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Money and the exchange rate
Spain is one of twelve European Union countries which have changed over to a single currency, the Euro (). On January 1st 2002 the Euro replaced the Peseta which had been the official currency of Spain for 130 years. The Spanish Peseta was still in circulation until 28 February 2002 (with a fixed rate of 166.386 pesetas to one euro), when it was completely replaced by the Euro.
Money can be exchanged at "bureaux of change" and major hotels, but banks give the best rates. In fact, the best rates for Euros currency and travellers' cheques are obtained at banks where there is no commission on buying Euros with cash.
One Euro is divided into 100 cents. There are coins of 1, 2, 5, 10, 20, 50 cents and 1, 2 Euro. It's a good idea to keep a supply of various coins for parking meters, laundrettes, tolls etc. Note denominations are 5, 10, 20, 50, 100, 200 and 500. Keep in mind that it's often difficult to get change for a 500.00.
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» Costs, Money And Banks in Spain
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