St Vincent and the Grenadines is a mountainous group of 33 islands in the Eastern Caribbean. The largest island is St Vincent and the remaining 32 smaller islands together are referred to as the Grenadines.
St Vincent and the Grenadines has several neighbors. To the West is Barbados, to the South is Grenada and to the North is St Lucia.
If you are considering an upcoming visit to the beautiful island of St Vincent and the Grenadines, you may be contemplating what currency to carry.
The best currency to use in St Vincent & The Grenadines is the Eastern Caribbean Dollar. The US Dollar is widely accepted by most businesses on the island. It is best to use smaller denominations when doing business in US Dollars. Change is usually given in the local EC Dollar.
What Is The Official Currency of St Vincent & The Grenadines?
The official currency of St Vincent & The Grenadines is the Eastern Caribbean Dollar. The symbol for this currency is XCD.
This currency is shared by seven other Caribbean islands being Grenada, St Lucia, Dominica, St Kitts & Nevis, Antigua & Barbuda, Montserrat and Anguilla.
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.
The Eastern Caribbean Dollar has been pegged to the US (United States) dollar since July 7th, 1976 at a rate of USD $1 to XCD $2.70.
The Head Office for the Eastern Caribbean Central Bank is based in St Kitts & Nevis with branches located in every island.
Do you need cash in St Vincent & The Grenadines?
It is easier to do business in St Vincent & the Grenadines with cash rather than credit and debit cards. Many of the taxi drivers and small business owners do not offer the option to pay by card.
This is mainly due to the charges levied by the banks for credit card payments which will erode the margins of these businesses.
Can you use US dollars in St Vincent & The Grenadines?
US dollars are widely accepted across St Vincent & The Grenadines from major businesses such as hotels and restaurants to small businesses in Kingstown.
Nevertheless, kindly note that US coins are not accepted. If spending US dollars in St Vincent and the Grenadines, avoid using $100 bills as people tend to be weary that these notes are counterfeit.
Notes that are worn or torn are usually rejected even by the commercial banks.
Can you use Canadian dollars in St Vincent & the Grenadines?
Canadian notes are not readily accepted by businesses on the island. Unlike the US dollar, the Canadian dollar is not pegged to the Eastern Caribbean dollar.
Hence, businesses are usually reluctant to accept Canadian dollars and will suggest that you visit a commercial bank to get these notes converted.
The main commercial banks on the island are Republic Bank, The St Vincent Cooperative Bank and Bank of St Vincent and the Grenadines. There are branches located in Kingstown.
Can you use Euro Dollars St Vincent & the Grenadines?
Along the same lines as the Canadian dollar, businesses on the island are generally reluctant to accept Euro dollars and will refer you to a commercial bank to have your notes converted.
This is due to the fact that the exchange rate changes daily and is issued by the Eastern Caribbean Central Bank to the local commercial banks to transact business for that day.
Banks only convert bank notes denominations. Coins are usually rejected. There may be a limit of how much banks will convert at each of your visit. In addition, be prepared to sign a source of funds declaration.
Can you use British Pound Sterling dollars in St Vincent & The Grenadines?
The Pound Sterling is one of the currencies that fluctuate drastically against the Eastern Caribbean dollars and hence businesses are very careful when handling this currency on the island.
If you are attempting to spend Pound Sterling around the island, most businesses will refer you to a commercial bank to reduce the risk of losses due to currency conversion.
Banks only convert bank notes denominations and coins are usually rejected. There may be a limit of how much banks will convert at each of your visit. In addition, be prepared to sign a source of funds declaration.
Can you use a debit card in St Vincent & the Grenadines?
Foreign debit cards can be used in St Vincent & The Grenadines 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 St Vincent & The Grenadines
If you are relocating to the island, obtain a bank letter from your country of origin. This letter should give information on your history with the bank.
On a whole, you will not be able to use credit card in a number of businesses on the island especially smaller businesses. It is wise to bring cash for taxi and initial expenses when visiting the island.
Commercial banks may require you to complete a source of funds declaration if you want to exchange foreign currency for XCD dollars.
Ensure and notify your bank prior to traveling to prevent credit cards from being blocked as you begin using it on the island.
Bring along two pieces of identification if you plan on visiting a commercial bank to exchange money. One may be sufficient but at times two may be required.
Bank of St Vincent & the Grenadines has an ATM machine located at the recently constructed Argyle International Airport. Kindly note that there may be a daily limit on how much you can withdraw.
The nearest ATM machine close to the prospective location for Sandals on the island is in Pembroke at supermarket C K Greaves. Additionally, there is an ATM machine in Layou. This is on the Leeward side of the island.
Some hotels usually provide some currency conversion at their front desk. Kindly note that the rate may not be as favorable as a commercial bank.
Final Thoughts
As a general rule, the best currency for St Vincent & The Grenadines is the Eastern Caribbean Dollar. US Dollars are accepted by businesses on the island. For convenience it is best to carry US notes of smaller denominations. Credit Cards and Debit Cards are easy to use at large businesses.
Need More Information?
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