The Canary Islands now have a population of 2.2 million people, many of whom work in the tourist industry. In 2023, over 14 million people visited the Canary Islands, a 13% increase in visitor numbers for 2022.
Tenerife is the largest of the islands, with Gran Canaria second. When visiting the archipelago, including Tenerife, Gran Canaria, Lanzarote, and Fuerteventura, it's important to understand the commonly used payment methods to easily manage your money whilst on holiday.
Cash is still widely used and accepted in the Canary Islands, especially in smaller towns, markets, and some local businesses. The euro (€) is the official currency used across the islands, and having some on hand is recommended for small purchases, tips, and places that may not accept cards.
ATMs to withdraw cash are plentiful, with many in most towns and cities across the archipelago. Withdrawing euros directly from an ATM using your debit card from back home is easy, just remember to decline the conversion to your home currency when asked by the ATM to get a better exchange rate.
In addition, check there are no hefty fees for withdrawing cash overseas, and if there are, consider switching to a pre-loaded travel card before you arrive.
After cash, credit and debit cards are the next most common payment methods in the Canarian Islands. Cards are accepted at most shops, restaurants, hotels, and other businesses, especially in larger cities and tourist areas. Visa and Mastercard have the highest acceptance rates.
Contactless payments like Apple Pay and Google Pay are also increasingly common and convenient on the islands. Make sure your cards don't charge foreign transaction fees to save on unnecessary costs.
PayPal is a popular online payment processor in the Canary Islands, allowing users to securely send, receive, and hold funds. Many businesses accept PayPal as an online payment method for things like hotel reservations, tour bookings, restaurant deliveries, and e-commerce purchases.
With a PayPal account connected to your credit card or bank account, you can easily pay online before your trip or while on the islands without incurring costly international transaction fees. PayPal also offers buyer protection for any eligible disputed transactions.
The Canary Islands are home to a vibrant community of online gamers playing everything from slots and online poker to esports betting. For those looking to deposit real money into internet gaming sites based in the islands, here are some of the most common payment methods:
• Debit/Credit Cards: Visa and MasterCard branded consumer credit and debit cards are widely accepted at internet gaming sites in the islands. However, transaction fees can add up so it's ideal as an occasional deposit method.
• PayPal: PayPal is a perennially popular choice for online transactions, including gaming. You can deposit using PayPal into an online account and also use it to withdraw winnings.
• eWallets: Skrill, Neteller and EcoPayz allow you to link your bank account or cards to create a virtual wallet to securely deposit and withdraw from gaming sites, often with lower fees.
• Paysafecard: This prepaid voucher option allows you to deposit cash into your Paysafecard account and use the 16-digit code to fund gaming accounts. It's available for purchase locally at many shops and petrol stations in the Canaries.
• Bank Transfer: Direct bank transfers in euros are accepted at many gaming sites as a cost-effective deposit method for larger amounts. Processing can take 1-3 days.
• Cryptocurrency: Bitcoin, Ethereum, and Tether are gaining acceptance as deposit methods at internet gaming platforms, providing faster processing and privacy, but they are subject to crypto volatility.
• Mobile Payments: Apple Pay, Google Pay, and Samsung Pay deposits are starting to be rolled out on gaming sites aimed at mobile users.
Whatever payment method you choose, be sure to check for any fees charged by the gaming site and only play at licensed and regulated operators while in the Canaries.
While cash is still widely used in the Canary Islands, cards and various digital payment methods are becoming more common, providing visitors with efficient and secure ways to manage money while on vacation in the islands. Do some research ahead of time on your bank’s international policies, and you’ll enjoy a smooth visit to this Spanish paradise.
