Epiphany, is a Christian feast day which celebrates the "shining forth" or revelation of God in human form in the person of Jesus Christ. The Feast of the Epiphany falls on January 6. Western Christians commemorate the visitation of the Magi to the child Jesus on this day, i.e., his manifestation to the Gentiles. Eastern Christians commemorate the baptism of Jesus in the Jordan River, his manifestation as the Son of God to the world. It is also called Theophany ("manifestation of God"), especially by Eastern Christians. Epiphany falls on the last day of the Twelve Days of Christmas.

http://en.wikipedia.org/wiki/Epiphany_(Christian)

The Spanish tradition of the Three Kings Day as the day of receiving gifts is more biblical correct than our current tradition (Mat 2:1-12). Unfortunately, as a society, we have embraced the jolly and obese Saint Nick rather than the Magis. This guy who brakes (braking) and enters (entering) homes eating cookies and milk and kissing mommy (according to Michael Jackson). Long are the days of leaving grass (the one from your front or back yard, LOL) and water for the camels and looking under our beds to find our presents (the presents under a pine tree tradition is a USA invention). The concept of a piece of coal under the bed if you were naughty is gone too unless your parents cannot afford to get any presents (still a reality in our own backyards). The whole Christmas season has been diluted to a big commercial season yet the biblical fact of those Three Wise Men (Kings is in dispute for Herod never mentions them as such) remains as the actual time of present giving act (non counting of course the concept that God gave us (as a present) His only son).