Banks have indicated that no charges will be levied for converting accounts and payments into euros. The Commission intends to keep the situation under review and have invited persons who have been charged to notify them. The euro operates in Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. The ecu has been replaced by the euro at a rate of 1:1. The new currency can be used by way of cheques, credit cards, bank transfer etc. but the new euro notes and coins will not come into use until 1 January 2002.