Island Hopping, Appendix M: Currencies of the Caribbean

The Bahamas	Turks and Caicos	Dominican Republic	Puerto Rico & SVI
U.S. Virgin Islands	British Virgin Islands	Leeward Islands	Windward Islands
Barbados	Trinidad & Tobago	Northwest Caribbean	Belize
C ayman Islands	Guatemala	Honduras	Jamaica
Mexico

Remember: the rates shown are for financial institutions, your true exchange rate will be slightly less.

For instance, if the current exchange rate in Guatemala is Q7.6, you'll probably only get Q7.5.

In many places in Central and South America you’ll run across black market money changers. They usually offer you a higher exchange rate than is given at banks and change booths, but they can also give you far less than the current rate. How? Sleight of hand. To begin with, you’ll probably be dealing with a currency you haven’t seen before and therefore are unfamiliar with the denominations and color of each bill. Often the changers will be counting and separating the monies into small piles so fast that you’ll have trouble keeping up and by the time you get to count your money you realize that you’ve been taken and the changer is long gone. A combination of the changer’s speed and your unfamiliarity with the currency work against you, and the money changer knows that. By going slowly, keeping a sharp eye on the tally, and marking the piles as they are counted (don’t let the changer touch them again after they’ve been counted), you can usually assure yourself of a fair exchange, but if you’re not careful you’ll find yourself being taken like a country bumpkin at a traveling carnival’s shell game. It might be best to avoid the black market money changers until you’re adept at handling them.

Before leaving a country, make sure you have some of the local currency left in case there is a departure fee in local currency. It’s also a good incentive to later return to the area to spend the money that you still have in your wallet or purse. Although prices are fixed for services and hotel rooms in most places, you’re expected to bargain in the markets. Don’t make the mistake of offering a ridiculously low and insulting price, a lot of folks offer 50% of the initial asking price and after a period of back and forth banter settle at around 75% of the starting price (bear in mind that what I just wrote is NOT set in concrete, be flexible). Remember to keep your sense of humor and good luck with your bargaining.

As you head down island in the Eastern Caribbean you’ll find money changing kiosks in many places such as St. Martin/Sint Maarten and I would suggest that you stock up with a good supply of Euro’s and EC’s so you’ll be all set when you arrive at your next destination. If you are heading further south to

Trinidad and Tobago

you’ll need Trinidad/Tobago Dollars or TTs as they’re commonly called.

And for a final note let me remind you that the exchange rates quoted here are current at the time of this writing and may change at any time without notice unless the currency rates are fixed.

The legally acceptable currency of the Bahamas is the Bahamian dollar whose value is on par with the American dollar. American money is readily acceptable throughout the islands at all stores, marinas, and hotels. Bahamian coins come in 1¢, 5¢, 10¢, and 25¢ denomination while Bahamian paper money comes in $.50, $1, $3, (yes, a three dollar bill), $5, $10, $20, $50, and $100 denominations.

The legally acceptable currency of the Turks and Caicos is the American dollar. The treasury also issues a Turks and Caicos Crown and quarter. If you are arriving in the Turks and Caicos from the Bahamas you will want to cash in your Bahamian money in the Bahamas prior to your arrival at Provo. The banks in the Turks and Caicos will not accept Bahamian money and you’ll be stuck with it unless you find a cruiser heading north. Traveler’s checks are accepted almost everywhere and many places, including some grocery stores, take major credit cards. If you are coming from someplace without a sales tax such as the Bahamas, restaurant and grocery bills will take some getting used to as the Turks and Caicos charges a 10% sales tax on food items. There are no company or personal income taxes in the Turks and Caicos Islands, the government’s budget is derived from the 10%-30% customs duty on incoming goods. There is a $35 departure tax when flying out of the Turks and Caicos Islands.

The Dominican Republic

In the Dominican Republic the currency in usage is the Peso (RD$) and you may change your dollars into pesos at Verizon (Codatel) in Luperón (you may also withdraw pesos on your credit or debit card here). At the time of this writing the exchange rate is RD$36=US$1.

Foreign currency can also be changed into Dominican pesos at Banco de Reservas booths at the airports, major hotels, or at commercial banks. Banking hours are 8:30 to 3 P.M. , M-F. Airport booths remain open to service all incoming flights, up to 24-hours if necessary.

Traveler’s checks and major credit cards are widely accepted. Cash advances are available at some commercial banks. When tipping, a 10% gratuity (as well as an 8% sales tax) is often included in the bill. Please note that the practice of tipping taxi drivers is not the custom in the DR but it is widely practiced.

Don't change very much more money than you plan to spend, only 30% of Dominican currency exchanged by visitors can be changed back into dollars upon departure (a tip - save your currency exchange receipts). Although it’s extremely tempting, one should avoid changing money on the black market. Absolutely no more than US$5,000 may be taken out of the country when you leave. Arrests have been made for even small currency-law violations.

