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Currencies used in the Caribbean
18 November 2014

There are a few different major currencies used in the Caribbean, they are listed below:

  • XCD (East Caribbean Dollar) – Used by 8 countries

  • USD (United States Dollar) – Used by 4 countries

  • EUR (EURO) – Used by four countries

Most people will use the USD when transferring money to the Caribbean, this is because it is a currency that is used in 4 countries but it is a widely accepted throughout the region due to its strength as a currency and the fact that America is so close.

One of the main reasons it is so beneficial to use the USD if transferring money to the Caribbean is because most of the smaller currencies they use are pegged to the dollar (linked) which means that usually whatever the dollar is doing this will be reflected in these smaller currencies.

The XCD has been pegged to the USD since 1976.

Another reason it is best to use USD is because in a lot of cases it is very difficult to obtain the smaller currencies that are used by these countries, which means because the USD is so widely obtainable it is a much easier process to transfer, you will also find that almost all vendors, restaurants etc will be more than happy to accept the USD dollar as it is a much stronger currency.

It looks set to strengthen due to general improvement in the economy, there is always safety in the USD as it is the highest traded currency.

The USD is fighting back towards 1.60 after taking a bit of a hit so it is a very good idea to speak to a broker to obtain the best possible rate to combat the possibility of a rise in rates if you are travelling to the Caribbean or if you have any money transfers to complete.

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