Cyprus will officially adopt the euro on January 1, 2008 but what does that mean?
For a period of one month, known as the “parallel circulation period”, both the euro and Cyprus banknotes and coins will be accepted as legal tender for cash transactions. However, salaries will be paid in euros, prices will be posted in euros and any bank or ATM with drawls will be in euros only. In fact, if you use Cyprus currency to pay for an item, you’ll receive euros in change.
After January 31, Cyprus currency will no longer be accepted, but it can still be exchanged free of charge for a period of two years for coins and up to ten years for banknotes.
For more information, see the Central Bank of Cyprus’s National Website for the Euro.
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
December 28, 2007
November 29, 2007
Rupee or bust
Traveling to India? You’ll want to leave your U.S. currency behind.
Got a wallet full of greenbacks? As of the end of November, they won’t get you into many popular tourist attractions in India. According to an article in the New Zealand Herald, the falling U.S. currency has prompted India's Ministry for Tourism and Culture to rule that it will no longer be accepted as payment to enter popular destinations, such as the Taj Mahal. The decision comes as part of a move to avoid losses due to the changing exchange rate.
Consider: In the past, travellers could use their greenbacks to pay a set entry fee of USD $5.00 – back when $1.00 was roughly equivalent to 50 rupees. Today, one U.S. dollar is only worth 39 rupees. The “flat fee” means that the Indian government now loses 55 rupees per visitor.
In response, the government has now fixed the admission rate for foreign tourists at 250 rupees. U.S. tourists will notice a rise in price of more than a dollar.
Got a wallet full of greenbacks? As of the end of November, they won’t get you into many popular tourist attractions in India. According to an article in the New Zealand Herald, the falling U.S. currency has prompted India's Ministry for Tourism and Culture to rule that it will no longer be accepted as payment to enter popular destinations, such as the Taj Mahal. The decision comes as part of a move to avoid losses due to the changing exchange rate.
Consider: In the past, travellers could use their greenbacks to pay a set entry fee of USD $5.00 – back when $1.00 was roughly equivalent to 50 rupees. Today, one U.S. dollar is only worth 39 rupees. The “flat fee” means that the Indian government now loses 55 rupees per visitor.
In response, the government has now fixed the admission rate for foreign tourists at 250 rupees. U.S. tourists will notice a rise in price of more than a dollar.
October 4, 2007
Can you use your credit card overseas?
Credit cards a boon to travellers because they can help manage expenses and are convenient to use. However, before you too heavily on your cards, ask yourself two questions:
Are credit cards widely accepted at my destination?
Some countries are “cash economies”, meaning that credit and debit cards are not widely used or accepted. You’ll have to opt for another form of payment if you aren’t staying at a resort. Make sure you know where and how to get money in an emergency.
Looking for more information? Try the government travel advice for your destinations – the advice covers money and currency.
Will foreign merchants accept my card with/without a “chip and pin?”
Many countries throughout Europe have moved to a more secure “chip and pin” system for credit card purchases. However, if your financial institution or destination isn’t following suit, you might find your credit card is denied. Check with your credit card company about its international policies.
Want to know more about the problem? Take a look at a recent article on news.com.au called “Chips are down on magnetic strips”.
Are credit cards widely accepted at my destination?
Some countries are “cash economies”, meaning that credit and debit cards are not widely used or accepted. You’ll have to opt for another form of payment if you aren’t staying at a resort. Make sure you know where and how to get money in an emergency.
Looking for more information? Try the government travel advice for your destinations – the advice covers money and currency.
Will foreign merchants accept my card with/without a “chip and pin?”
Many countries throughout Europe have moved to a more secure “chip and pin” system for credit card purchases. However, if your financial institution or destination isn’t following suit, you might find your credit card is denied. Check with your credit card company about its international policies.
Want to know more about the problem? Take a look at a recent article on news.com.au called “Chips are down on magnetic strips”.
August 14, 2007
Currency check in Nepal
There is more to managing your money while traveling in Nepal than just knowing the local currency is the Nepalese rupee.
In fact, according to the US Department of State Consular Information Sheet for Nepal, travelers must declare any cash currency they carry that exceeds $2,000. Travelers are required to fill out a customs declaration form and keep a copy of the endorsed form with them.
Another “note” of caution: Don’t confuse your currency! It is illegal to carry 500 or 1,000 Indian rupee notes in Nepal.
In fact, according to the US Department of State Consular Information Sheet for Nepal, travelers must declare any cash currency they carry that exceeds $2,000. Travelers are required to fill out a customs declaration form and keep a copy of the endorsed form with them.
Another “note” of caution: Don’t confuse your currency! It is illegal to carry 500 or 1,000 Indian rupee notes in Nepal.
June 16, 2007
Declare your cash in the EU
Planning to travel through the EU? According to recent UK Foreign and Commonwealth Office advice updates, new regulations for declaring cash came into effect on June 15, 2007. Anyone entering or leaving the EU must now declare the money they carry when the amount exceeds 10 000 euros. This amount includes all cash, cheques, traveller’s cheques and money orders.
