Country currency change, what happens to your account?

What happens to account in your local currency when country changes to euro and your account currency is no longer valid?

Do you have to liquidate it and create new one in euros?

Good question, I would suspect if it were to happen that your balance would be converted at the going rate, but there may be a period of equivalence when both are accepted? This is simply an educated guess.

What country are you in that is changing to EUR, and would you want EUR? You could potentially request say USD(or the currency you trade in the most to limit the 0.15% FX fee), and then convert your funds externally to USD before you transfer into the 212 account?

From Czechia, so EUR is not gonna happened any time soon, but still would like to know the answer. Maybe some of the Croatia guys can answer (assuming they could use HRK before), since they converted to euro this year.

I would prefer local currency so I dont have to deal with external currency change, but not it the case my account would be liquidated in 10 years if move to euro happens.

In that case I would rather go directly to IB and not care about currency at all, which I might do anyway for the bigger part of the portfolio.

we deposit money in euros even when HRK was still our currency,our bank would automaticlly exchange it

My experience is from the start of the EUR adoption by the Euro Area founders, the banks and other institutions simply converted all balances from the local currency to EUR. That conversion was mandatory and not possible to refuse.

In my case, it was from Portuguese Escudo (PTE) to EUR, using the official exchange rate of 200.482 PTE to 1 EUR. This was the only exchange rate.

The other countries had different official FX rates, DM to EUR, FRF to EUR, ESP to EUR, ITL to EUR, and so on.


The irrevocable exchange rates for the countries in the Euro area are the fixed exchange rates against the euro for each of the eleven countries in the area as at 1 January 1999. These countries and the exchange rates are:

  • Austria – 13.7603
  • Belgium – 40.3399
  • Finland – 94573
  • France – 6.55957
  • Germany – 1.95583
  • Ireland – 0.787564
  • Italy – 1936.27
  • Luxembourg – 40.3399
  • Netherlands – 2.20371
  • Portugal – 200.482
  • Spain – 166.386

The irrevocable exchange for Greece, which subsequently joined the Euro area, at 1 January 2001 is 340.75

The irrevocable exchange for Slovenia, which subsequently joined the Euro area, at 1 January 2007 is 239.640.

Source Publication:
OECD Main Economic Indicators, OECD, Paris, monthly, Part 4 (Exchange Rates.

Statistical Theme: Financial statistics - Exchange rates

Created on Tuesday, September 25, 2001

Last updated on Wednesday, March 21, 2007

So you had T212 account in HRK or in EUR? If you had account already in euros, nothing really changed for you :slight_smile:

I’m asking how T212 handles case of country changing currency, because right now only way you can change currency on your account is to close it and open new one.

While country changing currency might be special case, confirmation from T212 that account would be converted to EUR would be appreciated.