SHARE
COPY LINK

MONEY

Spain is sitting on a fortune of discarded pesetas and time is running out to exchange them

They haven’t been legal currency in Spain since 2002 but there is still time to change any pesetas you might have hidden away.

Spain is sitting on a fortune of discarded pesetas and time is running out to exchange them
Old peseta notes and coins can be exchanged until the end of 2020. Photo: AFP

Spaniards have been told that they have until December 31st 2020  to exchange their pesetas for euros and that applies for both bank notes and coins.

Any notes produced during the Franco era, which ran from the end of the Civil War in 1939 until the dictator’s death in 1975 can be automatically changed by the Bank of Spain.

Those issued during the conflict can also be exchanged but the process will involve them being analysed by experts to confirm their authenticity.

And any coins still in circulation at the time that euros were brought in on New Year’s Day in 2002 can also be exchanged at Bank of Spain headquarters in Madrid.

The exchange rate offered  by the Bank of Spain is 1 euro = 166,386 pesetas but the bank advised that commemorative coins and notes may be worth more as collectors’ items than for their face value, which is all that will be offered in the exchange scheme.

The Bank of Spain estimates that pesetas worth some €1.61 billion are squirreled away in Spanish homes, cluttering up the drawers of old desks and trunks in dusty old attics.

Many will never see the light of the day and others have become collectors’ items now worth more than their exchangeable value.

Spain adopted the Euro at the start of 2002 but pesetas were still legal currency during a transition period that lasted the first three months of that year.

Exchanges can be made in person at the Banco España building on Madrid's Calle Alcala or via a postal or online service, even available to those abroad.  For more information check out the official webpage of the Banco España HERE. 

READ MORE:  Why are so many banks and ATMs disappearing in Catalonia?

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.
For members

MONEY

Why banks in Spain are obliged by law to offer a low-cost basic account

Low-cost basic accounts may not be widely advertised in Spain, but they are available and your bank must, by law, offer you one if you want.

Why banks in Spain are obliged by law to offer a low-cost basic account

According to EU law, banks must offer a “basic account” for essential operations such as depositing and withdrawing money, making transfers and receiving salaries.

The EU created this “basic account” with the aim of avoiding financial exclusion and providing everyone residing in the bloc with a current account, even if they hardly earn any money or don’t have a fixed address.

READ ALSO: What’s the maximum amount you should have in a current bank account in Spain?

What are these basic accounts?

They allow you to carry out up to 120 operations per year and have a debit card, paying only a commission of €3 per month or €36 per year to use it. 

The Bank of Spain along with consumer associations are encouraging banks in Spain to make these types of accounts more well-known to their customers. 

READ ALSO: What to be aware of before opening a shared bank account in Spain

Who are these basic accounts for? 

The accounts are ideal for those who have minimal incomes, as well as those who are not comfortable with technology such as using computers, tablets or smartphones as they don’t require you to use any apps or carry out any extra operations online. 

They are also good for vulnerable consumers, due to the fact that banks must agree to give you the account free of charge for two years, extendable two by two, provided you demonstrate that you continue to be so.

You will be considered vulnerable if: 

  • You are not part of a family unit and you do not earn more than twice the amount of the IPREM. For 2023, this will be €14,400 per year.
  • Or, if you are part of a family unit of fewer than four members and you earn less than 2.5 times the IPREM – no more than €18,000 in 2023.
  • And if none of the members of the family own property, except for the main residence, or own a company. 

Can banks refuse to give me a basic account? 

Not really, no. Banks are obliged by law to be able to provide these low-cost accounts and can’t refuse you unless they find out that you are using it to launder money or threaten national security.

SHOW COMMENTS