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These are the only three places you can get 500 Euro bills.

Do you remember seeing one? 500 euro bills were always a great value and within reach of very few.

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These are the only three places you can get 500 Euro bills.

Do you remember seeing one? 500 euro bills were always a great value and within reach of very few. This banknote was used for money laundering and illegal activities. It is now being monitored and slowly removed from circulation. Currently, there are only 500 banknotes in circulation that were issued prior to 2019. This is because the Bank of Spain, acting on a recommendation by the European Central Bank (ECB), stopped making them. This decision was made due to the frequent association of these banknotes and criminal activities like fraud or money laundering.

The ECB defended the banknotes at the time, saying that they would retain their value indefinitely and could be exchanged at any national central banks within the euro area. These tickets are not available in every business today.

Important to remember that these banknotes can only be "recirculated" by certain professions. They are, in particular, banks, money transfer businesses, and currency exchange offices. El Economista cites this as a reason. It also points out the Treasury's constant monitoring of the movements of 500-euro bills issued prior to 2019.

It is this agency that regulates cash money movements in order to deal with the submerged economy. This public body is able to request information and request receipts for income exceeding 3,000 euros. The Treasury also controls cash movements that exceed 500 euros.

The Government approved new regulations at the end 2020 to combat fraud and cash payments that are limited. Law 11/2021 of July 9 regulates that you can only pay 1,000 euros in cash. A customer can use an alternative method of payment if they wish to purchase a product/service with a greater value.

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