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 is fixed at Euro = 166.386 Pesetas.
The best rates for Euros currency and travellers' cheques are obtained at banks where there is no commission on buying Euros with cash. There are Bureaux de Change which operate in the main resorts and are open outside banking hours.
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 generally only accept cash.
Bank cheques from Spanish Bank accounts are not used very often for shopping in Spain. The funds are not automatically guaranteed so the payee must know and trusts you.
Traveller's cheques can be changed at the banks and the Bureaux de Change. there is likely to be a small commission. They are not commonly accepted in shops except in the tourist areas.
Cash machines are now a convenient and inexpensive way to obtain cash on a daily basis. Most machines will issue up to 150 euros, and will accept a 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.
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.