Banks & Currency

Spain – inclusive of the Canary Islands – introduced the Euro in January 2002. The peseta ceased to be legal tender in June 2002. There are notes of 5, 10, 20, 50, 100, 200 and 500 Euro and coins come in denominations of 1, 2, 5, 10, 20 and 50 cents, 1 and 2 Euro.

The use of major credit cards is widespread among local shops, making shopping easier. Credit cards are also the safest way of payment without having to carry large amounts of cash, which minimizes the damages in case of loss or theft.

You will always 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 but at a higher rate than the bank. You can also withdraw cash from ATM machines using your credit or debit card (some banks will charge their clients for this service).

Travellers’ cheques are safe and easily cashed at banks and exchange offices throughout Lanzarote. Remember that you should keep the bank receipt listing the cheque numbers separate. If your cheques are stolen this will be of great help.

Most banks usually open from Monday to Friday from 09.00 to 14.00 hrs and on Saturdays from 09.00 to 13.00 hrs.

Most banks usually open from Monday to Friday from 09.00 to 13.00 or 14.00 hrs. Some banks change their opening hours one day in the week, where they open in the afternoon instead.