500 Euro notes - a bad idea?

[smit0847]

I'm travelling to Europe in a fortnight and with the AUD at a record high against the EUR, I wanted to exchange some currency before I go.

I found a place nearby that is offering more than 1 cent more than anywhere else (with no fees). Then I found out why - they only have 500 Euro notes.

I didn't even know the Euro came in a 500 note.

Is it a really bad idea to get, say, 5 of these and try to use them in Europe? (France, Sweden, Finland, Greece and Spain). We're not staying at big hotels so cant exchange them there and if a bank will exchange them for a fee it defeats the whole purpose. I doubt we will be making purchases close to 500 euro at any one time - all accom and flights and prepaid and we just want cash for travel, F&B, small items etc.

Thanks

 

[lovestotravel]

I wouldn't be trying to pay for small items with a 500 EU note..

Forget the 1cent (plus fees) extra and just get smaller notes

 

[Must...Fly!]

I'd be very wary of purchasing big currency notes from anywhere other than American Express and I suppose travelex

 

[SteveJohnson]

Sounds a bit odd to me, 500 Euro is a lot of risk just to save 1c in conversion fee? And E500 is a LOT of money to carry around, unless you are really gonna hit the high-end shops or use it to pay your hotel bill I would not bother. Just get a good mix of regular Euro notes.

 

[whatmeworry]

Last time I was in Germany I had one and it was a pain in the cough to exchange. I even had to go the post office and show ID to exchange it for five 100 euro notes.

I even had trouble with some retailers with the 100 euro note. From memory, I bought some shoes that cost like 30 euros and the shop assistant gave me grief that I didn't have smaller notes. This was in a major shop.

Across Europe, I have had problems with all types of notes. I think it is because the notes are still paper and counterfeit notes are still a big problem.

In Croatia one bank teller gave me grief because the English Pounds I wanted to exchange for Kuna's had some writing on them, I politely told her to get stuff and went to the next bank. The next bank would only exchange two of the three notes, because one of the notes had a small tear. I said OK, but then her computer crashed and could not exchanged nothing at all. She told just go to a money exchange downtown, which was 1km away in 35c blazing heat. :shock:

 

[medhead]

1cent is roughly an extra 6 euro per 500 note. Can you take the 500 note to a bank and swap it for something smaller?


Sent from the Throne

 

[sinophile888]

The 500 Euro note is the currency of choice for drug runners!

 

[Oneworldplus2]

The 500 Euro note is the currency of choice for drug runners!

Yes, and it is getting phased out too.

 

[RWJ777]

Avoid them unless you want to run the risk of returning with $700 bookmarks.

I had a few in a recent trip in Europe, courtesy of Travelex or some such at Syd, and I couldn't get rid of the damn things in France. No-one would take them. Finally got the hotel I was staying in in Paris to agree to take one and another 3 at other accommodation. Each transaction elicited raised eyebrows and a dismissive reaction. Felt like saying 'it's your damn currency, don't blame me.

Anyway, learnt my lesson for last trip to Paris and told forex agent no 500€ for RWJ777, s'il vous plait!

If you can, I find a range of notes really good especially if you need to pay for a driver or transfer once you reach destination.

 

[Oneworldplus2]

Goodbye to the note of ill-repute - Crime - UK - The Independent

 

[turtlemichael]

I fully endorse the comments above. Even 100 Euro notes were a pain to use in France. A 500 euro biggie was a joke! Even breaking them in a bank was refused several times. Credit cards and small notes are the only practical answer.

 

[Mal]

Yep, even 100 Euro notes are a PITA to use in the EU. 50 can get strange questions too for small purchases. Good luck in getting a 500 euro note converted anywhere retail, and yes banks could be a PITA too.

 

[lovestotravel]

Most shops in France were NOT happy with 50EU notes for small purchases

 

[Must...Fly!]

I didn't have a problem with 100EUR notes in restaurants and things - we did it strategically, using our 100 and 50EUR notes to pay for dinner or when shopping for clothes/shoes/etc, ensuring we had at least a few 5/10/20EUR notes with us for small things like a snack.

 

[haydensydney]

Great to have a few of these to bust out at a Louis Vuitton on the Champs-Elysées... but overall they were a total PITA to try and change.

The best thing about having foreign currency is to have a big wad of cash to make you feel rich The $500's made the wad look pitifully underwhelming.

PS... sounds like a dodgy deal to begin with so just avoid and go to a more mainstream money changer

 

[Flashback]

Great to have a few of these to bust out at a Louis Vuitton on the Champs-Elysées... but overall they were a total PITA to try and change.

The best thing about having foreign currency is to have a big wad of cash to make you feel rich The $500's made the wad look pitifully underwhelming.

PS... sounds like a dodgy deal to begin with so just avoid and go to a more mainstream money changer

I have 130,000 GNF sitting on my desk right now... looks a lot, but in essence is really only a touch over £10!