It depends on the flight. Post November 16 2011, with the introduction of Avios:

Iberia Flights (incl. Air Nostrum - excl. Vueling)

Clase Azul X (Blue Class/Restricted Economy): Changeable and refundable for a 25€ fee.
Clase Turista T (Unrestricted Economy): Free changes and refunds.
Clase Business U: Changeable and refundable for a 25€ fee.

Oneworld Flights or itinerary containing OW flights: no changes or refunds possible.


With the merger I thought that they were going to follow BA policies, where all rewards are flexible, obviously they didn’t. So in the case of oneworld flights (other than IB), it is worth transferring Avios over to BAEC and book through them. The fees are going to be the same and your ticket becomes flexible.