Guide to Currency of Spain

Understanding the currency of Spain is crucial when planning a trip. The official currency is Euro (EUR, €), and the Euro Spain currency is widely accepted across the country.

Before travelling, it’s important to know the currency and exchange rate in Spain, how to make payments, and whether the Indian currency is accepted. This guide covers everything about exchanging money, payment options, and tips to save costs while exploring Spain.

List of currency notes in Spain

The money in Spain consists of both banknotes and coins.

●       Banknotes

Like other Eurozone countries, Spain uses Euro banknotes, which are standardised across Europe. Here’s a breakdown:

Note: €500 notes are rarely in circulation and are often not accepted for everyday transactions.

●       Coins

Euro coins have different designs and are accepted across all Eurozone countries. The denominations include 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, along with €1 and €2. Most stores round prices to the nearest 5 cents, as one and 2-cent coins are becoming less common.

Using Indian currency

Travellers cannot use Indian currency in Spain:

• Indian Rupees (INR) must be exchanged for Euros.
• Currency exchange centres, banks, and airports offer INR to EUR conversion. However, rates at airports tend to be higher.
• ATMs in Spain allow cash withdrawals in Euros using an international debit or credit card.

Methods of payment in Spain

Spain offers various payment methods, making it easy for travellers.

1. Although Spain is increasingly becoming cashless, some small shops, local markets, and rural areas still prefer cash.
2. Visa, MasterCard, and American Express are accepted. Some banks charge foreign transaction fees, so checking with the card provider before travel is advised.
3. Digital wallets like Apple Pay, Google Pay, and Samsung Pay work in most stores, restaurants, and metro stations. Tap-and-go payments are common for quick transactions.
4. Prepaid Forex cards allow travellers to load Euros and avoid fluctuating exchange rates, helping in budgeting expenses efficiently.
5. Bank transfers are not commonly used for travel transactions. While Bizum, a Spanish payment app, is popular, it usually requires a local bank account.
6. As a Eurozone member, Spain participates in the Single Euro Payments Area (SEPA), facilitating seamless transactions across European markets. SEPA regulations simplify euro-denominated transfers, ensuring that cross-border payments within participating countries are as straightforward as domestic transactions.

Tips to save money when travelling in Spain

Spain offers budget-friendly options if planned correctly. Here are a few tips to help you out:

1. Exchange rates at airports and hotels are unfavourable. Opt for local exchange centres in the city.
2. Spain’s Metro, buses, and trams are affordable. Buying a transport pass can reduce travel costs.
3. Instead of dining in tourist areas, opt for local tapas bars and food markets for budget-friendly meals.
4. Many museums and historical sites have free entry days or discounted tickets for visitors under 26 years old.
5. The best time to shop in Spain is during winter and summer Rebajas (seasonal sales).
6. Having single trip travel insurance can save unexpected medical and trip cancellation costs.

FAQs

• What is the official currency of Spain?

Spain’s recognised official currency is the Euro (EUR, €).

• Can I use Indian Rupees in Spain?

No, INR is not accepted. Travellers must exchange INR for Euros.

• What is the most convenient way to manage money while in Spain?

A combination of cash, debit/credit cards, and a prepaid Forex card is recommended.

• Do I need travel insurance for Spain?

Yes, getting travel insurance is recommended for medical emergencies, trip cancellations, and lost baggage.

Conclusion

Understanding the currency of Spain helps travellers manage expenses efficiently. Since Euro Spain currency is the widely accepted currency, Indian currency must be exchanged before making purchases. With multiple payment methods, including cards, mobile payments, and prepaid Forex cards, transactions are convenient.

Plan money exchanges wisely, consider budget-friendly dining, and use public transport to maximise savings. Additionally, single trip travel insurance ensures financial protection during the journey.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.