NEW rules being rolled out in Spain will see some €50 notes being banned from use.
The Bank of Spain has announced plans to start withdrawing old or damaged €50 notes from circulation, as these are the notes most easily counterfeit.
Whilst €50 notes and €20 are still commonly used in the country, soon flawed €50 notes will no longer be accepted in shops.
This is due to €50 notes being the most susceptible to counterfeiting and consequently, the most likely to be damaged or stained by anti-theft system.
Anti-theft systems are in place in all money transport mechanisms, as well as cash points, and they will be activated when a theft attempted is detected.
An anti-theft system will release ink that stains the banknote, however, this process is irreversible and cannot be removed in any way.
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As a result, this means the banknote become useless for future transactions.
Whilst it doesn't necessarily mean that the banknote is a counterfeit, is still cannot be used and as a result the Bank of Spain has ordered them to be withdrawn from circulation.
Any €50 bank note that is marked with blue or purple ink, or any sticky substance or strange mark, will no longer be used in public circulation.
The Bank of Spain has asked shops to not accept these notes and the general public to be careful when exchanging or withdrawing money.
Whilst some Spanish media outlets are reporting that this change will start to come into effect this month, others have reported that it will start in July.
The Bank of Spain hopes that by taking the damaged, old and stained notes out of circulation it will improve the security of cash payments and reduce the chance of fraud.
Anyone who has a €50 banknote should head to a branch of the Bank of Spain, or a partner bank, with their ID to exchange the note.
If you want the value to be transferred into your account, you will also need to share your banking details.
Anyone wanting to exchange more than 100 notes stained by anti-theft ink may incur a fee of 10 cents per bill, unless they have proof that the damage was due to theft or another exceptional situation.
Other bank notes, including intact €50 banknotes will remain in circulation and can still be spent.
Everything you need to know about visiting Spain
- Brits must have at least three months left on their passport from the day they plan to leave the country.
- Tourists do not need a visa if visiting for up to 90 days in an 180-day period.
- Make sure your passport is stamped on entry and exit.
- Travellers may be asked to show hotel booking confirmations and that they have enough money for their stay at the border.
- Spain is one hour ahead of the UK.
- The country uses the euro with around €10 working out to £8.55.
- Flights to Spain from the UK take between 2-4 hours depending on the destination.
Back in 2016 the Bank of Spain also phased out €500 notes, due to criminal activity.
Whilst the notes are technically still legal tender, many shops do not accept them.
However, they can still be exchanged at a bank for other notes.
The country is also considering phasing out its one and two cent, euro coins, following the likes of Belgium and the Netherlands.
Whilst it is not official yet, if the small coins were to be phased out then cash payments would most likely be rounded to the nearest five cents.
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Last year, Spain also launched a new £97 'daily rule' that impacts British tourists.
Plus, where to buy Euros at the best exchange rate.