If you are planning a trip to Madrid, Spain, one of the things you might be wondering about is the local currency and what it’s called. The official currency of Spain is the Euro (€), which has been in circulation since 2002.
But what is money in Madrid specifically called? Let’s explore.
What Is Money in Madrid Called?
Money in Madrid is simply called “Euros”. The same name applies to the currency used throughout Spain and other European countries that have adopted this currency as their own.
The Euro Currency
The Euro is the official currency of 19 out of the 27 European Union member states, including Spain. It replaced many different national currencies across Europe, including the Spanish peseta, which was used before 2002.
Fun Fact: The Euro is also used as an official currency in several territories outside of Europe, such as Saint Pierre and Miquelon (a French territory off the coast of Canada) and Mayotte (an overseas department and region of France located in Africa).
Using Euros in Madrid
When travelling to Madrid, you will need to ensure you have Euros for any purchases or transactions you make. Euros come in different denominations, including banknotes (€5, €10, €20, €50, €100, €200 and €500) and coins (1 cent, 2 cents, 5 cents, 10 cents, 20 cents and 50 cents).
Tips for Using Euros:
- Check exchange rates before travelling to ensure you get a good deal.
- Carry small denominations for convenience.
- Be aware that some shops may not accept large banknotes such as €200 or €500.
- You can withdraw Euros from ATMs throughout Madrid, but check with your bank for any fees or restrictions.
Final Thoughts
Money in Madrid is simply called Euros, which is the official currency of Spain and many other European Union member states. When travelling to Madrid, ensure you have enough Euros for your needs and be aware of the different denominations and tips for using them. Enjoy your trip to this beautiful city!
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