currency of the Peseta of Spain has been has been replaced by the EU
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.
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
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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