The currency in Tenerife is the euro (EUR), which uses the currency sign €.
Tenerife is a part of Spain, which was one of the first countries to adopt the euro. It has used the euro as its only and official currency since January 1st 1999, exactly 13 years (to the day) after it joined the European Union (EU).
Where is Tenerife?
Tenerife is the largest island of the Canary Islands, which are located off the north-western coast of Africa.
This means it has a particularly warm climate and over 300km of beaches, which contributes to its status as a tourist hotspot.
It has a vibrant nightlife, world-class golf courses and five-star resorts.
What currency did Tenerife previously use?
Like the rest of Spain, Tenerife previously used the Peseta from 1862 until it finally went out of circulation in 2002.
Peseta bank notes had some notable historical figures on it such as the mathematician and botanist José Celestino Mutis (1732 - 1808) and King Juan Carlos I (reigned 1975 - 2014).
Traveller’s cheques are no longer common Spain, like many places in the EEA. Virtually all banks in Spain will not convert traveller’s cheques to Euros.
What denominations does the euro have?
The various coins and banknote denominations of the euro are:
- €5
- €10
- €20
- €50
- €100
- €200
- €500
And its euro coin denominations are (from lowest to highest):
- 1 cent (c)
- 2c
- 5c
- 10c
- 20c
- 50c
- €1
- €2
Currency exchange services in Tenerife
If you're coming from a non-EU country and need to exchange your local currency for euro banknotes, there are convenient options available.
Yet, we strongly advise that you avoid airport exchanges, as you're more likely to be hit with steep exchange rate fees.
Instead, opt for the numerous Currency Exchange Bureaus across the island, which will help you change money charging much lower fees.
Popular payment methods used in Tenerife
Credit and debit cards and mobile payments are widely accepted in Tenerife.Travel money cards are also a popular option for extra security and budgeting purposes.
However, there may be a few instances where it's good to have some cash on you. For example, when you're buying low-priced items, some shops may prefer to accept cash.
To make sure you're covered in any situation, bring both cash and your credit or debit card with you.
What is the ATM situation like in Tenerife?
There are a lot of ATMs in Tenerife and they are generally safe to use for cash withdrawals. But beware - they often charge fees for withdrawing money. This can amount up to €6 euros per transaction.
So, depending on how much cash you take out, and how often, it can quickly add up. Don't make multiple small withdrawals from ATMs.
Is Tenerife expensive?
No, by European standards Tenerife isn't expensive.
When we say 'European standards', we're comparing it to places like Denmark, Switzerland and Norway, which are some of the most expensive places to visit in Europe.
Tenerife is a lot cheaper than these places. Here are some average categorised costs below:
Accommodation
- Budget option: €300 - €500 / £255 - £425 per week
- Mid-range option: €500 - €800 / £425 - £680 per week
- Luxury option: €800+ / £680+ per week
Food and dining
Transportation (local buses, taxis, rental cars)
- Local transportation: €10 - €30 / £8 - £25 per person per week
- Rental car (per day): €20 - €50 / £17 - £42
Activities/entertainment
- Excursions, tours, and activities: €20 - €50 / £17 - £42 per person per activity
- Entrance fees to attractions: €5 - €15 / £4 - £13 per person per attraction
Flights (round trip from major European cities)
- Budget option: €100 - €300 / £85 - £255 per person
- Mid-range option: €300 - €600 / £255 - £510 per person
- Luxury option: €600+ / £510+ per person
Miscellaneous costs
- Shopping, souvenirs, and miscellaneous expenses: €30 - €50 / £25 - £42
Does Tenerife have a tipping culture?
Tipping isn't expected in Tenerife, but it is appreciated. If you do decide to tip, in say a restaurant, it should be between 5 and 10% of the value of the bill.
Also, if you take a taxi, it's common to round up the amount you pay for it to the nearest whole number. So, if your fare comes to €14.50 you can pay €15.
Does Tenerife have a haggling culture?
Yes, but only in smaller, independent stores and markets, like Torviscas Market and Los Cristianos.
Larger chains don't accept any sort of negotiation. In these places, the price is the price.
Before you get to the Canary Islands, we should warn you... you're probably spending too much in fees and rates when you are on holiday abroad.
Sign up to Currensea today to change that.
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