Do I need euros in Majorca?

The currency in Majorca is the Euro (€). Thanks to our Thomas Cook Travel Money you don't even have to leave your house to snap up some of the best exchange rates. Better yet, it's delivered straight to your door.



While Majorca (Mallorca) has become a highly "card-friendly" island by 2026, you definitely still need some euros in cash. Major retailers, hotels, and restaurants in Palma and popular resorts like Magaluf accept contactless payments (Apple Pay, Google Pay, and major credit cards) for almost any amount. However, if you plan to visit smaller "chiringuitos" (beach bars), local fruit markets in the interior villages, or pay for small bus fares in rural areas, cash is still the king. Many local taxis also prefer cash, even if they technically have card machines. Additionally, "tipping culture" in Spain is mostly cash-based; leaving a few euros on the table for service is much easier than trying to add it to a digital bill. A good strategy for 2026 is to carry about €50–€100 in small denominations (5s and 10s) to cover these incidental "analog" moments while using a travel-friendly card for your larger expenses.

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While credit cards are accepted in most situations, currency can be more convenient for public transportation and small vendors. It's also wise to carry an emergency fund with enough cash for a few days, just in case your card gets lost or stolen.

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Mallorca offers tons to see and do on the cheap, from sandy beaches and inviting markets to impressive natural features and historical sites on a fun-filled Mediterranean island. With such a diverse array of affordable activities, your trip to Mallorca can be packed full of fun while staying on budget.

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You should plan to spend around €139 ($146) per day on your vacation in Palma de Mallorca, which is the average daily price based on the expenses of other visitors. Past travelers have spent, on average, €45 ($47) on meals for one day and €25 ($26) on local transportation.

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Resist the urge to buy foreign currency before your trip. Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.

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One of the things that makes Spain so travel-friendly is the use of euros as the national currency. Credit cards, debit cards and cash are all accepted. Credit cards that waive international fees are your best bet for dodging some extra expenses to your wallet.

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Although Mallorca is one of Spain's most expensive regions, the cost of renting a home here is lower than in UK cities. The same is with the buying property prices. Mallorca's property prices are 2-3 lower than in the UK.

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A vacation to Spain for one week usually costs around €1,050 for one person. So, a trip to Spain for two people costs around €2,101 for one week. A trip for two weeks for two people costs €4,202 in Spain.

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Deutsche Bank is the only major bank we found that charges no ATM fees in Spain. With regional banks, Bankinter will charge €0.50 while Banco Popular, Banco Pastor, Targobank and Caja Rural will charge €0.80. In contrast, BBVA charges the highest at €6 per withdrawal while ING's 12% fee can pile up very quickly.

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Under post-Brexit rules, Spanish border officials can ask travellers to show that they have 'economic resources' to cover the cost of their trip. This amounts to €100 for each day of their trip. They must also possess a minimum of €900 for their whole stay.

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If you're by yourself, you can live on €1,000 per month in Spain. This includes room rent, groceries, health insurance, rare use of public transport, eating out a few times a month and shopping moderately.

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“Mallorca” is the Spanish spelling of the island, while “Majorca” is the most popular spelling in English, as well as other languages and countries. Officially, the name of the island is Mallorca, which is technically the correct spelling.

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What Not to Do in Mallorca on Your 1st Visit
  • Planning to visit only in summer.
  • Underestimating the heat.
  • Packing only for the beach.
  • Going for lunch or dinner too early.
  • Not carrying enough cash.
  • (Still) falling for timeshare scams.
  • Drinking in the streets of Magaluf.
  • Not exploring outside Palma.


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