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BANKING

The previous currency of the Peseta of Spain has been has been replaced by the EU Euro.

Banks
Banks are open on Monday to Friday from 09.00 hrs to 14.00 hrs, and on Saturday from 09.00 hrs to 13.00 hrs. In summer they may sometimes close earlier. Most banks have English-speaking staff and they all can handle International transactions. Commissions may be charged on a foreign transactions and passports will be required as proof of identity.

In major tourist locations there are specific offices/shops providing a money exchange service. Most charge commission and may offer a lower rate of exchange than that offered by banks.

Credit cards
Major credit cards are accepted all over Spain although most place a limit on the amount to be used in any one transaction and occasionally there may be a surcharge. However, higher sums are available when authorization is granted by the Credit Card Company. All over Spain there are Wall Cash Machines accepting major Credit Cards with instructions in several languages. We advise that a separate record of credit card numbers is kept for safety reasons.

Purchase Tax (VAT)
A Sales Tax is applied in Spain and is known as IVA. The sum applied varies between 7% and 33% depending on the item purchased. Food, wine and basic requirements are taxed at 7%. Most goods and services are charged at 13% whilst luxury items such as jewellery and cigarettes have a 33% Tax loading. Hotels enjoy a special rate of 7%.

Transfer of Funds
When purchasing a property the price is normally set in Euros. When the payment is from a source outside the EU the fluctuations in currency rates means that the factual cost of a purchase will be known only at the time of completion. Some buyers find it convenient to agree on a fixed rate of exchange for all stage payments. It is advisable only to use an established currency Broker.

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