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From
the 1st of March 2002 onwards the Spanish monetary unit will be the
€uro, just as in the 15 remaining member states that currently compose
Europe's Economic and Monetary Union. Its value is of 166.386 Pesetas.
There
are coins of 1, 2, 5, 10, 20 and 50 cents (centavos of euro) and of 1
and 2 €uros. The 1, 2 and 5 cents coins are of copper and those of 10,
20 and 50 cents have a golden colour. The one €uro coin is silver with
a golden crown on its edge. The 2 €uro coin is exactly the contrary,
gilded on the inside and with a silver plated crown on the edge. Both
coins are obviously thicker than the others.
With
regard to the bills we distinguish on the one hand the bills of low
denomination, that correspond to those of 5, 10 and 20 €uros. They are
of grey, red and blue colour respectively. On the other hand those of
higher denomination, which correspond to those of 50, 100, 200 and 500
€uros and are in orange, green, yellow and bordeaux.
In
Spain, you find a lot of exchange offices throughout the tourist
regions. You cannot use foreign currency for everyday purchases, however
there are some shops in tourist centres offering this option but often
at a very unfavourable exchange rate. There are many exchange bureaus in
the major tourist areas that allow you to convert your currency for a
small commission. Most banks and savings banks, 'cajas de ahorro', will
also change your currency. The exchange of 'old' Pesetas, or any other
of the old currencies of the European member states, into €uros will
be transacted exclusively in the offices of the Bank of Spain.
Throughout
the country, there is an ample network of ATM machines that accept all
international credit and debit cards. This is the most convenient option
to obtain national currency at the official exchange rate.
Bank
opening times are from 8:30am to 14:00pm. They are closed on Saturdays
from May to September. The savings banks 'cajas de ahorro' are open
until 14:15pm, but close every Saturday.
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