The short answer: yes, and no.
“Hasta la vista” means “see you later,” “good-bye.” It literally translates as “until the view,” in other words, “until the next time I see you.” This phrase is common in textbooks, similar to the phrase “así, así.” Frankly, I have never said “hasta la vista” without mocking Arnold Schwarzenegger. I do not remember saying “hasta la vista” to any of my friends or family members. I am from Mexico. Perhaps in other places people use it often. Again, I never use it.
The long answer: yes and no.
Wikipedia in English has entry for “Hasta la vista, baby” (http://en.wikipedia.org/wiki/Hasta_la_vista,_baby), and it explains how this is a worldwide catchphrase. When you read the same entry in Spanish, there is a note about the differences between the Latin American and Spanish (Iberian) versions. According to this article, the subtitles of the Latin American version of the Terminator 2 (http://youtu.be/D_7vVOnpyJY )movie reads “Hasta la vista, baby,” while the subtitles for moviegoers in Spain say “Sayonara, baby.” (http://es.wikipedia.org/wiki/Hasta_la_vista,_baby)
If you don’t want to sound like Arnold in Terminator 2, then you may use any of the following phrases:
There are more ways to say “bye” in Spanish, by the way. But five is a good list for any student taking elementary and intermediate classes.
Now, the real problem with Arnold’s Terminator 2 is not “Hasta la vista, baby,” but rather “no problemo,” which should be “no hay problema” instead. But that’s an issue for another entry.