Jeremy's Info & Tips on Money Matters in Spain
Trying to make sense of a country's currency can be difficult at times. In this section of my website you will find helpful info and tips on dealing with the Euro (Spain and the Ec's new monitary unit). After over 130 years of Spanish pesetas, Spain will have a new monetary unit as of Jan 1st, 2001, the Euro.
Euro coins: the faces shown below are common to all the EC member countries. When you pass your mouse over each coin, its opposite face apears. This is the face that is different depending on the country the coin is from and in our case, these are the Spanish national faces. There are 8 coins in all: 1, 2, 5, 10, 20 and 50 eurocents and 1 and 2 euros.
| |
|
|
|
|
|
|
|
 |
Want the detailed large coin images? Click the icon at left and download them now. 269 KB download in a ZIP file, WinZip or other decompression program will be required to open the file. |
Euro notes : unlike the euro coins above which contain a face that coserves some national identity, the faces of the euro bank notes shown below are common to all the EC member countries. When you pass your mouse over each bill, its opposite face apears. There are 7 bills in all: 5, 10, 20, 50, 100, 200 and 500 euros.
 |
 |
 |
 |
 |
 |
 |
 |
Want the detailed large bill images? Click the icon at left and download them now. 481KB download in a ZIP file, WinZip or other decompression program will be required to open the file. |
| Lately (and usually), the euro fluctuates
in value between .90 cents and $1.00 (U.S.).
The exact euro-zone is picture at right and is made up of Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain, Sweden and the England and the Euro will replace the current monitary unit used in each country except for the England which has decided to hold onto their pound sterling for a bit longer (I give them less than a year before they crack). Briefly, the peseta ---> euro transition in Spain is as follows: As of Jan. 1st 2002, the euro is the official monitary unit of Spain. Between Jan. 1st and Feb. 28th 2002, one will be able to spend both euros and pesetas. On March 1st 2002, the peseta will disappear forever and we will have until July 1st 2002 to change over all existing pesetas to Euros at any bank. After July 1st you will still be able to change pesetas to Euros but only at the "Banco de España" (thanks Madrileña :-) This section is designed to give you a general introduction to the euro, if you want more info on the euro, please visit the official euro website at www.euro.ecb.int where you will find amazing and very complete info on the monitary unit in all 11 languages of the European Union. Aside from the official site by the European Central bank (ECB) mentioned above, there is a Spanish site at www.euro.mineco.es (only in Spanish). |
 |
|
A Tribute to the Peseta |
||
 |
Did you really think I was going to forget our friend the peseta? Although almost gone and in the history books forever, the "pela"(slang for "peseta") is all but forgotten. In fact, it was hard for many Spaniards to let go of the peseta after more than 130 years. As someone who is living this changeover first hand, I can tell you that most Spaniards cite the loss of "national identity" as the main reason for not wanting to lose the peseta but alas, change is good, right? Only time will tell! If you are in Spain before July 1st, 2002, you will be able to spend both euros and pesetas but on July 1st, the peseta will be worthless. |
|
If you have Adobe
Acrobat Reader, you can open (and save to your computer) this tribute to
the Peseta by the "Fábrica Nacional de Moneda y Timbre"
or "Spanish Mint" (www.fnmt.es)
with images, history,
etc of the peseta. Just click the icon "peseta.pdf" below.
If you need to install Acrobat Reader you can do so for free by clicking HERE. |
Perhaps more than any other country, Spain reflcts its society, history, culture, geography and national pride in its beloved "peseta". For the past 131 years the peseta has undergone many facelifts as does the money in most countries and the current peseta coins and bills are shown below. While the bills of 1.000, 2.000, 5.000 and 10.000 pesetas do not vary these days except for the 10.000 peseta bill having either Juan Carlos I (king of Spain) or his son Prince Felipe on the bill face, the coin models are almost uncountable. The 25 peseta coin with the hole in the center (perfect for making a souvenir necklace) is without a doubt the coin that has more different faces, in fact, you will find at least one for each of the 17 autonomous regions of Spain. Considering the varied scenes and people pictured on the peseta coins and notes, its no wonder the Spaniards are reluctant to accept the euro as their new money. Personally, as someone who has lived in the U.S.A. and spent those booring dollars (admit it, the notes and coins are "sosos" - "booring and plain" compared to the colorful and lively currency of most countries), and who has experienced 7 years of the peseta, I will miss it. ¡Adiós pesetita |
|
What "Type" of Money to Bring:
As I was recently reminded by a member of my spain message board (thanks JP), ATM cards (actually VISA check cashing cards) are a good option along with the credit cards while in Spain and having them means you have to bring very little or no cash at all. I will quote JP (he who enlightened me) when he says:
"There's only two things you need to travel. ATM cards and credit cards. It covers all your needs. By cashing ATM amounts of $50 to $100 at a pop, you save a fortune in exchange charges, and you always have the cash you need. Since both give the best available exchange rates, why would anyone use anything else? The days of exchanging money at banks, and carrying thousands of dollars in travelers checks is history.... it's the 21st century".
