money Is it possible to exchange a 500 euro bill in Sweden? Travel Stack Exchange

At the same time, the ECB also officially announced that it will not issue large 500 euro denomination banknotes from 2019 onwards. This major decision of the ECB is mainly due to the fact that these large notes are widely used for money laundering. Existing €500 banknotes continue to be legal tender, so you can still use them as a means of payment and store of value (i.e. spend and save them). 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. Similarly, banks, bureaux de change and other commercial parties can keep recirculating the existing €500 notes.

• That is akin to carrying $500 bill (actually higher) in the US which does not exist.
• Introduced as part of the Euro currency in 2002, the note has seen its fair share of debates, regulations, and mythos.
• The discussion also touches on the value of the 500 Euro note and its role in both legal and illegal transactions.
• The ECB plans to redesign euro banknotes with the collaboration of European citizens.

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• The €10, €20 and €50 notes are red, blue and orange respectively, while the €100, €200 and €500 are coloured green, yellow and purple.
• 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.
• It is the second least widely circulated denomination, accounting for 3.1\% of the total banknotes.
• Some applauded the move as a necessary step towards financial transparency and security.
• Its primary use was in business transactions, banking, and high-value purchases.

Spain’s central bank has also begun the process of removing old and damaged €50 notes from circulation. This initiative, likely to start in July 2025, aims to enhance the security of cash transactions and minimise fraud. The 500 euro note, one of the most distinctive and high-value banknotes in the euro currency system, has garnered significant attention and intrigue since its introduction. Representing a substantial amount 500 euro note not accepted of money, this note has a fascinating history, various uses, and has been the subject of considerable debate and scrutiny. This comprehensive guide delves into every aspect of the 500 euro note, from its inception and design to its current status and role in the global economy. The 500 euro note has become a rare sight in transactions and banking in recent years.

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As all of them are legal tender throughout the euro area, they can circulate in any euro area country. When exchanging your holiday money, check any €50 notes are undamaged, and ask for replacements if you spot any issues. You can also exchange worn out notes at any branch of the Bank of Spain or at selected partner banks, just make sure you bring some ID such as your passport. They won’t exchange counterfeit notes or those damaged intentionally. Though strictly not legal tender in Scotland, Scottish banknotes are nevertheless legal currency and are generally accepted throughout the United Kingdom.

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In some European countries, particularly those with a tradition of cash-based transactions, the 500 Euro bill was more commonly used. For instance, in Germany and Austria, where people tend to prefer cash over electronic transactions, the bill found more acceptance and circulation. However, its high value also meant it wasn’t frequently seen in everyday transactions by the average citizen. Its primary use was in business transactions, banking, and high-value purchases. In the early years, the 500 Euro note was often used for international transactions and was a preferred currency for those traveling with large amounts of money.

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The decision was based on extensive consultations and analyses, which concluded that the note’s existence posed more harm than good. Unfortunately, the high value of the 500 Euro bill also made it attractive for illicit activities. It gained notoriety as the “Bin Laden” note, a term reportedly used because, like Osama Bin Laden at the time, it was known to exist but was rarely seen by most people. The front of the bill showcases a stylized bridge and a window, symbolizing openness and cooperation within Europe. The back features the European map and other security features designed to combat counterfeiting. The €500 banknote has even earned the nickname “the Bin Laden” due to the fact that it aids in finance terrorism.

/r/GreeceTravel is for any and all looking to visit Greece — including those who have already been. Businesses dealing with high-value transactions often preferred the note for its convenience. Real estate transactions, art dealings, and luxury goods purchases were common scenarios where the 500 Euro note was in use. In addition, a cashless society may be difficult to keep up with for the elderly, homeless citizens, and poor citizens.

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. I have never received one from an ATM even when requesting a 1000 Euro withdrawal. Even my bank in the US will not provide anything larger than a 100 Euro bill when you buy Euros from them. They will accept 200 and 500 Euro notes if you bring them back to exchange for USD, but they have a 10 day wait before they will pay you.

Numismatists and currency enthusiasts value it for its rarity, high denomination, and intricate design. Some limited editions and rare serial numbers can fetch prices above the note’s face value in the collectors’ market. The ECB announced that while the production of the 500 Euro bill would cease, the existing notes would remain legal tender and could be used indefinitely. This approach was intended to ensure that legitimate holders of the note would not be adversely affected, while gradually reducing its prevalence in the market. The controversy surrounding the 500 Euro bill intensified over the years, with many arguing that its risks outweighed its benefits.

The £100 note is currently the largest denomination of banknote issued by The Royal Bank of Scotland. They probably don’t have the means to check euro notes they “buy” in exchange for US dollars. The euro, the official currency of the eurozone, was introduced in 1999 as a non-cash currency and began circulating as cash in 2002.

Other member states, especially in south-eastern Europe, could not devalue their currency to boost exports and reduce their debt. The euro being the common currency, they could not frame their own monetary policy and become competitive. Create your account and connect with a world of communities. Traditionally this was one of the services offered by retail bank branches (usually even to non-customers), as part of their role in the cash supply. Nowadays many bank branches have gone cash-less and the ones that haven’t are often reluctant to deal with people they don’t know as customers. I went there, and the clerk told me that “technically you are in the right place, but we don’t really swap 500 notes, unless they are damaged”.

The high value of the notes, coupled with their association with criminal activity, has led many places refusing to take them. It’s hard enough to use a 50 euro note without spending 49 euro – I can’t imagine trying to actually spend a 500 note. My first reaction would be to find a bank and see if they would break it down. “At one money exchange place in Rome, they tried to tell us ours was fake and that they could not give it back to us.” Actually, I DID get a €500 note from a bank ATM in Austria — and was not able to spend it. Finally took it in to another bank which was able to run it through a machine to verify that it was not counterfeit; they were happy to break it into smaller notes.