Here’s our Gran Canaria currency exchange guide with everything you need to know about …
How to get the most out of your 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 Post Office isn’t a bad place to start.
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.
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.
NOTE: 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.
Travellers 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
Never bring substantial amounts of cash (over 5000 euros) to Gran Canaria as local banks and businesses may refuse to take them due to money laundering rules.
For example, estate agents can’t accept cash as a down payment for a property.
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 currency exchange
High Street banks get excellent inter-bank rates, give their customers terrible rates, and pocket the difference.
It 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.
There is a faster and cheaper way of 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 offer excellent rates
Currencies Direct handled a large currency exchange when we bought a property in Gran Canaria using money from Britain. The rates they got were excellent and the whole process was simple and fast.
Exactly what you want from a currency broker.
Currencies Direct works with all major currencies
As a large company, Currencies Direct works with all European currencies as well as the American, Canadian and Australian dollar.
Your money is safe
Currencies Direct is a reputable company with a 20-year track history.
There are lots of currency brokers all vying for your money, but Currencies Direct are one of the oldest and most trusted companies.
They’ve been around for over 20 years and have a top credit ratings and excellent insurance.
And having a representative on the island gives you an even more peace of mind.
To contact Nick Russell, Gran Canaria’s resident Currencies Direct currency broker, just fill in this form and he’ll be in touch within 24 hours.