Puerto Rico and the Spanish Virgin Islands

Puerto Rico and the Spanish Virgin Islands use the American dollar as the standard currency. There is no sales tax in the Spanish Virgin Islands.

The United States Virgin Islands

The United States Virgin Islands use the American dollar as the standard currency. There is no sales tax in the United States Virgin Islands.

The British Virgin Islands

The British Virgin Islands use the American dollar as the standard currency. In the BVI there is a $.10 stamp duty on all checks and traveler’s checks (there is an American Express office in Road Town). There is no sales tax in the BVI, but there is a departure tax of $10 if leaving by air, $5 if leaving by private yacht, and $7 if leaving by cruise ship. Some dining establishments will add a 10%-15% gratuity to your bill so be sure to check it before you decide to leave a tip.

The Leeward Islands

You will find several different currencies in use in the Leeward Islands, but most places will accept the U.S. dollar, in fact, I cannot recall one merchant in the entire eastern Caribbean that refused to take a U.S. dollar from me. The French islands of Guadeloupe, Les Saintes, Marie Galante, and the French half of St. Martin, now accept the Euro, which phased out the Franc in 2002. On the other islands you will find the EC or Eastern Caribbean Dollar in use. The EC is set a fixed rate of EC$2.67 per US$1.00.

The Dutch side of St. Martin, called Sint Maarten, is part of the Netherland Antilles and not part of the EU like the French side of the island. The OFFICIAL currency of Sint Maarten is the ANG, the Netherlands Antilles Guilder (sometimes shown as NAF, the Netherlands Antilles Florin), which is currently going for ANG1.78 to US$1. All prices in Sint Maarten are supposed to be shown in ANG but that is often not the case. And in reality Euros are occasionally accepted on the Dutch side while the US dollar is accepted almost everywhere and the ANG is rarely used.

The Windward Islands

With the exception of the French island of Martinique, the currency in use is the EC, or Eastern Caribbean dollar, which is set at a fixed rate of EC$2.69 per US$1.00. Throughout the islands you’ll find people that will gladly accept U.S dollars for payment, in fact, I don’t recall meeting a merchant that wouldn’t take my dollars. In the French islands, St. Martin, Guadeloupe, Les Saintes, and Marie Galante in the Leeward Islands, and Martinique in the Windward Islands, the Euro is now the currency in use phasing out the Franc in 2002.

Barbados

The currency in use in Barbados is the Barbados dollar, the BD. The exchange rate is BD$1.99 to US$1.00. Most businesses in Barbados are happy to take U.S. dollars.

Trinidad and Tobago

The local currency is the Trinidad-Tobago dollar, or simply, the TT. Paper currency comes in denominations of $1, $5, $10, $20, and $100 (also called a "blue one"), while coins come in 1¢, 5¢, 10¢, 25¢, and 50¢ pieces. At the time of this writing the exchange rate was TT$6.26 to US$1.

ATM’s are happy to spew out TT’s for you, and there’s even a machine at the Westmoorings Mall in Port of Spain that will give you U.S. dollars. Although the TT is the official currency in Trinidad and Tobago, many businesses will accept U.S.dollars for payment...check first however. Also, if you’re ever unsure as to whether or not you’ve been quoted a price in TT$ or US$, ask!

Trinidad/Tobago adds on a VAT (Value Added Tax) of 15% on all goods and services except those marine services (and materials) relating to yachts in transit. Materials purchased not in relation to a service will not be VAT free. For instance, if you contract Power Boats to paint your bottom, there will be no VAT on the paint or the labor. However, if you walk up to Budget Marine and purchase a gallon of bottom paint, you will have to pay the VAT, but if Power Boats then applies the paint, there will still be no VAT on the service. Although you may not notice it on a receipt, rest assured that the VAT has been collected. If a merchant offers a “VAT Free” item, it simply means that the merchant is giving you a 15% discount on the goods and that the item is NOT “VAT Free”.

Hotels always include a 10% service charge as well as a 10% Hotel Room Tax. If leaving by plane a Departure Tax of TT$100 (must be paid in TT’s) will be assessed.

The Northwest Caribbean

Belize

In Belize the standard is the Belize Dollar (BZ$), which has a fixed rate of exchange of BZ$2 (actually BZ$1.97) to US$1. Most hotels, resorts, restaurants, and tour operators will accept U.S. currency, traveler's checks, or credit cards. When using your credit cards in Belize, most establishments will add a 5% service charge to your bill and many establishments will add a 10% service charge to your bill in lieu of a tip. Always make sure that you understand which dollar rate is being quoted, BZ$ or US$. Belize has an 8% sales tax which is applied to all goods and services except hotel accommodations. The current hotel tax is at 7% but that is expected to increase, and some hotels will add a service charge of 10-15% to you bill.

