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. Until July 2002
pesetas may be exchanged at highstreet banks there after only with
the Bank of Spain.
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.
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 generally only accept
cash.
Bank Cheques
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
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
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.
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