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€.