If we switched to the euro, would the money in our accounts change aswel?

gunnaknow

What would happen if the UK switched over to euros at some point? Would all of the currency in our bank accounts change to euros automatically? I presume that it would but want to make sure. It would suck to have pounds sterling stuck in a fixed term whilst everyone else in the country had switched to the euro. It would be worthless currency at the end of the term in such an instance. Thanks.

richardlionheart

hi

I think how it happends (although correct me if i am wrong ) is from the date/point that a Country joins the Euro Currency,
the old currency of that Country ( Legacy currency , as they term it ) is still legal tender at whatever it is fixed at rate wise with the Euro.

then people have 'X' amount of months to change any old coins/notes over.

thats when all the mattress money appears ,and if i remember correctly,
there was quite a lot more than they had figured would be in Ireland ?
and several other Euro zone Countries.

cos69

Yes it would all convert to euros.- the pound sterling would cease to exist so all bank accounts would be changes over automatically.

In other countries where this has happened, there has usually been a period of about a year from the date of the changeover where both currencies could be used to make purchases in shops - the exchange rate having been fixed at the changeover date.

cos69

You obviously type faster than I Richard lion heart, beat me by a couple of minutes