Dylan Wagemans
WARNINGS over a euro ‘cash trap’ has sparked concern among British tourists heading to Spain this year.
Reports state that the Spanish central bank is planning to take €50 notes out of circulation, sparking citizens to avoid old or damaged notes altogether.
The Bank of Spain, however, has responded to these claims and insists it hasn’t ordered any currency to be removed from the country.
The bank said that all euro notes can continue to be used normally and will not ‘lose their value’.
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Thus, there is no reason for Brits to worry about being hurt financially when withdrawing money from their bank account in Spain or collecting it from a travel agent.
Banknotes and coins that are in good condition are returned to normal circulation, whereas outdated and damaged notes are replaced by newer ones.
This is a ‘standard procedure’, according to the bank and it has ‘no impact’ on the normal circulation of banknotes, including the much speculated €50 note.
Even if a note is damaged, it does not lose its value, and can continue to be exchanged if more than half of the surface of the banknote is presented to the Bank of Spain.
“Therefore, there is no reason for citizens to be alarmed about a possible loss in value of their currency,” the bank said.
Banknotes are manufactured to be durable so they can last a long time in circulation.
However, it’s inevitable that notes tend to get damaged after years of regular use.
