Currency in Tenerife
The euro is the currency of the Economic and Monetary Union and was adopted by 11 State-members from the European Union on the 1st of January 1999: Portugal, Belgium, Germany, Spain, France, Ireland, Italy, Luxemburg, the Netherlands, Austria and Finland. In 2001, Greece also adopted the euro.
The symbol of the euro currency is an “E” crossed by two parallel lines. It is inspired on the representation of the Greek letter epsilon, calling up the birth of the European civilization and the first letter of the word Europe. The two parallel lines represent the internal stability of the euro.
The circulation of the euro started on the 1st of January 2002 with 7 different bank notes and 8 different coins: bank notes of 500, 200, 100, 50, 20, 10 and 5 euros, and coins of 2 and 1 euros and 50, 20, 10, 5, 2, and 1 centimes.
Although the coins have both a European common side and a specific national side, they are accepted in all the countries that joined the euro currency, and the same is applied to bank notes.
Both bank notes and coins were also conceived for people with visual disabilities.
Therefore, the bank notes – besides having different sizes – count on elements that allow the identification of the different notes through touch.
Banks are open weekdays between 09.00 hrs and 14.00 hrs, however between June 1 and October 31 they close 1 hour earlier on Saturdays.
You will always require your passport to change money and banks will always charge a commission fee.
Most hotels, travel agents and Exchange offices ‘Cambio’ will also change your money but at a lower rate than the bank.
Travellers Cheques are safe and easily cashed at Banks and exchange offices throughout Tenerife.
Remember that you should keep the Bank receipt listing the cheque numbers separate as well as those that you have already cashed. If your cheques are stolen this will be of great help.
Credit/Debit cards are by far the best way to organise your funds.
You don’t have large amounts of cash to worry about and you have access to your money at all hours. The exchange rate is also often the best.
You pay a charge for each cash advance and ATM transaction – so don’t withdraw small amounts often.
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