France Currency: Money Guide In France

Going to France soon and wondering about how their currency works, as well as the cards that you can use while traveling?

Apart from the sights – food, transportation, entrance fees and souvenirs are part of enjoying the best of this beautiful country.

Therefore, it is important to know how you can best manage your expenses while here. First, let’s get to know the official currency in France.

The National Currency of France

France is a member of the European Union and one of the 23 nations in the region to use the euro (€) as their official currency.

One euro is divided into 100 cents, and there are seven denominations in circulation: €5, €10, €20, €50, €100, €200 (rare), and €500 (rare).

In addition, eight coins in the denominations of €1 and €2 are in circulation, as well as one, two, five, ten, twenty, and fifty cents.

France Money Trivia

• The French Revolution grabbed the franc by flipping the old livre tournois coin in 1795. 
• After the euro was officially accepted in 2002, the French franc lost its legal tender status. 
• Old francs are used in French colonies (French Polynesia, New Caledonia, Wallis, and Futuna). 
• So far, the euro has merged 22 currencies into a single monetary ocean. 
• The motto of the French €1 and €2 coins is Liberté Egalité Fraternité.

How to Exchange Currency in France

All international airports, ATMs, and currency exchange stores in the major cities are available to exchange your currencies. All of these alternatives are simple and straightforward. You must be aware, though, that exchange rates and fees vary. 

It’s advised to avoid using traveler’s checks if you can because they’re infrequently used and difficult to cash.

Many hotels in France also provide currency exchange services, however, be warned that it can be fairly costly.

Distributeurs Automatiques de Billets (ATM’s)

A convenient option is to use an ATM. The exchange rate and fees you’ll be charged are determined by the bank of the ATM you’re using as well as your bank card.

You will have no trouble finding a Distributeur because they are fairly common throughout France. Almost all ATMs accept MasterCard and Visa, while American Express has its ATMs in big cities.

Exchanging Currency at the airport or train stations in France

At Charles de Gaulle Airport, you can withdraw Euros from an ATM or exchange your local money at Travelex.

However, the exchange rates and taxes at France’s airports aren’t as good as your other options, so it is best to avoid them or simply change a modest amount.

Exchanging currency in Paris

Paris boasts a plethora of currency exchange bureaus or stores, as it is the center of French tourism. They are located in all of the most prominent tourist sites.

This option, however, should only be used if you have to because Parisian money exchange outlets demand high currency rates. Many banks also impose a commission on top of the rate when exchanging money. 

If you really must go for this alternative, know that you’ll have to show proof of your identity when exchanging money. 

For real-time updates on the current exchange rate for the euro, visit www.xe.com

Cards You Can Use in France

When in France, most visitors will use a credit card at some point on top of the ready cash they have. The following are the cards you can and cannot use in France:

Debit Cards

Debit cards are the most widely used cards among travelers, but they also have the worst exchange rates and fees. However, there are a couple of exceptions.

Consider the ING Direct Orange Card, Citibank Saver Plus, or the Wise Debit Card if you travel frequently. These three cards offer competitive exchange rates and cheap fees. I personally used my Wise Debit Card in euro to pay off everything in my last trip in Paris and I didn’t have to worry about currency conversion. 

Credit Cards

International transactions on most credit cards, like debit cards, are subject to exorbitant service fees. Foreign transaction fees, exchange rate margin, and ATM fees are all charged by most credit cards. Plus, if you use an ATM, you must be aware of any ‘cash advance cost.’

Prepaid Travel Cards

The majority of prepaid travel cards have a large list of fees attached to them. They also offer uncompetitive exchange rates for purchasing your currency in advance. Finally, converting any remaining card balances to your home currency when you return might be difficult and expensive.

Alternatives to the prepaid travel card

Revolut and Wise debit cards (former Transferwise) are two solid alternatives to bank prepaid travel cards. Both allow you to buy or “prepay” your currency in advance of your travel. Both cards use the best online market exchange rate available, which you can get on Google or XE.

Plan if you intend to use either of these cards. Once you’ve placed your order, it will take 1 to 2 weeks to arrive in the mail.

Carrying Cash in France

Imagine wanting a portrait painted by a street artist or tipping your waiter while strolling along the streets and parks in Paris. Or you may want to indulge in a crêpe, waffle, or ice cream after browsing the markets in Lyon or Nice. It’s always a good idea to keep some cash on hand in case of any of these circumstances, as well as to prevent extra card costs for your extremely minor expenses.

When carrying cash in France, here are some things to consider: 

• In smaller shops, restaurants, cafés, and bars, larger denomination bills (100, 200, and 500 euros) are rarely accepted. You could have a better chance of getting them accepted if they approximately cover the amount of your meal or purchase, but most business owners will refuse to accept them because they are afraid they are counterfeit bills or because they don’t have enough change to accept them. But most luxury boutiques and restaurants allow them since they are used to tourists.
•  Opt for lesser denominations (10, 20, 50 euros) to keep in your pocket or wallet while exploring France,  unless you plan on doing some substantial buying. 
• Don’t take out a large sum of money at once. It is better to pay immediately by card if you plan on doing any shopping in luxury stores, for example, as tourists have been known to be mugged in touristy areas without even realizing it. Unfortunately, outside of Paris’ Boulevard Haussmann is well-known for it. 
• It is recommended to have enough money for a typical tourist day in Paris, which includes eating, buying souvenirs, drinking, and visiting some sights. Overall, €100 per person should suffice. 
• Make sure you don’t get stuck because your weekly withdrawal limit has been reached and your card has been denied at the hotel or ATM. It’s better to call your bank in this situation.

Before You Visit France

A few useful tips to take note of regarding money before you go to France: 

• Consult your bank to verify if your credit card will work in another country. 
• Make sure your credit card isn’t about to expire while you’re away. 
• Inquire about your withdrawal restriction of 24 hours. Depending on your needs, you may need to increase or lower this limit. Some travelers want a higher limit to reduce transaction fees, while others choose a lower limit for increased security. 
• Inquire about the foreign transaction costs charged by your bank.