UPDATE: |UK tourists visiting Spain warned specific bank note is ‘not accepted’ News

Spain is one of the UK’s top holiday destinations but holidaymakers are urged to check their travel money as one specific banknote is being slowly ‘phased out’ and could be rejected by shops and bars

British holidaymakers heading to Spain this year are warned that a common banknote could be rejected in shops, bars and restaurants as it’s being ‘phased out’. It comes as thousands of UK tourists embark on Spanish holidays during the Easter break.

Although paying with a card is common in the UK, when you’re abroad many places often prefer cash. But if you’re collecting Euros from the bureau de change ahead of your holiday it might be worth making sure you’re not given any €500 notes, the Mirror reports.

The production of this specific bank note was halted several years ago by the European Central Bank and the Bank of Spain due to a link with ‘criminal activity’.

One local claimed on social media site Reddit: “They are used for money laundering, so no one likes to accept them.”

The purple bank note, which is worth around £418.24, is still legal tender.

But EuroWeekly warns they’re getting ‘increasingly difficult to use or deposit’. “Many shops no longer accept them,” the publication added.

Despite no new versions of the €500 having entered the country in over five years, many of them remain in circulation.

If you end up with one while holidaying in Spain, you will likely have to get them exchanged at the bank.

“All the banknotes of the first series are gradually being replaced by the Europa series banknotes,” states Banco De Espana. “

“However, they are all still legal tender, including the €500 banknote which has no longer been issued since 2019.

“The fact that they are legal tender means that they can be used as a means of payment and a store of value (i.e. to purchase and save).”

The one and two-cent Euro coins are also reportedly under threat, with many European countries including Belgium, Netherlands, and Slovenia already halting production of the small denominations.

Although no bank has officially announced the coins are being phased out in Spain, it is believed such proposals are being discussed with the ECB.

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