The currency in Spain is the euro, which has been the official currency of the Kingdom of Spain since January 1, 2002.
In this article, we’re going to share specifics about using the euro while in Spain, answer common questions we receive, and share a few important nuances about Spanish currency.
This article is part of our free series on how to open international bank accounts, access funds, and manage money through opening a foreign currency account.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Currency in Spain
- How to Send Money to Spain?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Currency in Spain
The currency in Spain is the euro with the currency symbol € and the ISO 4217 Code EUR. The euro has been the official currency of Spain since January 1, 2002, when it replaced the Spanish peseta (Pta). The peseta was the currency from 1869 to 2002.
Not surprisingly, Spain has had a number of currencies prior to the euro and peseta, dating back to the 10th century. This has included the Spanish dinero, the Maravedi, the Spanish real, and the Gold and Silver escudos. However, the only legal tender that is accepted in Spain today is the euro.
Interestingly, while the euro banknotes and coinage entered circulation on January 1, 2002, the euro was actually the official currency of Spain for three years prior. However, it took a three-year transition period for integration to be completed. Even still, the Spanish peseta remained legal tender for another month, until February 28, 2002.
How to Send Money to Spain?
In order to send money to Spain, individuals and businesses can choose from a wide range of options, including conventional transfer methods and more obscure options.
Not surprisingly, the first option that most people consider is sending a bank transfer. If you are sending funds from outside of the Single Euro Payments Area (SEPA), bank transfers involve sending a transfer through the SWIFT network.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a network of international banks that facilitate international transfers across the globe.
Alternatively, if you are sending funds from within the Single Euro Payments Area, you will likely be sending a SEPA transfer.
The main difference between a SWIFT transfer and a SEPA transfer is the cost of sending, SWIFT is often an expensive transfer option when compared to the low-cost option of sending SEPA transfers. However, SEPA transfers are only available between banks within SEPA countries.
That said, there is a wide range of alternative transfer methods to choose from when sending money to Spain, including the following.
Options for Sending Money to Spain
- International transfer services
- Money order services
- Paypal or other peer-to-peer transfer services
- Cryptocurrency transfers
- Sending physical checks
Here is a closer look at a few of the most popular options in great detail.
International Transfer Services
There is a wide range of international transfer services to choose from when sending money to Spain. In most cases, these services are delivered through digital platforms and mobile applications.
In addition to offering convenience, international transfer services are also one of the lowest-cost options available. Additionally, if you choose to use one of the larger transfer services, your transfers will be secure with large licensed financial institutions.
Money Order Services
International money orders are available in most countries. However, it’s important to note that they are often more expensive than some of the other options available.
That said, money orders are secure and offer an immediate solution to sending funds. When using a large money order service provider, you can also arrange for money to be picked up in cash or to have it deposited directly into a bank account.
Peer-to-Peer Transfer Services
Peer-to-peer transfer services are another option for sending money to Spain. In fact, they are one of the fastest and most affordable ways to transfer funds.
However, peer-to-peer transfer services do require both parties to have accounts with the same platform. Additionally, they can often be more challenging to fund and withdraw funds from than traditional bank accounts.
How to Choose a Method for Sending Money to Spain?
As you can see, each of the options above has different pros and cons. So, it’s important to consider your specific objectives and situation when selecting a method to send money to Spain.
Additionally, you should consider all of the options available. When doing so, consider the security, cost, and delay in your funds arriving at the intended recipient.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the currency in Spain. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Is the Currency of Spain Called?
The currency of Spain is called the euro. The euro has been the official currency of Spain since January 1, 2002, when it replaced the Spanish peseta. However, the peseta remained legal tender for an additional 59 days, until February 28, 2002.
Besides the Euro, Are There Any Other Currencies in Spain?
No, besides the euro, there are not any other currencies in Spain that are legal tender right now. The last currency to be considered legal tender, besides the euro, was the Spanish peseta, which ended its tenure as legal tender on February 28, 2002.
Can I Use American Cash in Spain?
Yes, you can use American cash in Spain. However, US dollars are generally only accepted in large tourist destinations, at airports, hotels, or by tourism operators. Additionally, it’s important to note that the exchange rate offered in USD in Spain by retailers and various tourism operators will not be favorable. Instead, it’s often best to convert your funds before arriving in Spain or to use an international credit card with no foreign exchange fees.
Do I Need to Take Euros to Spain?
You do not need to take euros to Spain but it can make the process of spending money much easier. Otherwise, you will need to convert your foreign currency after you arrive, which can often come at a higher exchange rate. Alternatively, you can also consider using an international credit card that does not charge foreign exchange fees.
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