Banking and cash handling

UK and overseas banks will automatically convert any bank accounts held in legacy currencies into euro bank accounts. This will occur at midnight on 31 December 2001 at the latest, although most bank accounts will be switched before then.

You should consider:

	Finding out when any legacy currency account you have will be changed to euro. Otherwise, talk to your bank about opening a euro account and finding out what other euro-related services it offers.
	If you have several legacy currency bank accounts, you may wish to consider consolidating them into a single euro account or keep one account for each country in which you operate.
	If your customers ask you to use the euro in place of sterling, can you handle any exchange rate issues that might follow? You might need to think for the first time about managing exposure to exchange rates. Your bank should be able to explain more about the options, including currency hedging services, available.
	How much will you be charged for your euro account? You need to be clear what you will be charged for and whether it would be cost-effective to operate one.