Sunday , June 20 2021

Goodbye to the 500 euro bill: banks in Europe are starting to withdraw from the market



According to BCR's own estimates, there are currently 521 million tickets of 500 euros in circulation, of which 25% are outside the European Union.

Although these accounts currently account for only 2.4% of paper money in circulation, they account for no less than 21.7% of the cash value, some EUR 260.5 billion.

The history of the highest denomination banknotes in the euro zone retains countless anecdotes about the most obscure crimes, especially those linked to drug trafficking, terrorism and corruption.

The beginning of the end of the 500 euro account began to be traced in February 2016. At that time, the European Central Bank had warned that these tickets "can facilitate the commission of illegal activities", so they decided to start their departure. from the market.

For the time being, banknotes of 500 euros can continue to circulate and can be used as a means of payment, while they can be exchanged in banks without time limit. However, they run farewell times to the ticket with the highest value in the West.


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