The currency used in the Canary Islands is the Euro, which was first introduced in January 2002 and replaced the peseta, the former legal currency of Spain. There are notes of different denominations from 5 to 500 Euros and coins starts from 1 cent to 50 cents as well as 1 and 2 Euro coins.
Using credit and debit cards on holiday makes life much easier and is a convenient way of shopping. Of course, you can also use your cards to withdraw cash from ATM machines, with some banks charging a fee for this service. It is important to mention that you will need some sort of legal picture ID or your passport to pay with your debit or credit card in Spain.
Banks can also be used to cash travellers’ cheques. Most open at 09.00 hrs and close at 14.00 on weekdays but close an hour earlier on Saturdays.
Please remember that you also require your passport to change money and banks do charge a commission fee. Most hotels, travel agents and exchange offices – called cambio – will change your money. Check carefully which rate and commission they charge and see what is most convenient for you.
Some banks change their opening hours one day in the week, when they open in the afternoon instead. Your best option will always be to ask your hotel reception for current information.
