What Currency Is Used in Gran Canaria?

What currency is used in Gran Canaria?

Whether you're heading to Gran Canaria for a holiday, purchasing property, or doing business with local suppliers, it's important to understand the island's currency. This guide is written for tourists, expats, and international business owners. It explains what currency is used in Gran Canaria, how the system works, and how to manage your money efficiently during your visit or transaction.

Gran Canaria’s official currency: the Euro

Gran Canaria uses the Euro (EUR) as its official currency. The euro is denoted by the symbol € and is divided into 100 cents. Coins come in denominations of 1, 2, 5, 10, 20, and 50 cents, along with €1 and €2 coins. Banknotes are available in €5, €10, €20, €50, €100, €200 and €500—although €200 and €500 notes are rarely used in everyday transactions.

Gran Canaria is part of the Canary Islands, which are an autonomous community of Spain. As such, the island is within the Eurozone, and the euro is the sole legal tender. All transactions—whether for groceries, accommodation, car hire or dining—must be made in euros.

Who needs to use the euro in Gran Canaria?

Everyone visiting or living in Gran Canaria must use euros for payments. That includes:

• Tourists from the UK, USA or outside the Eurozone, who will need to convert their home currency into euros.

• Expats or retirees relocating to the island, who will need euro accounts for day-to-day spending and banking.

• Business owners and investors engaging with local services or property purchases, where euro pricing is standard.

How the euro functions on the island

As part of Spain, Gran Canaria’s financial system is integrated into that of mainland Europe. The European Central Bank (ECB) sets monetary policy, interest rates, and oversees the value and supply of the euro.

Exchange rates between the euro and other currencies like GBP or USD are determined by global currency markets and can fluctuate daily. If you’re converting money from another currency, your effective rate will also depend on fees or charges set by your bank, card provider or exchange bureau.

Benefits and drawbacks of using the euro in Gran Canaria

Benefits:

• Convenient for EU travellers: No currency exchange needed if you're coming from another euro-using country.

• Stable and widely accepted: The euro is one of the world’s strongest and most reliable currencies.

• Contactless and mobile payments: Common in shops, hotels, restaurants, and even taxis.

Drawbacks:

• Currency exchange costs: Visitors from non-euro countries may face poor rates or fees when converting money.

• Limited acceptance of foreign currency: Pounds, dollars or other currencies are not accepted by shops or restaurants.

• Card reliance: While cards are widely accepted, you may still need cash in smaller villages or local markets.

Tips for managing your money in Gran Canaria

• Use local bank ATMs for competitive exchange rates. Look for trusted names like Santander, CaixaBank, or BBVA.

• Avoid exchanging cash at airports or hotels, where the rates are often poor.

• Decline dynamic currency conversion if offered when paying by card—always choose to pay in euros, not your home currency.

• Use a travel card with no foreign transaction fees if possible, to avoid extra charges on card purchases or withdrawals.

• Carry some cash, especially if visiting local markets, small cafés or rural areas where card machines may not be available.

Common questions

Can I use British Pounds or US Dollars in Gran Canaria?
No. Only euros are accepted. You will need to exchange currency or use a card that supports euro transactions.

Are contactless and mobile payments accepted?
Yes. Most businesses, especially in tourist areas, accept Visa, Mastercard, Apple Pay and Google Pay. Smaller shops may still prefer cash.

Should I exchange money before travelling or once I arrive?
Withdrawing cash at local ATMs usually offers better rates than UK high-street exchanges. However, compare fees to decide what’s best for you.

Is Gran Canaria expensive?
Compared to mainland Spain or other European destinations, Gran Canaria is generally affordable, especially for food, drinks and local transport.

Real-life example

A family from the UK arrives in Gran Canaria for a two-week holiday. They bring £300 in cash and a travel debit card. They use the card to withdraw €200 from a bank ATM in Las Palmas, paying no fee thanks to their fee-free card. They spend euros on everything from ice cream to car hire, using contactless payments in most places. In a remote mountain village, they visit a local craft shop that only accepts cash—thankfully, they’ve kept some notes on hand. By planning ahead and choosing the right payment methods, they avoid excess charges and enjoy a smooth experience.