When visiting Menorca you need to ensure you have the correct currency. Or you are aware of what currency they use if you plan to use a debit, credit or currency card. The currency they use in Menorca is the Euro. Similarly to Mallorca, Ibiza and the rest of mainland Spain.
What currency do they use in Menorca?
Menorca currently use the Euro being a island of Spain who are in the European Union.
There are various different coins and notes used in Menorca that fall into the category of legal tender with one Euro being 100 cents. There are eight different coins that can be used including: 1 cent; 2 cent; 5 cent; 10 cents; 20 cents; 50 cents; 1 Euro and 2 Euro. Notes, there are seven notes you can use; 5 Euros; 10 Euros; 20 Euros; 100 Euros; 200 Euros and 500 Euros.
As you can imagine with inflation and overtime the 1 cent and 2 cent have become far less common and used less in daily life. However, of course are widely accepted. However, the large notes, 100 Euros, 200 Euros and 500 Euros are far less common. Particularly in the smaller resorts of Menorca these large notes can be quite difficult to spend with many hospitality establishments reluctant to accept them – which has no reflection on you as an individual.
It pays to be mindful about where you are heading, who you are paying and the method of payment. For example, buses in Menorca don’t accept debit or credit card payment. Additionally, they are unlikely to accept large notes, even 20 Euro notes may be considered too large. So always carry around a variety of notes and coins in Menorca.
It pays (literally) to be prepared.
When did Menorca start using the Euro?
Menorca officially adopted the Euro as their sole currency in 2002 with the initial exchange rate from their previous currency, the Peseta of 1 Euro = 166.386 Pesetas. This was the culmination of Spain being accepted into the European Union in 1985.
What currency did Menorca use before the Euro?
Spain, and thus Menorca have had a long history of other currencies prior to the Euro. The history of Spanish currency falls in line with the history of Menorca currency. Seen below.
Prior to the Euro the Peseta was adopted in anticipation of Spain joining the Latin Monetary Union. Having been created in 1865 and linked to the currencies of Belgium, France, Italy, Switzerland and later Greece. However, Spain eventually chose not to participate. But the Peseta remained.
History of Spanish currency table
| Currency | Date Created | Date Removed | Initial Exchange rate |
| Euro | 2002 | N/A – Currently in circulation | 1 Euro = 166.386 Pesetas |
| Peseta | 1868 | 2002 | 5 Pesetas = 2 Silver Escudos |
| Silver Escudos | 1864 | 1869 | 10 Reales = 1 Escudo |
| Gold Escudos | 1566 | 1849 | 1 Escudo = 16 Reales |
| Spanish Real | Mid 14th Century | 1865 | 1 Real = 3 Maravedíes |
| Maravedí | 11th Century | 14th Century | |
| Spanish Dinero | 10th Century | 10th Century |
How to exchange money for Menorca?
Now that we’ve established that the currency in Menorca is the Euro, you’re probably in need of some money. Therefore below we’ve identified how to get the your money for Menorca.
Cash
The one goes without saying. Of course, the Euro in cash terms is the most simple to understand and of course widely excepted on the island. Our first piece of advice would be to exchange money within the UK before you reach the island due to the preferential rates you will receive in the UK. Second piece of advice would be avoid any currency exchange companies within airports, whether that is in the UK, Mainland Spain or anywhere else. They may advertise they charge no commission, which is true. However, the rate they provide to exchange your money will be weaker – this is where they make most of their profit.
When exchanging money we heavily advise researching online and simply not walking into the first place you see. Or, walking into holiday companies on the high street. We recommend heading to a specialist money exchange company such as CEC.
Companies with competitive rates: CEC, No1 Currency, Thomas Exchange and H&T Pawnbrokers.
Pre-Payment Card
These have become a lot more popular in recent years. They’re also easy to understand and get your head around. You put money onto the card and this is the amount you can spend, no more, no less. You can either upload onto the card, pounds sterling and any transactions within Menorca, or other countries are subsequently paid in Euros and deducted with a conversation on the card. Alternatively, some cards may allow you upload multiple currencies onto the card, converting from pounds. This method is great if you’re travelling through Eurozone countries and onwards to places using a different currency.
Companies such as; Post Office, Sainsbury’s, Revolut, Currensea and FairFX.
Debit/Credit Card
The final options are becoming increasingly popular and definitely overtaking other options, if they already haven’t. Newer companies such as Monzo and Starling, offer zero currency transaction fees, you spend the money on your card and they provide extremely competitive exchange rates. And widely accepted, unlike AMEX for example.
Companies such as; Monzo and Starling.
