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What to do with a damaged bank note in Spain?

Bank notes are fairly durable, but they can get wet or torn and become too damaged for others to accept them, so what can you do about it?

What to do with a damaged bank note in Spain?
What to do with a damaged bank note in Spain? Photo: Bruno /Germany / Pixabay

Bank notes are difficult to tear unless you deliberately do so, but sometimes they can get wet and rip or so damaged that you can no longer see all the images. In this case, you’ll find that some shops may not accept them in that condition.

Euro notes have special characteristics so that they resist the passage of time. They are made with 100 percent cotton fibres and small bills, which are the most common, are coated with a special varnish, which also protects them from dirt or deterioration.

Even though paying with card has become a lot more popular in recent years, particularly during the pandemic, according to the Bank of Spain, cash is still the most widely used payment method, especially for small purchases. 

The report ‘Studies on habits with cash 2022′, published in October of 2022, and carried out by market research company Ipsos, confirms that cash is still the means of payment that is used most frequently.  

This is followed by cards, then mobile devices or apps. The report explains that cash is a universal means of payment and is used by almost the entire Spanish population since three out of five people use it on a daily basis.

READ ALSO: Is Spain going cashless?

With cash still so popular, it’s inevitable that at some point one of your notes will get damaged, so it’s important to know what to do when that happens.

So what can you do about it? Are you just down €20 or is there some way you can exchange it?

The Bank of Spain has advised on the steps you need to take if your banknote is damaged.

Firstly, you can present your damaged banknote at any branch of the Bank of Spain or any national central bank in the Eurozone and they should exchange it for you.

Banks should accept the damaged note whether more than half of the note has been destroyed or less than half.

READ ALSO – EXPLAINED: What are Spain’s rules and limits on cash payments?

What if my banknote has anti-theft marks on it?

Anti-theft marks are usually ink stains that have been left on a note because they were stolen from an ATM machine.

The Bank of Spain warns that if you suspect a note has been marked in this way and was stolen, then you should not accept it if someone is trying to pay you with it or give you it as change. You can simply ask for it to be exchanged for another.

When will banks not accept my damaged note?

If your note does have the ink-stained anti-theft mark on it, then Spain’s Banknote Analysis Unit warns that the Bank of Spain will not exchange it. Therefore, it’s very important that you don’t accept these in the first place.

The Bank of Spain will also not exchange any notes that have been intentionally damaged or defaced, so you can’t deliberately go around drawing on your bank notes or ripping them and then expect them to be changed.

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BANKING

EXPLAINED: How to change bank accounts in Spain

Deciding to change bank accounts can feel like a big decision. Fortunately in Spain the process is incredibly quick and easy if you know what you're doing.

EXPLAINED: How to change bank accounts in Spain

So you want to change bank accounts in Spain. Maybe you’re fed up of the customer service and branch opening hours. Or maybe you’ve had enough of paying the various extra charges and commissions many Spanish banks charge account holders. 

Whatever the reason, changing bank accounts can feel like a big decision. For many people, it can be something we put off despite knowing that we could be saving ourselves time (and even money) in the long run.

This could be because it feels like a hassle, or perhaps because you’re well versed in the difficulties that can arise when trying to get anything administrative done in Spain.

READ ALSO: The Spanish bank accounts with no extra charges in 2024

Fortunately, the process of changing bank account in Spain is surprisingly easy, and very quick.

This is because the Banco de España did a review in 2022 and changed the rules on switching accounts to make it easier for customers, putting the onus on banks themselves to actively collaborate.

This was also done to better allow customers to move between banks in order to benefit from the best offers on the market, and the banks should complete the account transfer within a period of 13 days.

READ ALSO: Can you pay taxes in Spain with a foreign bank account?

How to change bank accounts in Spain

It really is very simple (and entirely free) to change bank accounts in Spain.

All you need to do is, firstly, choose your new bank and open an account there. Once you’re registered customer there, you’ll need to request an account transfer with your new bank. In Spanish this is known as a traslado de la cuenta.

You’ll also need to choose a date.

Then, after that, the banks take care of everything. Your old bank will transfer your balance, bills and even any direct debits out standing orders that you had set up on your old account. You can specify which ones you do or don’t want transferring over.

All of this is free, according to Banco de España regulations, as long as both banks are in Spain. It really is that simple!

There’s a handy video guide by Banco de España below that walks you through the process:

The steps to change banks accounts in Spain

So, in summary, the steps are:

  1. Open account at new bank.
  2. Ask for account transfer at new bank.
  3. Indicate the date you want to make the change.
  4. The banks take care of the rest!

READ ALSO: LISTED: The Spanish bank accounts you can open with just a NIE number

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