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- How to get the most out of your Gran Canaria holiday money.
- How to transfer money to and from Gran Canaria and get the best possible exchange rates.
Holiday money exchange rates in Gran Canaria
It's almost always better to use a currency exchange service at home rather than wait until you arrive in Gran Canaria. Ask you bank what exchange rate they offer for a cash exchange, and compare this with a specialist currency exchange service. The UK Post Office isn't a bad place to start, especially if you order in advance.
Alex Says: Never use currency exchange bureaus at airports as they pay dreadful rates.
Some local exchange bureaus in Gran Canaria offer decent rates, but they are getting rare. There are still a couple in the main Puerto Rico shopping centre but the rates are not competitive.
If you can find a debit card that offers a low withdrawal fee and decent exchange rates, it is much safer to take money out of ATMS as you go along than to bring a wedge of cash to Gran Canaria
Lex Says: Always ask for your currency in euros if the machine gives you the option (and in shops and restaurants). This Gran Canaria Info Tip explains why.
Traveller's cheques have basically died out and you will find it almost impossible to exchange them in Gran Canaria. Use a pre-loaded debit card instead.
Transferring Euros to Gran Canaria
To transfer money from a non-Euro country such as the UK or Norway, always use a quality currency broker as they offer much better rates than the banks. We have used Currencies Direct for many years.
Never bring substantial amounts of cash (over 5000 euros) to Gran Canaria as you are at risk of losing them. While crime such as burglary is rare in Gran Canaria there is no way to recover cash once it has gone.
Also, many local banks and businesses won't take large cash payments due to money laundering rules.
For example, estate agents can't accept cash as a down payment for a property. The maximum cash payment you can make for any product or service in the Canary Islands these days is €1000. All higher amounts must be done via bank transfer.
Of course, many businesses still take cash as it allows their customers to avoid paying the local IGIC (equivalent to VAT) tax of 7%.
It is much easier and safer to transfer large sums electronically from bank to bank. If your home country uses the euro, a transfer to the Canary islands won't cost more than a few euros.
You will, of course, need to open a bank account in Gran Canaria before you transfer money.
Don't pay your banks to do your Gran Canaria currency exchange
If you live in a country with a currency other than the Euro, shop around for the best rates rather than using your bank.
High Street banks get excellent inter-bank rates, give their customers terrible rates, and pocket the difference.
These charges can cost you thousands of euros if you transfer money for a property purchase.
And you'll have to wait for your money; inter-bank transfers take between 7 and 14 working days to clear into your Gran Canaria bank account from other European countries.
There is a faster and cheaper way that is just as safe as using a bank.
Use a currency broker like Currencies Direct
Currency brokers are a fast, cheap and safe way to transfer large sums of money to Gran Canaria. They offer excellent rates and the whole process takes 24-48 hours.
At Gran Canaria Guru we recommend Currencies Direct and here's why ...
- Currencies Direct has a resident Gran Canaria representative.
- Currencies Direct has been operating in the Canary Islands for years and Nick Russell is their Gran Canaria representative.
- If you transfer money to or from Gran Canaria, Nick handles your entire transaction and you can call him at any time.
- It's fast, reliable and offers excellent rates.
- Currencies Direct works with all major currencies.
- Your money is safe: Currencies Direct is a reputable company with a 20-year track history.
Exactly what you want from a currency broker!
