Goodbye to the 500 euro notes

Goodbye to the 500 euro notes

The disappearance process of the 500 euro notes has already begun. The Bank of Spain has today ceased issuing these notes, popularly known as "Bin Laden" for their few appearances in person. In this way, the supervisory body applies the decision taken by the Eurosystem in May 2016, due to the "growing concern" that they are being used for illegal activities, such as corruption, organized crime or the financing of terrorism. That same year, the European Commission recommended ending its issue, since a ticket of such high value is a very useful method to move large amounts of money without a trace.

However, Purple tickets will remain legal and may still be used as a method of payment and as a deposit. They will also maintain their value indefinitely and may be exchanged with the national central banks of the euro zone, which will begin to withdraw all those that arrive. In any case, professional sectors, such as banks, fund transport companies and currency exchange offices, will be able to recirculate the 500 euro notes.

The number of this type of banknotes in circulation in Spain stood at 31 million in November, one million less than in the previous month and at the same level as in February 2003, according to data from the Bank of Spain. Only the factories of the currency of Luxembourg, Germany and Austria have printed the maximum value ticket of the European Union, and then distribute them to the different central banks.

The 500 will be the only tickets that do not have the new design that already show the 5, 10, 20 and 50 euros. On May 28, the "elder brothers" of the Europa series will enter circulation: the 100 and 200 euros banknotes.


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