The highest value of denomination currently in production is the $100 bill, but in decades past, the Federal Reserve has issued $1,000, $5,000, $10,000 and even $100,000 bills. The first known use of the $1,000 bill coincides with the United States’ beginnings. Yes, any Euro note is good to use no matter what the issue date is. And it can be used in any country that uses the Euro as its currency – France and Italy are both included on that list. You should use the 50 to buy something that costs a bit more than one euro, in a larger store or restaurant.

• Fortunately, the central banks in the Eurosystem will still exchange banknotes for the general public.
• Businesses dealing with high-value transactions often preferred the note for its convenience.
• Whenever you receive a banknote, you should check that it is genuine by using the “feel, look and tilt” method.
• The first known use of the $1,000 bill coincides with the United States’ beginnings.
• It appears as both a watermark and hologram on the note, which otherwise largely resembles its predecessor.
• Like all denominations of euro banknotes, the €500 note will always retain its value and can be exchanged at a national central bank of the euro area at any time.

If I receive ink-stained banknotes when receiving a payment, should I take any precautions?

In other words, you can still keep or use the 500 euro banknotes. In addition, if you have 500 euros in your hand, you can exchange them for small bills at your local bank or at the Central Bank of Spain. The Concerns Over the ‘Bin Laden’ BanknoteThe 500 euro note earned the nickname ‘Bin Laden’ because, while everyone knew it existed, it was seldom seen. The primary concern was its association with illicit activities. Due to its high value, it became the currency of choice for money laundering, tax evasion, and other financial crimes.

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This may mean that tourists have older or damaged notes rejected by cashiers. Counterfeit or intentionally damaged notes will not be accepted for exchange. If you receive a €500 note when withdrawing money, you should ask for smaller notes instead. Alternatively, you can exchange these notes at a Spanish bank. In 11 of the 12 euro-zone countries, the 500 euro note will be worth more than the biggest domestic bill.

The process to open a bank account requires me to apply for a residence permit first, but due to the self-quarantine, I can’t do that for another 10 or so days. I need the money for grocery shopping (and it is allowed, since I’d die if I didn’t have anything to eat) and other expenses. Cash-in-shop means withdrawing money in a store charged to the card or mobile device, without needing to buy anything. If the store offers this service, they can charge our card for the amount we specify and give us that amount in cash. If you suspect that you have a counterfeit banknote, you should immediately notify the police or the relevant authorities or hand it in to the Banco de España.

• In addition, they are not intended for circulation, but for collecting, so they are not mandatorily accepted in payments.
• In Greece, the note will be worth 17 times more than the country’s 10,000 drachma and it is nearly seven times more than the UK £50.
• We encourage our clients to explore the various digital payment options, ensuring a safer and more transparent transaction environment.
• They were trying to scam them because they took the 500 euro note, claimed it was fake, then refused to give it back.

Can I exchange foreign currency at the Banco de España?

Many people believe that euro banknotes should be phased out altogether and that we should rely on electronic substitutes. However, due to the fact that many people fear deflation, it makes sense to keep cash around for now. While the bank has not printed new €500 banknotes since 2014, these notes will still be accepted in the euro system.

European Central Bank stops issuing 500 euro banknotes, but they are still valid

I can understand why most retailers don’t want to deal with them. Unless you are buying that much, it can wipe out the merchant’s entire change bank for the day. That note would 500 euro note not accepted not come from an ATM, why would one have one? That is akin to carrying $500 bill (actually higher) in the US which does not exist. For any questions or concerns about how this change may affect your transactions with Monex1, please do not hesitate to contact us.

Once a symbol of high-value cash transactions, the European Central Bank (ECB) stopped issuing this denomination as of January 27, 2019. This decision has significant implications for businesses and individuals alike. Here’s why Monex1 no longer accepts 500 euro notes and why it matters for the financial landscape. When converting your holiday currency, ensure any €50 notes are in good condition, and request replacements if you notice any defects. Worn out notes can be exchanged at any Bank of Spain branch or selected partner banks, but remember to bring identification such as your passport. Spain’s central bank has also started to withdraw old and damaged €50 notes from circulation.

The future of euro banknotes

The decision to phase out worn and torn notes coincides with the tourist season, but could result in tourists having their old or damaged notes rejected by cashiers. When countries no longer need to pay currency exchange fees to convert currency they’ll end up saving money and may be able to better utilise it in other areas. Inicidentally is very hard to change €500 notes in the UK as bank wholesalers will not deal in it. Prior to 2010 it was estimated that 90+% of €500 notes in the UK were in the hands of criminal activity. Switzerland has a 1000 Frank note, which is worth more.The few times I have either €500 or 1000 Franks in my possession.

The European Central Bank (ECB) and various financial experts highlighted the note’s role in facilitating illegal activities. Studies and reports showed that a significant proportion of the 500 Euro notes in circulation were being used in the shadow economy. The 500 Euro bill, often referred to as the “Bin Laden” note due to its alleged popularity in illicit activities, has always been a subject of intrigue and controversy. Introduced as part of the Euro currency in 2002, the note has seen its fair share of debates, regulations, and mythos. This article delves into the history, usage, and controversy surrounding the 500 Euro bill, offering a comprehensive look at one of the most discussed denominations of the Euro.

While these are legal tender, they’re becoming increasingly difficult to use, according to EuroWeekly. The high value of the notes, combined with their association with criminal activity, has seen many places refuse to accept them. While many people have switched to card payments when they travel, some still prefer to use cash, and you may occasionally come across places where card isn’t accepted.

It’s a move that aligns with global trends towards digital transactions and away from cash, particularly high-value notes that are less common in everyday use. The eight denominations of euro coins vary in size, weight, colour and thickness depending on their values. Unlike banknotes, which are the same in all euro-area countries, the coins have one common side and one country-specific side. The decision to phase out the 500 euro note was part of broader efforts to combat financial crimes and enhance the security of the euro currency system.