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Spain Currency and Banking

TEFL Trainees / ESL Teachers

Spain, a member of the European Union uses Euro as its standard currency. In 2002 the Euro came to be used as the currency of most of the members of the European Union including that of Spain. It is quite a convenience for travelers as they can move through various parts of Europe without stopping to exchange currency at all sorts of odd times. However the Euro is a standard currency for some European countries.

The Spanish currency is divided into the standard norm of notes and coins. The notes are available at denominations of 5, 10, 20, 50, and 100, 200 and 500-euro. The coins start with a single cent and go up to 2 Euro in terms of coins. The denominations are the same for all countries with the EU currency. Coins start with the 1-cent piece and end with the 2 euro piece. Notes can be found in 5, 10, 20, 50, 100, 200 and 500-euro denominations.

Monetary exchange facilities are quite uncomplicated in Spain with the various ATM machines being the source of monetary exchange. However there is a 3% fee for withdrawals at Spanish ATMs introduced in recent years. Credit cards and traveler’s checks are also used in Spain making traveling a pleasurable affair for tourists.

All the internationally recognized banks can be found in the metropolitan cities of Spain. You can find the bank of your preference in Madrid in Barcelona and withdraw money very easily. The banks also offer monetary exchange facilities and have ATMs all over the country.