Banks and Exchange
The Canary Islands has a surfeit of banks , many with ATMs . Banking hours are generally Monday to Friday 9am to 2pm and Saturday 9am to lpm - except between late May and September when banks close on Saturday, and during the Carnival period (February or March) when banks close at midday. Outside these times, it's usually possible to change cash at larger hotels, exchange booths, and in resort areas often with real-estate or travel agents. Though hotel rates are usually poorer rates, exchange booths and agents sometimes give better rates than the banks - though you should check these carefully. Bringing large amounts of cash into Tenerife is not really recommended, not only for security reasons, but also because the rate of exchange on cash is generally not as good as that offered on travellers' cheques, or on ATM withdrawals. Travellers from the UK are likely to get the best rate of exchange on cash from English bar owners who often need to change money for their UK holidays. Travellers' cheques are one of the safest and easiest ways to carry money around. Sometimes these attract commission, but it usually doesn't take much hunting around to find a bank or exchange facility where these are low or non-existent. Credit cards are widely accepted on Tenerife and are the most practical means by which to make larger purchases, such as accommodation or car rental. Credit and debit cards can also be used in the many ATMs ( cajeros automaticos ) - check the display for the appropriate sign - or to obtain over-the-counter cash advances in many banks. Check with your bank before travelling about restrictions and charges. It is also worth bearing in mind that you can wire money from another country to a local bank, though the prohibitive cost and hassle involved makes this an emergency-only option. Get advice from your bank on how to set up a transfer. Costs for the service are about ?24 plus whatever your bank charges and funds take a week to clear. Western Union and American Express can also arrange transfers to offices on the island. These transfers typically take less time and attract a 4 to 5 per cent charge.
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