Overview

• The Bank of Spain started pulling old and damaged €50 notes out of circulation in early July to reduce fraud and upgrade security features.
• Businesses are increasingly rejecting €500 notes even though they remain legal tender because of their association with money laundering.
• Tourists can swap €500 notes and worn €50s for fresh bills at Bank of Spain offices or select partner banks by presenting ID.
• The move coincides with the peak holiday season in regions like the Canary and Balearic Islands where cash remains important for small transactions.
• Several euro-area countries have stopped minting 1c and 2c coins and are rounding transactions to the nearest five cents, prompting consumers to spend low-value change.