An A+ for the advice. This is why I love the mini Madrid community that makes up my website, member participation.
One thing to keep in mind. In Spain, the most accepted card is VISA (BY FAR!) and Mastercard as well as most other major credit cards are widely accepted. American Express can be difficult to use however since they charge the vendor a much higher rate of commission than other cards and due to this, many smaller businesses do not accept it. Most major stores accept them all but you may find that smaller shops and restaurants will not take American Express. For example, there is a sign out in front of "Las Cuevas de Luis Candelas" at the foot of the Arco de Cuchilleros in the Plaza Mayor stating, "We do not accept American Express" (and that being one of the most "touristy" restaurants in Madrid). Leave the AMEX card at home or at least have VISA or MC on hand as well.
One more important note, IF YOU ARE PLANNING ON BRINGING AMERICAN EXPRESS TRAVELLERS CHECKS, FORGET IT!!! NEARLY NOBODY IN SPAIN WANTS THEM AND WHILE YOU CAN CHANGE THEM AT BANKS, YOU CAN NOT PAY FOR GOODS WITH THEM ANYWHERE (just about).
Bringing
large amounts of cash is NEVER a good idea due to the fact that lost cash can
not be recovered. Travelers checks are not bad but not the ideal choice either.
Need to Change Money in Spain?:
For those who are not part of the Euro Zone, January 1st, 2002 is just another day and you will continue to have to change money when in Spain. Obviously the best place to do this is at a bank however, the desperate and those who are too lazy to get up an to the banks before 2pm can also use the rip-off "casas de Cambio" ("Change Houses") located all over the central touristic areas of the city. Don't be fooled byt the signs that say "No Commission", for while they are true, they give you much less for your money than the banks hence proving to be the worse option.
Rumor has it that with the departure of the peseta and the "euro takeover", the Change Houses will begin to charge more for the dollar, yen, puond, and other not EU currencies. THey are saying that they will need to do so in order to make up for the huge loss on the changing of many European currencies which will no longer be needed.
Example: a bank may give you 190 pesetas for $1 and charge you a 1% commission, leaving you with 188 pesetas/dollar while the "Change House" offers you 180 pesetas/dollar with no commission. It does not take a genious to figure out which is the better deal here.
Most major hotels (and some minor ones) will also have a money changing service and while it may be the most convenient choice, it is by far the least economical. Most hotel money changing services can be put into the same category as the aforementioned "Change Houses", not your best bet.
General banking hours in Spain are from Mondya to Friday between the hours of 9:00am and 2:00pm. Some banks are open until 2:30pm but in the summertime most cut back their hours.
If you change money:
a) in a bank or hotel: stay in the bank or hotel after you recieve your cash and put it FULLY away while still inside, DO NOT walk out onto the street with cash in your hands.
b) in a "Change House": watch your back! Most of these places are simple open-air spaces just off teh street and especailly in the city centers (ie. Puerta del Sol) there tend to be loads of "shady characters" hanging out around them who would not think twice about snagging your cash and running like mad. Although the "Change Houses" are semi-outdoors, do your best to put the money away with your back turned to the street before you walk out. Just use common sense!
The best thing
you can do is ask an employee at your hotel/hostel where the closest bank is to change
money, see my helpful language tip below.
|
Once at the bank don't worry, money talks for itself and the banks are very acustomed to visitors changing money, most even have a seperate window for money exchange only.
If you want to find a bank, look for the following logos on the buildings, they are the major banks to be found in Madrid and the rest of Spain. Banks are on every street and in almost all "Plazas" ("Squares") so locating one is no problem, especially in major cities:
Some banks in Spain still require you to place all your metal obects in a locker in the lobby before you enter the bank through a revolving "capsule" type door. However, most bansk are becoming more user friendly such as "la Caixa", "BBVA", "Caja Madrid", etc.. and you can enter freely.
The
American Express office in the "Plaza de las Cortes" on
the corner of the "Carrera de San Jerónimo" and the "Calle
Marqués de Cubas" next to the Congreso
de los Diputados (Congress) also changes money at
a good rate and rumor has it they do not charge commission to American
Express card holders. American
Express Foreign Exchange -
Metro Sol,
line ){kind=small}
(+ a 5 minute walk).
 |
homepage){kind=link}