10 euros bank notes.

Deadline extension for exchanging pesetas to euros

Always finding spare change in your pockets at the end of the season? If so, we recommend checking your oldest coats.

2 min read

Pesetas bring with them a certain nostalgia—that 25 pesetas coin attached to your keyring, the 5 pesetas you’ve been carrying around in your wallet, those 100 pesetas that used to buy you a bag full of treats. Pesetas are part of our history, our economy—they’re even referenced in some of our proverbs. However, holding onto an outdated currency can sometimes become a burden. So, if you’re ready to trade in your pesetas for euros, you’re in luck. 

The Bank of Spain has decided to extend the deadline for exchanging pesetas to euros, pushing the cutoff from December 31, 2020 to June 30, 2021. After this date, pesetas will no longer hold any nominal value. Of course, you can always hold onto a few of the most unique pieces for your own collection. Who knows? Perhaps they’ll become collectors’ items someday. 

Which bills and coins can I exchange?

The exchange rate is fixed at 1 euro to 166.386 pesetas, and their age doesn’t affect the value at all. You can also exchange one, two, five, and ten thousand peseta notes that were issued after 1939. It’s also possible to exchange bills issued between 1936 and 1939, but the Bank of Spain will need to analyze them first. It’s important to make sure that your bills are in good condition. Bills with just 50% or less of their original surface coloring will not be accepted.

As for coins, all of those which were still in circulation on January 1, 2002, including 2,000 peseta coins, can be exchanged for euros. Collectable, commemorative, and special coins can also be traded in. 

Where can I exchange pesetas for euros? 

Exchange your pesetas for euros until June 30, 2021 at any of the Bank of Spain’s branches across the country, or by visiting its headquarters in Madrid at 38 Calle Alcalá from 8:30 a.m. to 2:00 p.m. CET.

Your money at N26

At N26, we can’t exchange pesetas for euros, but we can offer you a personalized banking experience tailored to your lifestyle. Choose an account that works for you, from the free N26 Standard bank account, to the premium N26 Smart, N26 You or N26 Metal accounts, which comes with a striking metal Mastercard. Open your account in just 8 minutes and enjoy all the benefits of 100% mobile banking.

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