When you arrive in Spain we strongly recommend that you carry
only small amounts of cash with you. You will probably want to
set up a bank account in Barcelona area as soon as possible.
Commercial banks are preferable to savings banks, since
commercial banks offer a greater variety of international
services. To open an account you will need to bring your
passport as identification. The transfer of international
currency can be a time-consuming process. Students are advised
to bring enough money in traveler’s checks to cover expenses for
two weeks, since it often takes ten days to honor drafts.
Spanish currency comes in two forms: paper and coin. Spanish
paper money, known as euro (bills), comes in denominations of
5€, 10€, 20€, 50€, 100€ and 500€. Common Spanish coins are the
cents: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents and 50
cents. One hundred (100) cents is equivalent to 1€ and you will
also find coins of 1€ and 2€.