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Bank of Spain will stop printing €500 banknotes this month

From Sunday, January 27, the bank of Spain will stop issuing  € 500 banknotes as they are being used for criminal activity, such as corruption or financing of terrorism. The notes can be used as a means of payment and as a deposit of value. They will continue to be a legal tender. The recirculation of banknotes may also be done by professional sectors such as banks, fund transport companies or offices and currency exchange. These notes can be exchanged at the national central banks of the euro area at any time. There were 31 million  € 500 notes in circulation in November according to Bank of Spain.

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