Costa Blanca Travel Guide

Currency

Spain's current national currency, the euro (€), was introduced on 1st January 1999. It was on this date that the euro was also introduced to Austria, Belgium, Finland, France, Germany, Greece, Ireland, Luxembourg, the Netherlands and Portugal. The euro became legal tender on 1st January 2002, replacing the peseta.

The euro is divided up into 100 cents (céntimos) with coins of value 1, 2, 5, 10, 20, 50 cents, €1 and €2. Euro banknotes (billets) are printed in denominations of €5, €10, €20, €50, €100, €200 and €500. Although all prices are marked in euros, many spaniards still talk in pesetas for larger items such as houses and cars

Changing Money

There are money changing facilities at the airport (exchange rates can be poor at airports), and almost all banks offer exchange services. There are numerous bureaux de change in Spain, many of which are open long hours. Some of the outlets clustered in the resorts often charge a hefty commission.

It is not advisable to obtain €100 notes, as sometimes these are not accepted for small purchases. In addition many shops and businesses will not accept €200 and €500 notes.

Banks

Banks opening times in Spain are usually 8.30am - 2pm Mon-Fri, but in the larger towns some may open on Saturday mornings (banks are closed on a Saturday in the summer from around 1st April to 30th September). Most of the major banks in the main cities and other cities with a high number of non-Spanish residents cater for non-Spanish speaking customers. Non-residents and Fiscal residents can open bank accounts, all you need is your passport or residence card. Residents will also be asked for you N.I.E number which you can obtain from you nearest police station with a foreigners department. If you don't have a N.I.E card you will be considered as a non-resident and can open an account in Euros or a foreign currency. The identification required consists of a valid passport. The bank will ask you to justify your non-resident status. This is because they do not withhold a percentage of the interest for non-resident accounts and the fees will generally be cheaper compared to a resident's account. The bank will make periodic checks to confirm you status. Should you acquire resident status you must notify the bank and give them you N.I.E.

Bank Services

Bank in Spain offer similar services to their UK equivalents, such as Credit and Debit Cards, Cash Cards, Travellers Cheques, Currency Exchange, Money Transfers, Mortgages, Standing Orders, Direct Debits, Cheques, Stocks and Bonds and Onshore Investing. It is always advisable to ask for a list of their fees as unlike the UK, it is unusual for any of the services to be free and their fees are often more expensive than in the UK. All banks offer a combined cash and debit card that can be used at an ATM or can be used like cash.

Currency Converter