Millions of Brits head to Spain on holiday every year, but new currency changes could make it harder for them to use up spare Euros leftover from previous trips this summer. Tourists heading to Spain in July have been warned against using old or crumpled €50 notes on their travels after the country’s central bank announced plans to withdraw them from circulation in a bid to tackle fraud.
Only undamaged notes will be accepted in shops from July onwards, but visitors can exchange worn-out notes at bank branches. Holidaymakers could also face issues while trying to pay with €500 notes, which officially ceased production in Spain in 2016, though a small amount remain in circulation. The currency’s association with criminal activity often means retailers are unwilling to take them, but they can also be exchanged for smaller bills at branches of Spain’s central bank. Banks won’t exchange intentionally damaged or counterfeit notes, however.
Brits thinking of paying with smaller change could also be caught out by Spain’s currency changes, with reports suggesting that the country could soon stop minting one and two cent Euro coins, a measure already adopted in Ireland, Belgium and Italy.
The coins would likely remain legal tender, but cashiers could become less willing to take them and they may eventually be phased out entirely.
The measure, reported by EuroWeekly as being considered by Eurozone countries including Spain, France, Germany and Portugal, would see cash payments rounded to the nearest five cents – likely sounding a death knell for the small-change currency’s circulation around the globe.
“The proposal is already on the table and being actively discussed with the European Central Bank,” the newspaper reported. “It’s not official yet, but it’s becoming increasingly likely that these coins will be phased out across the Eurozone.”
Spanish authorities have also encouraged tourists to be on the look-out for scammers reported to be using a €50 trick to confuse unsuspecting victims before making off with their valuables.
Police said scammers have put fake bank notes under car windscreen wipers, counting on drivers to unlock their vehicles before getting back out to examine it.
The criminals then make their move and steal valuables including handbags, mobile phones – as well as the vehicle itself, if keys are left in the ignition.
