Your Essential Guide to Foreign Exchange in Spain

What is the currency of Spain?

The official currency of Spain is the Euro, which was recognised as the legal tender by the Spanish government back in 2002. It replaced the previous currency, Spanish Peseta, in the country, which remained in the system from 1869 to 2002. The Euro is denoted by the symbol € and the code EUR and is the official currency in 20 of the 27 member states of the European Union, including Spain. The minor unit of the Euro is Cent, and the euro banknote denominations include €5, 10, 20, 50, 100, 200 and €500. As for coins, the values available include 1c, 2, 5, 10c, 20, 5c, €1, as well as €2.

As of now, Euro is the only currency accepted across Spain, and there are no alternatives. If you are planning on visiting Spain for your holidays, you will need to acquire this currency. Do note that the higher denominations, such as the banknotes €200 and €500, are rarely used in day-to-day life in Spain. So, stack your travel inventory with €10, €20, €50 and €100, which makes managing money quite easy. As visitors, try to carry less in cash and more in cards, which is a much safer option.

Why do I need to have Spain currency?

There are tons of reasons why foreign tourists visiting Spain need to have Euro for their trip, such as;

• Basic medium of payment:

  One of the main reasons why tourists need to use the local currency in Spain is that it is the basic medium for making payments. The country doesn't accept any other currency except the Euro as the official legal tender.

• Convenience:

  No matter where you are in Spain, you can use the Euro to pay for the goods and services you purchase and utilise. It includes everything from paying for local transport fare to shopping for gifts and souvenirs. You may only find a handful of places that would accept other types of currency as opposed to the wide acceptance of the Euro across Spain.

• Widespread acceptance:

  Besides Spain, the Euro is widely accepted in 19 other countries under the European Union (EU), such as Portugal, Germany, France, Finland, Italy, etc. So, if you are planning on a multi-country visit, acquiring Euro for the trip is a must.

• Emergencies:

  Having the local currency in Spain on hand, in the form of cash, forex card, etc., can be very helpful in stressful and emergency situations.

• Skipping extra fees:

  Using the Euro as the prime currency to pay for services and goods in Spain will save you from the high additional fees.

Even though cash is accepted all across Spain, some institutions may only have the option of making payments via a machine. In that case, you may have to use credit and debit cards, such as Visa and Mastercard, which are widely accepted in the country.

How to acquire Spain's currency?

You can acquire the local currency of Spain both before and after the commencement of your trip. Here are some of the methods you can use;

• Forex dealer or travel agent:

  One of the most common ways travellers acquire foreign currency, like the Spanish euro, is via a trusted forex dealer or travel agent. You can find a reputed source in your home country and acquire Spanish currency at competitive rates a few days prior to the trip.

• Online forex services:

  You can also acquire Spanish currency at home by opting for an online forex service. It is a great alternative to offline currency exchange, and you will be able to search and compare multiple options via this method. With most online forex services, you get the option to pick up your foreign country's currency from the nearest outlet or have it delivered to your doorstep.

• Banks

  : When it comes to foreign exchange services, banks tend to be one of the safest options. You can enquire about this service at your local bank branch before going on your trip. Currency exchange is also available at Spanish banks, however, some may only offer their service to their registered customers or have terrible exchange rates.
• At the airport: As a last resort, you can opt for foreign currency exchange services at outlets available in Indian and Spanish airports. The exchange rate is not the best, so consider the aforementioned options first.

• Spanish bank ATMs:

  You can find several ATMs across both big and small cities in Spain. Most of them accept cards like Mastercards, Maestro, Visa, America Express, etc., and it is a great way to get some emergency cash on the go. However, note that the transaction fees can be a hefty one, considering you will be charged both by your bank and the ATM's bank.

Throughout various parts of Spain, you may come across street vendors offering the services of money exchange. In most cases, they are a scam or rip-off, and using their services to unofficially exchange money is also illegal in Spain. If you need to exchange local currency quickly and safely, consider the services offered by Bureaux de Change, which has branches open at major airports, near train terminals and within cities in the country.

Tips to save money when in Spain?

Here are some useful tips that can help you save money during your Spain trip;

• Local currency:

  For your Spain trip, make sure to acquire and use the local currency, which is the Euro, throughout the journey. With local currency, you will be able to avoid additional transaction charges and conversion fees that one normally has to pay when using other currencies.

