ECB phasing out 500 euro banknotes

 ROME -- The ECB has decided that, as of Jan. 27 as many as 17 of the 19 national central banks in the euro area will no longer issue 500 banknotes, officials say. In order to ensure a smooth transition and for logistical reasons, the Deutsche Bundesbank and the Oesterreichische Nationalbank will continue issuing the notes until April 26.

Existing €500 banknotes will continue to be legal tender, so you can still use them as a means of payment and store of value (i.e. spend and save them). Similarly, banks, bureaux de change and other commercial parties can keep recirculating the existing 500 euro notes.

Like all denominations of euro banknotes, the 500 euro note will always retain its value and can be exchanged at a national central bank of the euro area at any time.