The currency in use in the Cayman Islands is the Cayman Islands Dollar, CI$, which is divided into 100 cents and is fixed at US$1=CI$1.19. The Cayman Islands mint coins in denominations of 1¢, 5¢, 10¢, and 25¢, and print bills in denominations of $1, $5, $10, $25, $50, and $100. U.S. dollars are widely accepted in the islands (in fact they’re preferred in many establishments) as are the major credit cards, so there is really no need to change US dollars into CI dollars. Most restaurants, but not all, automatically add a 15% service charge to the bill and taxi drivers expect a 10%-15% tip. Hotels add a government levied 10% tax on all rooms, and there is also a departure tax of CI$10. You can exchange money at banks, ATMs (which will give you your money in CI or US dollars), and many hotels. Although the standard of living is higher than any other place in the Caribbean, the cost of living is higher as well. Bear in mind that all goods must be imported into the Cayman Islands so the prices you pay will reflect this expense. Expect prices to range from 20%-30% higher than in the United States so it’s best to provision for a long voyage elsewhere, however there are grocery items you’ll find here that you won’t find in places like Jamaica.

In Guatemala the monetary unit is the Quetzale (called Q’s for short), approximately Q7.565 per US$1. It’s almost a waste of time to change anything other than U.S. dollars, even currencies from Guatemala’s neighbors can be difficult to exchange. If you do have change anything other than U.S. dollars try one of the change kiosks (Casas de Cambios) at the airport in Guatemala City or in Flores. You can pay for many purchases with a debit card, VISA, or Mastercard, and even get cash advances from banks and ATM’s in many places, but 6% will be tacked on to the price for using those cards. There is a 12% IVA (value added tax) applied to all purchases, and hotels charge a 22% tourist tax.

Honduras

the currency in use is the Lempira (L), called lemps for short, which comes in L1, L5, L10, L20, L50, L100, L500, and L1,000 denominations. You can get a better exchange rate if you convert your dollars into Lempiras and pay for your purchases in Lempiras; the current exchange rate, at the time of this writing, is L18.895 per US$1 US although I’ve received as much as L19 per US$1 in places. There is also a 12% sales tax applied to merchandise and services, a 15% sales tax on alcohol and tobacco products, a 4% tax on lodging, and tipping is customarily 10%-15%. Bear in mind that if you pay for your purchase in U.S. dollars that your change will be in Lempiras. It’s a good idea to have a few lempira in your pocket when you clear in at Guanaja, either that or several US dollars, enough to cover the US$3.00 Immigration fee (per person).

In Jamaica the currency in use is the Jamaican dollar, J$, which at the time of this writing was J$65.86 to US$1. If you clear in at Port Antonio there is a Scotia Bank with an ATM just outside the gate of the Port Antonio Marina that can supply you with all the change you need. Credit cards are accepted in most places, especially in the tourist areas. If you want the best deal possible, try to pay in Jamaican dollars, called “Js” (jays), you’ll pay less in the long run. Bills come in J$50, $100, $500, and $1,000 denominations and coins can be found in denominations of $5, $1, $0.50, and $0.25. In Jamaica you’ll often find a 15% GCT (General Consumption Tax) applied to your bill of rooms, goods, and services, although in some instances it may already be figured in the price quoted. Tipping is from 10%-15% although route taxi drivers don’t expect a tip. You’ll need to keep any receipts you get for changing dollars or pounds into Js, you will need them when you try to change your Js to dollars or pounds before leaving (you’re not allowed to take Js out of the country).

In Mexico, although dollars are accepted everywhere, the standard currency is the Peso which floats against the U.S. dollar and can be exchanged for the current rate at banks or change booths called Casas de Cambio. Sometimes called the New Peso after a hefty devaluation in 1994, the exchange rate today is P10.95 to US$1.00, but shop around as rates at different change booths may vary. The Peso is made up of 100 centavos and most prices in shops are quoted in Pesos and written as $, NP$, or N$, and sometimes it is shown as MN (moneda nacional), but make sure before you actually commit to purchasing any item. Peso bills come in P20, P50, P100, P200, P500, P1,000, P5,000, P10,000, P20,000, and P50,000 denominations while the coins are P.10, P.20, and P.50 centavos and P1, P2, P5, P10, P20, and 500 pesos. Most restaurants will add a 10%-15% gratuity to your bill and most will accept your credit card. When exchanging money U.S. dollars bring the highest exchange rate followed by U.S. dollar traveler’s checks, and then the rates decrease for Canadian dollars, British Pounds, Yen and Deutschmarks, followed by all other foreign monies. There is little black market money changing activity in

Mexico.