As of today, 17 of the 19 national central banks in the eurozone will no longer be issuing €500 banknotes.
Those notes in circulation will be collected and destroyed but, if you are lucky enough to have some, they will retain their value for an unlimited period.
The €500 note will continue to be issued in Austria and Germany until April 26, this year for "logistical reasons," and "in order to ensure a smooth transition," according to the European Central Bank's rather odd explanation.
The notes often are referred to as, "Bin Ladens" - the banknote everybody knows exists but few, other than criminals, ever see. €1 million. in notes of €500, weight only two kilogrammes, ideal for drug networks to transfer large amounts of cash in small packages.
The Bank of Portugal, as other central banks, will be collecting the notes and making sure they are destroyed along with those already held in stock.
Existing €500 banknotes remain legal tender and can continue to be used as a means of payment or savings and foreign exchange agencies and other commercial entities may continue legally to re-circulate the note.
In May 2016, the European Central Bank decided to discontinue the production of €500 notes, due to fears that this note was being used to "facilitate illicit activities."
