The official currency in the Canary Islands is the euro. Yet, they sit outside the usual geographic zone—that is to say the European mainland. Indeed, the archipelago is an autonomous community of Spain, designated as an "ultraperipheral" region of the E.U.

The Euro in the Canary Islands

Officially, Canarians settle their purchases in euros (€), the sole currency of the European Union. Being associated with Spain, they are by extension connected to the eurozone countries. Banknotes (5, 10, 20, 50, and 100 euros) and coins (0.05, 0.1, 0.2, 0.5, 1, and 2 euros) are issued by the European Central Bank and governed under ISO 4217 code as "EUR". Be sure to check the exchange rate with the US dollar if it applies to you.

All transactions in the Canary Islands take place in euros. For travelers carrying foreign currency, you'll find banks and currency exchange offices throughout the islands. Major establishments, such as hotel complexes, can often assist you. You'll also find ATMs readily available. Purchases can be made in cash or by credit card: MasterCard, Maestro, or Visa.

What Else Should You Know?

Travelers are often pleasantly surprised by the cost of living in the Canary Islands. Indeed, the archipelago benefits from a reduced tax rate compared to other Spanish regions. With its 7% tax rate, products in the Canaries appear considerably more affordable. In comparison with France, figures confirm prices are around 25% lower.

Urban shops are typically open 6 days a week, from 9 a.m. to 9 p.m. as a general rule. However, it's not uncommon for many shopping centers to close as early as 2 p.m. on Saturdays.

Carrying some cash with you is a wise choice. That said, stay alert and exercise caution, as pickpockets can occasionally blend into crowds.