Currency in Spain
A practical currency and money guide to travel, living and doing business in Spain and the Euro (EUR).
What's in this Spain currency guide:
What currency is used in Spain?
The official currency of Spain (country code: ES) is the euro, with symbol € and currency code EUR.
Things to know about the euro
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The euro banknotes and coins
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Travel Ideas and Money Tips for Spain
Spain is a country located in southwestern Europe known for its rich culture, history, and beautiful landscapes. It is a popular destination for tourists and expats alike, with its sunny climate, delicious food, and vibrant nightlife.
Tourists can visit famous landmarks such as the Alhambra in Granada, the Sagrada Familia in Barcelona, and the Park Güell also in Barcelona. Spain is also known for its beaches and coastal towns, such as the Costa del Sol and the island of Mallorca. Spain is also famous for its festivals, with some of the most famous being La Tomatina and Running of the Bulls.
Top things to do in Spain
Spain is a country with a rich culture and history, and there are many things to see and do for tourists. Here are some popular activities and attractions:
Visit the Alhambra in Granada: This stunning palace and fortress complex is a UNESCO World Heritage Site and one of the most visited tourist destinations in Spain.
Walk around Park Güell in Barcelona: Designed by the famous architect Antoni Gaudí, Park Güell is a colorful public park with stunning views of the city.
Explore the Sagrada Familia in Barcelona: Another masterpiece of Gaudi, the Sagrada Familia is a massive, unfinished basilica that is considered one of the most iconic buildings in Spain.
Go to the Running of the Bulls in Pamplona: Every July, the city of Pamplona holds the famous Running of the Bulls festival, where participants run through the streets with a herd of bulls chasing behind them.
See the Prado Museum in Madrid: The Prado is one of the most important art museums in the world and home to works by famous artists such as Diego Velazquez and Francisco Goya.
Visit the beaches of Costa del Sol or the island of Mallorca: Spain is famous for its beaches and coastal towns, with the Costa del Sol and the island of Mallorca being particularly popular destinations.
Experience the Nightlife in Madrid, Barcelona, or Ibiza: Spain is known for its lively nightlife, with many bars, clubs and discos to enjoy.
Take a cooking class to learn how to cook paella or tapas: Spanish cuisine is renowned for its delicious dishes such as paella and tapas. Taking a cooking class can be a great way to learn more about the Spanish culture and cuisine.
Visit the Catedral de Santiago de Compostela: The Cathedral of Santiago de Compostela is the final destination of the famous pilgrimage route, the Way of St James, and an architectural masterpiece.
Take a road trip to visit small villages and towns: Spain has a lot of charming small towns and villages to visit, like Ronda, Segovia, Toledo, or Santiago de Compostela.
Is traveling or living in Spain cheap?
Traveling or living in Spain can be relatively affordable, depending on your budget and lifestyle. Compared to some other Western European countries, the cost of living in Spain is generally lower. However, it is still a developed country and prices for goods and services can vary depending on the location.
Accommodation can be affordable, especially if you are willing to stay in budget hotels or apartments. Food and transportation costs are generally lower than in other European countries. Eating out at local restaurants can be relatively inexpensive, and public transportation is generally affordable.
However, there are some costs that can be higher in Spain, particularly in tourist destinations. For example, activities such as visiting museums or theme parks can be more expensive than in other countries. Additionally, the prices of goods and services can be higher in big cities such as Madrid and Barcelona than in other parts of the country.
Overall, it's possible to travel or live in Spain on a budget, but you may need to be mindful of your spending and be willing to compromise on some luxuries.
It's also worth noting that the prices can vary depending on the season, and the prices can be higher during the peak season.
Expat Money & Business Guide to Spain
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Spain.
Expat life in Spain
Expats can find a good quality of life in Spain, with a relatively low cost of living and a relaxed pace of life. Spain has a diverse population and expats can easily find communities of other foreigners, particularly in larger cities such as Madrid and Barcelona.
Spain has a good healthcare system, and expats can easily access medical services. However, it is important to note that the official language is Spanish and it's necessary to have a good knowledge of it to find a job, or even to be able to move around.
Buying Property in Spain
Buying property in Spain can be a good investment for foreign buyers, as the country has a stable economy and a high demand for properties, particularly in tourist areas. However, there are some important things to consider before making a purchase.
First, it's important to have a good understanding of the Spanish property market. It's a good idea to work with a reputable real estate agent or lawyer who can help you navigate the process and find properties that meet your needs and budget.
You will also need to have a Spanish tax identification number (NIE) before you can buy property in Spain. This can be obtained through a Spanish consulate or at the local police station in Spain.
It's also important to be aware of the costs associated with buying property in Spain. These can include the purchase price of the property, legal fees, taxes, and notary fees. Additionally, it's important to note that property taxes in Spain are relatively high, so it's important to factor that into your budget.
As a foreign buyer, you will also need to open a Spanish bank account to facilitate the transfer of funds for the purchase.
Finally, it's important to be aware of any potential legal issues associated with the property, such as outstanding debts or disputes over ownership. A lawyer can help you to verify the title deeds and ensure that the property is legally sound before you make a purchase.
It's always important to do a research and seek for professional advices before making any big decision such as buying a property.
Managing your finances in Spain
Here we list some key points for expats and businesses to consider when managing financial dealings in Spain:
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Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Spain. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Spain. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Spain. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Spain, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
EUR/USD – Market Data
The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.
| Date | EUR/USD | Change | Period |
|---|---|---|---|
12 May 2023 | 1.0940 | 1.9% ▼ | 2 Week |
25 Feb 2023 | 1.0573 | 1.5% ▲ | 3 Month |
26 May 2022 | 1.0733 | 0% ▼ | 1 Year |
27 May 2018 | 1.1689 | 8.2% ▼ | 5 Year |
28 May 2013 | 1.2867 | 16.6% ▼ | 10 Year |
31 May 2003 | 1.1800 | 9.1% ▼ | 20 Year |
What are EUR to USD forecasts?
The EUR to USD exchange rate has been trading in a relatively stable range over the past three months, hovering near 60-day lows of 1.0724. Recently, EUR's negative correlation with a stronger US Dollar put some pressure on the single currency, while a weaker-than-expected consumer confidence reading also dented demand for EUR. The US Dollar has made modest gains over the past few days as a bearish market mood increased the safe-haven currency's appeal amid increasing Sino-American economic tensions.
FX analysts expect that if the Eurozone's PMIs raise concerns about weakening private sector activity, then the single currency could face headwinds. Moreover, the overall performance of the Eurozone economy is a significant factor that affects the euro exchange rate, and economists believe that uncertainty over the European Central Bank's interest rate plans could further impact the EUR to USD exchange rate adversely. However, the US dollar's strength over the past year is expected to eventually reverse in 2023 as the Fed's interest rate hikes cycle finally comes to an end.
EUR/USD forecasts EUR/USD rates
Compare Euro Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Spain or planning a trip or maybe living there, so will need to exchange and spend Euro.
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It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.
The Euro is also the domestic currency in 33 other countries.
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