Currency of Spain
March 2002 marked the substitution of the long lived Spanish peseta, which served the country for 134 years, with Euro bank notes and coins. One cannot be certain that the Spaniards were all too happy with the innovation since the peseta was a part of national culture, besides retail prices starting to climb everywhere.
Today the Euro aka the common currency is accepted as legal tender all over the country. Nevertheless, many Spanish stores still have price tags displaying two prices: one in Euros and another one in peseta; while many restaurants in small towns may not have Euro prices at all.
The exchange rate of the Euro to the peseta was fixed at 1 to 166.4.
Most of the hotels, inns, cafes, restaurants, service stations, supermarkets and larger retailers accept travel check and plastic cards: EC-card, Visa, American Express, MasterCard, Diners Club, and other. Various banks are located in every town. The biggest bank groups in Spain are Banco de Bilbao у Vizcaya [BBV] and Central Hispano; other Spanish banks offering mostly savings accounts are called "cajas de ahor-ros" and can be found aplenty. All the above mentioned institutions, along with the exchange bureaus (cambio) and hotels offer currency exchange services. But keep in mind that the exchange rate is always less favorable at hotels, airports, bus stations, while the most advantageous rate can be received at the banks. And remember that the exchange rate is less favorable during night hours. A commission is charged for most types of exchange transactions and the commission rate grows as the exchanged amount becomes smaller. For this reason try to be cautious and read the information bulletin "Neto" at the exchange bureau. The places that will not charge commission should have a sign which says: "No comission".
Remember that money withdrawal from an ATM is not a free service. The price of one operation is €3 plus an additional 1-3 % of the amount being withdrawn, in other words if the ATM gives you €100, then your account is credited with €104. Those of you who never used ATMs with an English language interface we recommend to practice at home and use the English menu whenever you withdraw money –this will reduce the time spent at the ATM and the possibility of an error occurring during a withdrawal operation while in Spain.
Bank hours are as usual: during the summer, Monday through Friday from 8:30AM till 2:30PM, during winter and on Saturdays from 8:30AM till 1:00PM. Exchange bureaus are open from 8:30AM until 7:00PM, some until 8:00PM. ATMs are available 24/7 year round.
