The creation and introduction of the single currency, which is shared by 17 member states was a major step towards integration. It was heralded as the way forward for businesses who would often loose out on fluctuating exchange rates and seemed a god send for holiday makers, who could keep their leftover Euros from their holiday in Greece and use them again later in the year for that break in another Euro Zone country.
However, earlier this week I witnessed something new off the back of this crisis in Cyprus. People are not wanting to take Euro notes issued by Cyprus and are checking their change carefully! On the back of each paper Euro note, in the top right hand corner, there is a letter followed by a sequence of numbers. The letter indicates which central bank commissioned that particular banknote.
But if you are coming with more cash than you normally would, be on your guard and ensure that you take a safe deposit box at your accommodation.
As in any busy resort, unscrupulous people are about, especially where there is a heavy flow of people such as at the markets and with so many holiday makers here for the Easter break, they will be about! Only take what you realistically think you will need - remember, you can always go back if you don´t have enough with you at the time. Think.... don´t leave your brains behind on the tarmac!
But with the financial crisis in Cyprus all that is now up in the air..... banks there have been closed for a week and there is a 100 euro limit for withdrawals from an ATM machine - if you can find one that hasn´t been bled dry. The Foreign & Commonwealth Office have advised tourists visiting Cyprus to take Euros with them which then leaves them vulnerable to muggings - and insurance policies only cover a minimum amount subject to hefty excess fees.... you need to check carefully the wording of your travel policy as they do differ. Now many holiday makers are taking large sums of cash with them to other European countries for fear of a repeat and being left stranded without access to their money.
However, earlier this week I witnessed something new off the back of this crisis in Cyprus. People are not wanting to take Euro notes issued by Cyprus and are checking their change carefully! On the back of each paper Euro note, in the top right hand corner, there is a letter followed by a sequence of numbers. The letter indicates which central bank commissioned that particular banknote. Cyprus has the letter "G" preceding the serial number and some people obviously feel uneasy having these - there is no evidence of any devaluation but you just can´t argue with some. I remember seeing a sign at an exchange booth in Benidorm last year stating that they accept Scottish bank notes at the same value as English ones - it did make me laugh.
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| Spanish issued 50 euro note |
As in any busy resort, unscrupulous people are about, especially where there is a heavy flow of people such as at the markets and with so many holiday makers here for the Easter break, they will be about! Only take what you realistically think you will need - remember, you can always go back if you don´t have enough with you at the time. Think.... don´t leave your brains behind on the tarmac!