The exception to the rules? You will not need to declare your cash if you are:
The exception to the rules? You will not need to declare your cash if you are:
- travelling within the EU.
- travelling via the EU to a non-EU country (when the original journey started outside of the EU).
January 17, 2007
Don’t get scammed when converting currency in Cuba
Can you tell the different between convertible and non-convertible pesos in Cuba?
The Cuban Convertible Peso (CUC) is the unit of currency used by travelers and is separate from the regular peso. How can you tell the difference? Look for the words “peso convertibles” on the front or back of the bill.
You can only convert your currency once you arrive, but don’t take your US dollars! According to various government advice sources they are no longer accepted as payment, and there is a 10% commission to exchange them. Other foreign currencies, including the Euro and the Canadian dollar, can be exchanged without the commission.
A note of caution: Government advice recommends only converting your cash at reliable and recognized facilities, and stick to denominations of less than 100 (which are commonly counterfeit).
The Cuban Convertible Peso (CUC) is the unit of currency used by travelers and is separate from the regular peso. How can you tell the difference? Look for the words “peso convertibles” on the front or back of the bill.
You can only convert your currency once you arrive, but don’t take your US dollars! According to various government advice sources they are no longer accepted as payment, and there is a 10% commission to exchange them. Other foreign currencies, including the Euro and the Canadian dollar, can be exchanged without the commission.
A note of caution: Government advice recommends only converting your cash at reliable and recognized facilities, and stick to denominations of less than 100 (which are commonly counterfeit).
January 11, 2007
Pounds for Dinars
As of January 10, 2007 Sudan will introduce a new currency as part of a 2005 peace deal signed in the country.
According to a recent article on IOL, Sudan is replacing its currency – the dinar – as part of a peace deal signed two years ago between the Muslim government and Christian groups.
The article notes that the dinar has been in circulation for fifteen years and is often considered to be a symbol of the Muslim government. In an effort to go with an ethnically and religiously neutral symbol, the country is returning to use of the pound.
The conversion rate will be one pound equals 100 Sudanese dinars.
According to a recent article on IOL, Sudan is replacing its currency – the dinar – as part of a peace deal signed two years ago between the Muslim government and Christian groups.
The article notes that the dinar has been in circulation for fifteen years and is often considered to be a symbol of the Muslim government. In an effort to go with an ethnically and religiously neutral symbol, the country is returning to use of the pound.
The conversion rate will be one pound equals 100 Sudanese dinars.
January 4, 2007
Use your Euros in Slovenia
As of January 1, 2007 Slovenia made history by becoming the first former communist state to adopt the Euro, reports Australian news source NEWS.com.au. The Euro replaces the Tolar, the currency chosen as a symbol of independence when Slovenia split from Yugoslavia in 1991.
According to the article, Cyprus and Malta are expected to join the “eurozone” in 2008, with Slovakia aiming to adopt the currency in 2009.
According to the article, Cyprus and Malta are expected to join the “eurozone” in 2008, with Slovakia aiming to adopt the currency in 2009.
Use your Euros in Slovenia
As of January 1, 2007 Slovenia made history by becoming the first former communist state to adopt the Euro, reports Australian news source NEWS.com.au. The Euro replaces the Tolar, the currency chosen as a symbol of independence when Slovenia split from Yugoslavia in 1991.
According to the article, Cyprus and Malta are expected to join the “eurozone” in 2008, with Slovakia aiming to adopt the currency in 2009.
According to the article, Cyprus and Malta are expected to join the “eurozone” in 2008, with Slovakia aiming to adopt the currency in 2009.
December 22, 2006
When cash matters
Sometimes ATM cards, credit cards and travelers’ checks may be useless in some countries. Here’s what you should know about cash societies:
Many countries such as Libya are cash societies, meaning that reliable ATMs are rare and many businesses don’t accept credit cards. Certain designated locations such as airports have an ATM or the ability to accept cash wires. You should know how and where to access cash in case of an emergency.
Sometimes these countries call for travelers to be in possession of a certain amount of cash as part of their entry requirements. For instance, the UK Foreign & Commonwealth Office notes in its advice that visitors to Libya must have the equivalent of 500 Libyan Dinars in order to get into the country.
When in doubt, check with you travel agent and double check with government advice.
Many countries such as Libya are cash societies, meaning that reliable ATMs are rare and many businesses don’t accept credit cards. Certain designated locations such as airports have an ATM or the ability to accept cash wires. You should know how and where to access cash in case of an emergency.
Sometimes these countries call for travelers to be in possession of a certain amount of cash as part of their entry requirements. For instance, the UK Foreign & Commonwealth Office notes in its advice that visitors to Libya must have the equivalent of 500 Libyan Dinars in order to get into the country.
When in doubt, check with you travel agent and double check with government advice.
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