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Fondly known as the Isle of Spice, Grenada is the ideal Caribbean destination for a visitor who loves beaches, the outdoors and chocolate.
The state of Grenada consists of three islands. Grenada is the largest of the three and two smaller dependencies being Carriacou and Petite Martinique respectively.
If you are excited about your upcoming visit to this Caribbean gem, you may be wondering what currency is best to use while in Grenada.
The best currency to use in Grenada is the Eastern Caribbean Dollar. The US Dollar is readily accepted by most businesses on the island. For ease of doing business in US dollars, it is best to carry smaller denominations. Coins are rejected. Change is usually given in the local EC Dollar.
What Is The Official Currency of Grenada
The official currency of Grenada is the Eastern Caribbean Dollar (XCD) which has been pegged to the US (United States) dollar since July 7th, 1976 at a rate of USD $1 to XCD $2.70.
This currency is also shared by seven other Eastern Caribbean islands and is managed through a regional central bank which is based in St Kitts.
The Eastern Caribbean currency has bank notes as well as coins. Bank notes are available in $5, $10, $20, $50 and $100 denominations.
Coins are available in 5 cents, 10 cents, 25 cents, $1 and $2 denominations. Coins in 1 cents and 2 cents pieces were recently discontinued.
Do I need cash in Grenada?
Cash is vital for ease of doing business in Grenada with many small and medium size businesses only having this option available for payment.
Credit cards are accepted by larger businesses such as restaurants, beach bars, supermarkets and hotels.
Can you use US dollars in Grenada?
US dollars are widely accepted by retail businesses in Grenada. Change is given however in EC dollars. US coins as well as notes that are worn, torn, impaired or damaged are rejected.
It is best to travel with US dollars of smaller denominations as vendors are usually more reluctant to accept the larger notes.
Can you use Canadian dollars in Grenada?
Occasionally, you may find someone who may convert Canadian dollars on the street especially if they have upcoming travel plans for this country.
However, Canadian dollars are not generally accepted in Grenada.
Persons with this currency will usually be referred to one of the commercial banks to have the currency converted.
The rate of the Canadian fluctuates daily against the EC dollar and hence individuals are reluctant to convert.
Can you use Euros in Grenada?
Euros are not accepted by businesses in Grenada and holders will be referred to a commercial bank to have monies converted.
The main commercial banks on the island are Republic Bank Ltd, Grenada Co-operative Bank and Antigua Commercial Bank Ltd. All these banks have branches in the Grand Anse Commercial area.
Can you use British Pound Sterling dollars in Grenada?
Generally businesses in Grenada do not accept the Pound Sterling as the rate fluctuates daily against the EC dollar.
Vendors will refer you to a commercial bank to have your bank notes converted.
Can you use a debit card in Grenada?
Foreign debit cards can be used in Grenada as long as cirrus is enabled. Most Visa and MasterCard tend to work on the island.
Kindly note that there is usually a fee charged by your bank for each transaction.
General Tips To Remember In Grenada
- The hurricane season in Grenada runs from June 1 to November 30 annually. If you are visiting during this period, it may be prudent to consider travel insurance in the evident of delays or unforeseen interruptions.
- Public transportation into the capital city of St George is easy to access in the Grand Anse hotel belt area. The cost is EC$2.50 which is equivalent to USD$1.
- Passenger ferry services are only available within the state of Grenada. There are no ferries to neighboring Caribbean islands. Osprey Lines provides ferry transportation services between Grenada, Carriacou and Petite Martinique.
- Grand Anse Beach is the beach nearest to the cruise port in Grenada. Feel free to read click the previous link for a comprehensive list of the beaches to consider if you are visiting the island on a cruise.
- Pack insect repellent and itching cream if you are vacationing during the rainy season as there are usually mosquitoes.
- Some hotels may provide foreign currency conversion services. However, these rates tend to be less favorable.
- It is best to have two pieces of identification if you plan on doing business with a commercial bank. One may be sufficient. However, in certain instances two may be required.
- If you are relocating to the island, consider getting a bank letter which details your history with your financial institution. This will be helpful if you want to open a bank account on island.
- Depending on the amount of foreign currency you are converting to EC dollars, a source of funds declaration may be required.
- Sandals La Source is located approximately five minutes’ drive from the airport. The nearest ATM machine to Sandals La Source is at Republic Bank Ltd. This is about 7 minutes’ drive away. Kindly note there is a daily limit for withdrawals.
- At the time of writing, there are no ATMs located at the Maurice Bishop International Airport. The nearest ATM available from the airport is Republic Bank Ltd located at the end of Maurice Bishop Highway. There are also ATMs available at Spiceland Mall Grenada which is about 5 minutes’ drive from Republic Bank Ltd. There is an IGA supermarket at Spiceland Mall.
- For incoming St George’s University students, there are ATM and banking facilities located on campus.
- Caribe Eats is an app that offers food delivery and rideshare services on the island.
Final Thoughts
As a general rule, the best currency to use in Grenada is the Eastern Caribbean Dollar. US Dollar bills are readily accepted by businesses. Coins are rejected. For ease of use, travel with US Dollars of smaller denominations. Credit Cards and Debit Cards are easy to use at large businesses.
Need More Information?
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