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Currency

The Spanish unit of currency is the Euro. © Michelle Chaplow
The Spanish unit of currency is the Euro.

Currency

The Spanish unit of currency is the Euro.

There are coins of 1, 2, 5, 10, 20, 50 cents and 1, 2 Euro.
Note denominations are 5, 10, 20, 50, 100, 200 and 500.

On January 1st 2002 the Euro replaced the Peseta which had been the official currency of Spain for 130 years. The exchange rate was fixed at Euro = 166.386 Pesetas.

Most banks will only change currency for Euro if you have an account at the bank. There are Bureaux de Change which operate in the main resorts and are open outside banking hours.

Credit Cards
All major credit cards are accepted by many businesses. Perhaps American Express and Diners Club are less common than Visa and Mastercard. Smaller restaurants and bars might only accept cash.

Bank Cheques
Bank cheques from Spanish Bank accounts are not used very often for business and never for shopping in Spain. The funds are not automatically guaranteed so the payee must know and trust you.

Traveller's Cheques
Traveller's cheques can be changed at the banks if you have an account. They can also be cashed at a Bureaux de Change. There is likely to be a small commission. They are not accepted in shops except perhaps in some main tourist areas.

Cash Machines
Cash machines are now a convenient and inexpensive way to obtain cash on a daily basis. Most machines will issue up to a limit set by your bank. A default is about 250 euros. Cash machines will accept a wide range of international cards.

They are located outside many banks and increasingly nowadays inside supermarkets and petrol stations. There are two different systems in Spain, 4B also called "Telebanco" and Servired. Most spanish banks are affiliated to one of them. If you are having problems getting cash from a machine is may be worth looking nearby for a machine from the other system.

Inside and outside hight street shops and supermarkets are Cash Machines called ATM. These located in useful locations but will charge an additional commission from those owned and located at the banks.

Converting Currency
Exchange rates for the euro are constantly changing. For more information about converting your currency into euros and for the latest exchange rates, visit our currency exchange page.

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