NEW CRACKDOWN OVER EURO NOTES

 

In an effort to combat counterfeit euro bills, the government of Spain has announced plans to yank some types of euro notes from circulation.

As of this July, reports the U.K.'s Metro, Spain's central bank will begin withdrawing old and/or wrinkled €50 notes from circulation.

Visitors who attempt to spend a euro note that is crumpled, torn, or overly stained with anti-counterfeit detection markings from prior transactions may find that vendors refuse to accept the bills. In Spain, particularly for higher-value euro denominations, only crisp and clean bills will be considered legal tender.

"The bank wants to phase out notes that are too crumpled, faded or torn to be accepted by machines or cashiers," reports Euro Weekly News. "These bills, often mistaken for counterfeits, are being targeted in a larger effort to ensure that cash remains a reliable payment option in a digital world."

That sounds sensible enough, and besides, most of the bills that a tourist withdraws from a Spanish ATM would likely be in good condition. So why worry?

Because unscrupulous vendors who want to get rid of substandard bills will be more likely to try to hand unsuspecting foreign tourists torn or crumpled notes as change.

The biggest concerns are for bills of €50 or higher, which are more likely to be fraudulent.

Exchanging bad euro notes for good ones requires people to have enough time to locate a Bank of Spain during opening hours, a hassle that some shopkeepers will try to avoid by slipping the worn-out money to you instead.

To read the complete article, see:
New Crackdown Over Euro Notes in Europe Could Rip Off the Unaware Traveler (https://www.frommers.com/tips/money-and-currency/new-crackdown-over-euro-notes-in-europe-could-rip-off-the-unaware-traveler/)

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