Currency Exchange Ibiza
Ibiza uses the euro (EUR) as its official currency, with €1 equal to 100 cents. Notes are issued in five, 10, 20, 50, 100, 200 and 500 euro denominations. Coins are issued in 1, 2, 5, 10, 20, and 50 cents, and 1 and 2 euros. Read on about Currency Exchange Ibiza below.
You’ll find currency exchange desks across the island; they’re most prevalent in the big resorts. You can also change money at Ibiza’s Airport, in ATMs, banks, and of course street kiosks, or vendors, as well as in the larger hotels, although vendors offer disreputable service.The ATMs tend to be most convenient and offer the best rates.
Most services accept Traveler’s checks. ATMs accept all foreign cards although it’s wise to have Visa, Access, American Express, Diner’s Club or a similar international credit firm, to be on the safe side.
Currency Exchange Ibiza, ATMs – Ibiza has plenty of ATM (also called “cash machine” or “cashpoint”) that will change your money. You only want to convert in euros rather than your local currency to receive higher return. Also, choose an ATM located in a bank rather than the street for safety and better working conditions. Most ATMs accept debit card – Visa, Mastercard, Cirrus or Maestro, not Interact. Rates are good – you receive the real exchange rate when you withdraw your money, so if the exchange rate is $2.40 per euro, you’ll get $2.40 per euro. Note: If you have a five- or six-digit PIN you’ll want to change it to four-digits, since Spain’s banking system uses four-digit PIN numbers.
Currency Exchange Ibiza, Banks – Ibiza’s banks open Monday to Friday from 8am to 2pm with variations, while some also work on Saturday until 1pm. Come the Winter period (October to April), and many banks may only operate once a week in the afternoon. Banks tend to offer better rates than Bureaux de Change, but generally prefer to cater only to their own clients – particularly in areas less frequented by tourists, although Ibiza’s biggest banks BBVA and/or Santander, are less likely to show you their door.
Currency Exchange Ibiza, Bureaux de Change/ street kiosks – Vending offices and street kiosks that operate in peak-tourist regions work long hours, with some operating on Sundays, usually 11:00-15:00. Although Ibiza’s currency exchanges may seem to offer great rates, these apply only when changing large amounts, and many are known for conning unsuspecting clients. Take into account also their commission rates. These show you what you’re really paying!
If you have payables or receivables in foreign currency, or need to transfer funds internationally, or simply want to invest in foreign currency, Callaghan Financial Services offers specialized services to assist you in managing your foreign exchange exposure. Contact us here and one of our UK qualified advisers will be happy to answer all your questions.