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The Euro brings services and goods faster and easier to travellers to Madeira




The Euro has arrived. It is now possible to conduct financial transactions in this new currency - now denominated the main form of currency for 11 European Union countries including Portugal, Spain, France, Belgium, the Netherlands, Ireland, Germany, Luxembourg, Finland, Austria, and Italy.

Travellers to Madeira can now pay for goods and service in Euros - by cheque, credit card or bank transfers. The physical form of notes and coins only appears in the year 2002 when it will replace completely the older and by then defunct national currencies of the 11 European Union countries.

Paying by cheque requires that the cheque be printed with the Euro currency denomination explicit on the "amount payable" section of the cheque. It would be the case that European bank account holders will be able to have two types of personal cheque books. One printed to the order of Euros, and the other to the order of their local currency.

It is possible that a person in any one of the eleven member countries can write a cheque in Euros and have that cheque deposited in another bank account in another of any one of the 11 member European Union countries. The former hassle of the banks not being able to accept another country's bank cheques is thus history. This is a very strong feature: considerable savings in time and commissions payed to banks is had. Indeed, for the travel industry one can expect a boom in these types of transactions. Especially, for private hotels and services that sometimes require advance guarantees in the form of a deposit for goods and services to be rendered. That is, for example, it is possible to send a cheque for a 25% deposit guarantee for a hotel room reservation in Euros and not have to suffer any further surcharges or mysterious fees or commissions when the cheque moves from one hand to another hand.

 
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