• Prepaid cards:

  Look for prepaid tourist cards in Spain, which will help you save a huge chunk of change when using local public transport. Also, in some cities, you can invest in sightseeing passes, which include free visits to several tourist attractions plus transport for an overall cheaper price.
• Student discount: Students visiting Spain for their international vacation or study purposes can make use of the student discount. It will help them get massive discounts on various sectors, such as transport, accommodation, restaurants, museum visits, etc.

• Off-season travel:

  If you are a frequent flyer, you would know that travelling to a foreign country during the peak season can be very expensive. So, consider scheduling your visit during the shoulder or off-season,where flights, local transfers, accommodations, sightseeing, etc., are available at a lower price.

• Accommodation:

  In Spain, you can find various types of accommodation options offered at reasonable prices on the outskirts of the popular tourist-centric cities.

• Shopping:

  Shopping across the major cities in Spain can be quite expensive, so make sure to keep your purchases within a reasonable amount.

Food in Spain is not just delicious but can also be expensive. A great method locals use to save a decent chunk of change on food is by ordering from the "Menu del Dia" during the daytime. For instance, a renowned family restaurant, La Palmera in Barcelona, offers a six-course tasting menu at noon for under €30 with a drink and some desserts, from Tuesday to Friday. You can find similar deals across many restaurants in the major Spanish cities just by enquiring about them.

What are the payment methods accepted in Spain?

Here are the common payment methods accepted across Spain that you can utilise during your trip;

• Cash:

  For making payments in Spain, you can always use Euro banknotes. They are widely accepted and used in the country. From small vendors to big establishments and businesses, everyone accepts cash payments.

• Credit cards:

  If you want to travel light, consider using credit cards in Spain. It is also a popular payment method in Spain, especially in places that are tourist-focused. Some examples of credit cards accepted in Spain include the ones from Mastercard and VISA.

• Debit cards:

  If you are not too fond of using credit cards and want to avoid carrying a huge chunk of cash at all times, consider using debit cards for making payments in Spain.

• Prepaid travel cards:

  A prepaid travel card is by far one of the best methods of payment for tourists visiting Spain. Besides being convenient and secure, this type of card can offer you great value in terms of Euro balance.

• Mobile payments:

  Online mobile payments in Spain are growing in popularity with each passing year. Services like Google Pay and Apple Pay are two of the most common examples of online mobile payment applications accepted in the country. However, they are not widely available at certain establishments, so check beforehand.

If you are thinking about using traveller's cheques in Spain, please reconsider. Many tourists in the past have had problems using cheques as they are not commonly accepted across the country. Except for a few, most banks won't agree to convert it to euros. And the ones who would charge a hefty amount in service and additional fees. So, try to stick to cash, cards or digital wallets for your Spain trip.

Can I use INR in Spain?

Unfortunately, Indians visiting Spain for their foreign tour will have to acquire and use Euro to make payments in the region. As the official legal tender in the country, Euro is the primary means to settle all financial obligations in Spain. Indian Rupees (INR) and other forms of currency are not officially accepted in the country, however, some institutions and establishments may accept United States Dollars (USD) but can charge high fees.

A pro tip is that you should take care of the currency exchange aspect a few days in advance of your trip's departure day. It's because, no matter where you go in Spain, you can only get the best conversion rate locally in your home country.

Conclusion

This concludes everything you need to know about the official currency of Spain as a tourist. It is recommended you use the euro for all your transactions in the country instead of using other currencies. Also, it is highly recommended that you exchange foreign currency a few days prior to your trip from your local bank or a trusted online or offline forex dealer to get the best conversion rates and consider travel insurance for Spain trips.

Faqs

1. Where can I find Bureaux de Change services in Spain?

You can find Bureaux de Change services in Spain in major tourist-focused cities like Seville, Valencia, Barcelona, etc.

2. What are the best payment methods to use in Spain?

The best payment methods you can use in Spain are cash and prepaid travel cards.

3. What is the value of 1 Spanish Euro in INR?

As of 1st August 2023, the value of 1 Euro is equal to 90.30 Indian Rupee (INR).

4. Is it better to exchange foreign currency at airports?

You should only use foreign exchange services at the airports as your last resort. Consider acquiring Spain currency prior to the trip from your local banks or online and offline forex dealers.