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The Canary Isles, like most of Europe, use the Euro as their base currency.

I always advise people to take American Express Travellers cheques with them when travelling to the Canary Isles and not to take cash. The exchange rate in the Canary Isles for cheques and cash seem to be the same, thus, traveller's cheques would be deemed the a safer option. The traveller's cheques should be in Sterling, not in Euros, as you will get a better exchange rate in the Canaries, than you would at the bank back home. Upon arrival at your destination, it is not really worth the effort in shopping around at the different money exchanges, as they all tend to give a very similar rate, however please do ask how much you will receive in your hand before exchanging your money, as their are some exchanges that state "no commission" but this may be for exchanging money in high denominations, much higher than the average tourist would be exchanging. Usually the exchanges would ask for your passport before completing the money exchange, but you may find that if you use the same exchange after this, they will accept the receipt from a previous transaction, thus avoiding the need to take your passport.

Many exchanges will also be providers of local trips and excursions, this is good opportunity when exchanging your money, to asses the local activities, and plan ahead for that holiday of holiday's.

In the past the Canary Isles have used the good old Peseta (potato) but since the change over, the common opinion seems to be that the cost of living in the Canary Isles has increased. This may be true, but it is still considerably cheaper to live in the Canary Isles than the good old United Kingdom, and is still an attractive proposition for your alcohol, cigarettes and jewellery. However, please remember, as these islands are outside of Europe in terms of tax, that you still have a duty free allowance, of which you should not exceed. I have seen people with suitcases full of cigarettes, that must have cost them a lot of money, and when collared by the customs at the airport, try and claim they didn't know there was an allowance; this just does not work, and they will confiscate everything, costing you money!