While a significant number of individuals have transitioned to card payments for their travels, some still favour cash, and there may be instances on holiday where cards are not accepted.
If you’re planning a Spanish holiday this year, you might be considering withdrawing some Euros for shopping, dining out, or perhaps buying a few souvenirs.
However, even if you frequently visit mainland Spain, the Canary Islands, or the Balearic Islands, you might not be aware of some changes being made regarding Euro banknotes.
Firstly, try to avoid withdrawing €500 notes at the currency exchange or bank. The European Central Bank and the Bank of Spain officially stopped producing these notes in 2016, but a small number of these purple notes are still in circulation.
Although they are legal tender, they’re becoming increasingly difficult to use, according to EuroWeekly. The high value of the notes, coupled with their association with criminal activity, has led to many places refusing to accept them.
If you withdraw money and receive a €500 note, request smaller denominations instead. You can also take large notes to a Spanish bank for exchange.
The central bank of Spain has also begun removing old and damaged €50 notes from circulation. This initiative, expected to start in July 2025, is designed to enhance the security of cash transactions and reduce fraud.
The shift in policy aligns with the tourist season, leading to a gradual phasing out of old and damaged banknotes. This could result in tourists finding their worn or torn notes being declined by cashiers.
When exchanging your holiday money, ensure any €50 notes are in good condition, and request replacements if you notice any damage.
Damaged notes can be exchanged at any Bank of Spain branch or selected partner banks, but remember to bring some form of identification, like your passport.
They won’t exchange counterfeit or intentionally damaged notes. For those who typically throw their spare change into a jar after a holiday, it’s worth noting that some countries might soon eliminate one and two cent Euro coins.
Countries such as Ireland, Belgium, and Italy have already stopped using these coins, rounding up cash transactions to the nearest five cents instead, and they’re no longer being minted.
Many Eurozone countries are considering following suit. So, if you’ve accumulated a jar full of coppers, consider spending them on an ice cream during your next holiday, as they may not be accepted in the near future.