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Money and the exchange rate
Spanish used their local currency Peseta until the 1st of January 2002 when they introduced the Euro along with other EMU (the European Monetary Union) member countries. However, the Spanish Peseta was still in parallel use until the 28th of February 2002.
The Euro currency has 8 coins and 7 bank notes. Coins are the same for each EMU country only from facial side; back sides differ and are represented by national symbols. In Spain, the same design is used for each of the 3 groups of coins. 1 and 2 Euro coins display a picture of current King Juan Carlos I. 10, 20 and 50 Cent coins show the famous writer Miguel de Cervantes (author of Don Quixote). 1, 2 and 5 Cent coins represent the cathedral in Santiago de Compostela. All coins have 12 stars symbolizing the European Union, year of emission and the name "ESPAΡA". Bank notes are the same for all the EMU countries and have the following nominal values: 5, 10, 20, 50, 100, 200 and 500 EUR.
The Euro is usually displayed with the symbol or the word EUR. 1 = 100 Cents.
Generally, it is not recommended to change money at hotel receptions. It is better to use exchange offices or banks. Banks are commonly the best choice as they don't apply a commission on Euro purchase, as well as they provide with the best rates. Banks (bancos) are usually open Mondays to Fridays from 9 am to 2 pm and Saturdays until 1 pm (although they are closed during summer holidays on Saturday). ATM΄s are commonly situated at entrances of banks.
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» Costs, Money And Banks in Spain
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