The unit of currency used in Spain is the Euros.
Several ATMs are available in Ibiza ensure you inform your bank before traveling abroad, and be aware you may be charged for cash withdrawals. It is advisable to exchange some cash before arriving in Ibiza. VAT is currently at 21%. There are reduced rates of 10% (restaurant food, attraction entry fee, hotel services) and 4% (food, books, medicines).

Banks are open Monday to Friday from 9am to 2pm. Note that banks tend to be closed on weekends. Use this as a general guide as there maybe some variation from bank to bank.

Visa and MasterCard are readily accepted in most shops, restaurants and hotels. A minimum spend amount may be required. In Spain, they tend to call credit cards ‘tajeta’ (as card). American Express is generally not accepted other than in major hotels and international rental car agencies. If you lose your credit card when traveling, you should immediately contact your credit card company’s emergency hotline to cancel the card. These numbers may be helpful :

Visa:   Toll free 1-800-VISA-911
MasterCard:  Toll free : 1 800 627 8372
Diner's Club:  Toll free : 1 800 951 0474
American Express:  Toll free : 1 877 FTC HELP (1 877 382 4357)