Your money in Tenerife - spending, saving and exchanging

This page will try to give you all relevant information to help you make the most of your money in Tenerife.

To anyone who has been a seasoned visitor to Tenerife, or Spain, over the years, the original Spanish currency, the peseta, will still be remembered.

However, Spain and, consequently, Tenerife officially adopted the euro on January 1st, 2002. I was still living there at the time and, of course, it gave all the businesses the chance to put their prices up, in much the same way as happened in the UK in 1971, when decimal currency was introduced.

For any of you from non-euro countries, the usual coins and notes you'll probably be handling whilst in Tenerife look like this:

There are some mysterious, extra banknotes, that I certainly have never encountered in all my time in Tenerife, but, apparently, they look like this:

One euro is divided up into 100 céntimos. The smaller, bronze coins, the 5, 2 and 1 are not used very much, as most bar prices are multiples of 10 céntimos. You'll probably be given them as change in supermarkets, though and can be the very devil to get rid of. The way a native Canarian would say "one euro fifty" would be "uno con cincuento", or "one with fifty".

The exchange rate is, of course, fluctuating all the time, so I've included here a constantly updated table for you to check before you visit the island. See how far your money in Tenerife will get you.

   Euro Exchange Rate

CHANGING YOUR MONEY IN TENERIFE

Many people, when going on holiday, tend to change a load of money into the appropriate foreign currency or travellers' cheques. I can't remember the last time I used travellers' cheques. I'd advise you to change a small amount of money, say £100, if you're from the UK, before you go, take a load more cash for spends and change it in Tenerife as you need it.

Of course, this means you'll have a large amount of cash to keep secure, so you need to make use of a safe. Every apartment should have its own safe and so should every hotel room or its reception. Use them!

For goodness' sake, don't go to a bank to change money! Or, come to that, in the airport on your way. There are numerous exchange places dotted about Tenerife and their rates are as good, if not better, than anything you'll find in your home country. These places display their rates outside and it's possible to shop around a bit, although the best you'll probably manage is a difference of one céntimo.

The "IGIC"

When you receive bills in a restaurant, say, there may be a bit on the bottom that says "IGIC included", or "IGIC incluido".

"IGIC" stands for Impuesto General Indirecto Canario and is the Canarian equivalent of the UK's VAT, or Value Added Tax. In other words, it's a form of stealth tax.

Unlike VAT, which is 16%, IGIC is only 5%. This is what makes some bills, for example in a supermarket, such an odd amount.

THE "GUANCHE CARD" - make your money in Tenerife go even further

Not known to many people (certainly not to me, until recently) is the existence of the "Guanche Card", which is a free card that gives its holder discounts at various establishments in the south of Tenerife.

It appears that you have to go on the website and download it, then check the list of businesses to which it applies.

If you want more information, check its website: Guanche Card.

It appears that this website is, at the moment, inaccessible. I suggest you keep trying, as it may be temporarily off line. Alternatively, put "guanche discount card" into your search bar and try clicking on "cached pages".

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