Brits heading to Spain issued warning as rules on cash abroad change
Brits planning Spain holidays this year will no doubt be looking to withdraw some cash for shopping, food and souvenirs but there's a new rule in place you'll need to be aware of.
Although nowadays most people will favour card payments over cash, the latter can still be useful especially if you're out and about and find yourself in a shop or restaurant that doesn't accept card.
However, UK holidaymakers heading to Spain, the Canary Islands and the Balearic Islands may want to take note of new rules regarding Euro notes.
Firstly, if you can, avoid withdrawing €500 notes at the currency exchange or bank. The European Central Bank and the Bank of Spain officially ceased production of these notes in 2016, but a small quantity of these purple notes are still in circulation. Although they are legal tender, their usage is becoming increasingly challenging, reports Bristol Live. The hefty value of the notes, along with their link to illicit activities, has resulted in many establishments refusing to accept them.
If you withdraw money and receive a €500 note, insist on smaller denominations instead. You can also take large notes to a Spanish bank for exchange.
Of course when it comes to cash, most of us will opt for smaller amounts at a time, but if you're thinking of using up some older €50 notes from previous holidays, you may want to get rid of these quickly. This is because Spain's central bank has started phasing out old and damaged €50 notes from circulation. This scheme, which kicks off this summer, aims to bolster the security of cash transactions and thwart fraud.
The new changes are being rolled out, so if you've got a holiday booked this summer you won't suddenly find that all of your cash isn't accepted. However if you do have some Euros lying around the house, you may want to consider using them up on your next holidays.
It's also worth checking the state of your banknotes, especially if they've been crammed into a purse at the bottom of a drawer or suitcase for a few months. That's because as part of the new rollouts, old and damaged banknotes will also be gradually withdrawn from circulation.
This could mean that tourists might find their worn or torn notes being rejected by cashiers. When you're swapping your holiday money, make sure any €50 notes are in tip-top shape, and ask for replacements if you spot any damage.
Tattered notes can be exchanged at any Bank of Spain branch or selected partner banks, but don't forget to bring some form of identification like your passport. They won't exchange counterfeit or deliberately damaged notes.
For those who usually toss their spare change into a jar after their holiday, it's worth noting that some countries may soon ditch one and two cent Euro coins too. Countries such as Ireland, Belgium, and Italy have already ceased using these coins, rounding up cash transactions to the nearest five cents instead, and they're no longer being produced. Meanwhile a number of other Eurozone countries are doing the same,
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