as their official currencies. All thanks to the monetary agreements with the European Union.
These agreements enable these microstates to integrate economically with the eurozone while maintaining a degree of monetary sovereignty.
Not to mention, there are also islands, archipelagoes, and territories that also use euros: Canary Islands (Spain), Ceuta and Melilla (Spain), Azores and Madeira (Portugal), Mayotte and Réunion (France), Saint Pierre and Miquelon (France), French Guiana, French islands in the Caribbean (Guadeloupe and Martinique, Saint Martin, Saint-Barthélemy).
At the same time, territories like the Faroe Islands and Greenland, both part of the Kingdom of Denmark, use the Danish krone (DKK) as their official currency. The Faroe Islands issue their own banknotes, known as the Faroese króna, which are distinct in design but hold the same value as the Danish krone. Danish coins are used in both territories.
A comprehensive overview of European currencies
To sum up, below we provide the complete list of currencies used in Europe:
Eurozone Countries that use euros:
Austria;
Belgium;
Croatia;
Cyprus;
Estonia;
Finland;
France;
Germany;
Greece;
Ireland;
Italy;
Latvia;
Lithuania;
Luxembourg;
Malta;
Netherlands;
Portugal;
Slovakia;
Slovenia;
Spain.
EU countries with other currencies:
Bulgaria – Bulgarian lev (BGN);
Czech Republic – Czech koruna (CZK);
Denmark – Danish krone (DKK);
Hungary – Hungarian forint (HUF);
Poland – Polish złoty (PLN);
Romania – Romanian leu (RON);
Sweden – Swedish krona (SEK).
Non-EU countries with their own currencies:
United Kingdom – British pound sterling (GBP);
Ukraine – Ukrainian hryvnia (UAH);
Switzerland – Swiss franc (CHF);
Norway – Norwegian krone (NOK);
Iceland – Icelandic króna (ISK);
Serbia – Serbian dinar (RSD);
Turkey (partly in Europe) – Turkish lira (TRY);
Albania – Albanian lek (ALL);
Moldova – Moldovan leu (MDL);
North Macedonia – Macedonian denar (MKD);
Bosnia and Herzegovina – Bosnia and Herzegovina convertible mark (BAM).
Microstates and special cases that use euros:
Andorra;
Monaco;
San Marino;
Vatican City.
Territories and special cases:
Montenegro and Kosovo use the euro unofficially, without a formal agreement with the European Central Bank.
Faroe Islands & Greenland (Danish territories) use the Danish krone (DKK), and the Faroe Islands issue their banknotes.
How to handle multi-currency transactions with Genome
Navigating all the currencies in Europe can be challenging. Thus, if you feel like you will need access to some currencies in the near future, it is better to find a financial provider that can do just that.
Take Genome, for instance, which provides services for individuals and businesses across the EU and Europe. Start a dedicated IBAN account and get access to instant account opening of additional multi-currency accounts with 11 currencies available:
Euro (EUR);
US Dollar (USD);
British Pound (GBP);
Polish Zloty (PLN);
Swiss Franc (CHF);
Japanese Yen (JPY);
Canadian Dollar (CAD);
Czech Koruna (CZK);
Hungarian Forint (HUF);
Swedish Krona (SEK);
Australian Dollar (AUD).
You can have up to 5 accounts per currency. All our clients have access to SEPA Instant Transfers and can make euro payments within seconds. Regular SEPA Credit Transfers are also available. Additionally, our business wallet users can send international money transfers using all the currencies listed.
Last but certainly not least, Genome offers all its users virtual and physical Visa debit cards that offer you unparalleled flexibility when it comes to payments.
The best part – your debit cards can be linked to your accounts in EUR, (euro), USD (US Dollar), GBP (British Pound), PLN (Polish Zloty), CHF (Swiss Franc), CZK (Czech Koruna), HUF (Hungarian Forint), and SEK (Swedish Krona). Pay contactless, in-store, and online with ease, whether you stay at home or travel across Europe!
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Key takeaways
The vast number of currencies in Europe reflect the continent’s rich history and economic diversity, so you should stay updated to make the most of your financial transactions across borders.
If you’re visiting Europe, using a reliable financial institution like Genome ensures secure and cost-effective payments and transfers.
FAQ
Does every European country accept the euro?
No, not all European countries accept the euro. In fact, only 20 European Union member states accept it, while others use national currencies. Non-EU countries, such as Switzerland, the UK, and Norway, also use their own currencies, meaning euros may not always be accepted. To find out which countries accept euros, check our list above.
Is currency conversion in Europe expensive?
Currency conversion costs depend on exchange rates, bank fees, and where you exchange money. So, it will mainly depend on the currency you exchange to and from. If you want to save on currency exchange fees when traveling, always check the exchange rates beforehand and research the cheapest options and how much cash you will need.
Which European currencies are pegged to the euro?
Several currencies in Europe are pegged to the euro, meaning their exchange rates are fixed or controlled. For instance, the Bosnia and Herzegovina convertible mark (BAM), the Bulgarian lev (BGN), and Denmark with Danish krone (DKK). Microstates (Andorra, Monaco, San Marino, Vatican City) that use the euro through special agreements.
Can I use my euro banknotes in non-euro countries?
Generally, no, but in some tourist areas or border regions, businesses might accept euros, especially in Switzerland, the Balkans, and parts of Scandinavia. Still, it is better to plan your trips beforehand and know exactly how much cash you will need.
What happens to a country’s currency if it joins the EU?
Joining the EU does not mean that you pay in euros immediately. New members must first meet economic and legal criteria before entering the eurozone.
Does Brexit affect using euros in the UK?
Yes, Brexit means the UK is outside the EU, but the British pound remains the official currency. Some businesses, especially in tourist areas, might still accept card payments and cash in euros, but it’s not common.
