News & Blog

500 Euro Ban

Posted on Thu, 13 May 2010 by Phil Mussell - General News, Banknote News

Apparently 90% of 500 Euro notes used in this country (The UK)are used by money launderers - that's according to the BBC who tell us that now Exchange bureaux will no longer be selling the notes over here.

I have to be honest and say that whilst I don't necessarily agree that such a high proportion of 500 euro notes are used by the criminal fraternity I do question the need for such a denomination in the first place. Surely 100 Euro notes are sufficient? The thought of losing such a large sum is enough to put the "man in the street" off of carrying the, that and the knowledge that if you try to buy your morning croissant with one you will be viewed with a less than favourable eye, so who uses them? The reason for their existence was to help "businesses" but surely any legitimate business wanting to deal with large sums of money would use other means than cash? Just a thought!