Many people simply use credit or debit cards overseas, but some travelers still prefer to use cash, and their cards may not be accepted.
If you are planning a trip to Spain this year, you may be considering withdrawing the euro to shop, eat out or buy souvenirs. However, even if you are frequenting the Spanish mainland, the Canary Islands, or the Balearic Islands, you may not be aware of any particular changes regarding the Euronote.
First, be careful when accepting a 500 euro memo from the bureau and bank. The European Central Bank and the Bank of Spain stopped production of these notes in 2016, but some of these purple notes are still in circulation.
They remain fiat currency, but according to EuroWeekly, their use is becoming increasingly difficult. Due to their high value and connection to illegal activities, many shops refuse to accept them.
If you receive a 500 euro memo when withdrawing money, you will need to request a small note instead. Alternatively, you can exchange these notes at a Spanish bank.
The Spanish central bank has also begun the process of withdrawing the old ones and damaging 50 euro memos from distribution. The move, which is scheduled to begin in July 2025, is aimed at increasing security for cash transactions and curb fraud.
The decision to phase out the abolished and torn notes coincides with tourist season, but it is possible that tourists have an old or damaged note that was rejected by the cashier.
When exchanging holiday money, make sure the 50 euro memo is in good condition and request a replacement if you notice any damage. Weared notes can be exchanged at the Bank of Spain or the branch of your chosen partner bank, but don't forget to bring your passport or other ID card.
Forged or intentionally damaged notes are not accepted for replacement.
And it is worth noting that for those who usually throw the rest of their vacation from the holidays, Spain could soon eliminate a cent of Eurocoin after returning from the holidays. Countries, including Ireland, Belgium and Italy, have already stopped using these coins, instead rounding up cash payments to the nearest five cents, and are no longer building them.
Spain, along with several other eurozone countries, is considering following this trend. Therefore, if you have a jar full of copper coins, it may not be acceptable in the near future, so I recommend spending the next time away and on ice cream.
