Foreign Exchange Guide to East Timor
In this guide we review :
- United States dollar info - general info about the United States dollar
- United States dollar in the markets - recent USD moves and predictions from the FX markets
- Travelling in East Timor - currency & money saving tips
- Buying United States dollar cash online - travel money for East Timor
- Sending money to East Timor - save on United States dollar bank transfers to East Timor
- United States dollar exchange rates - latest info & charts.
United States dollar (USD) general currency information
The three letter currency code for the United States dollar is USD and the symbol is $. It is the domestic currency in United States, East Timor, Ecuador, El Salvador, British Virgin Islands, US Virgin Islands, Caribbean Netherlands, Turks And Caicos Islands and Zimbabwe.
Other nations besides the United States use the U.S. dollar as their official currency. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender at a conversion rate of 1:1. Ecuador, El Salvador, and East Timor all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent, having all used the U.S. dollar since 1944. Two British dependencies also use the U.S. dollar: the British Virgin Islands and Turks and Caicos Islands. The islands Bonaire, Sint Eustatius and Saba, now collectively known as the Caribbean Netherlands, adopted the dollar on January 1, 2011, as a result of the dissolution of the Netherlands Antilles. The U.S. dollar is the official currency for governmental transactions in Zimbabwe.
United States dollar (USD) in the markets
Chief among FX themes in 2017 was the dramatic weakness of the US dollar. The US Dollar Index’s fall in the last session of the year to 92.3 locked in an annual decline of 9.7% – the index’s worst performance since 2003. And worse is yet to come for the dollar in 2018, according to analysts.
President of Everbank, Chris Gaffney, said in December that he expected “more headwinds” for the US currency despite market expectations for at least two hikes in US interest rates in 2018.
Also in December, a Societe Generale analyst said: “With global growth becoming more balanced…the dollar looks expensive.”
TD Securities said that the macro landscape “should favour a steady depreciation of the dollar in 2018.”
With dollar weakness on the horizon, the most liquid of all dollar FX pairs, EUR/USD, is set to rise to 1.25 in the coming year, thinks UBS, from a Dec ’17 rate of 1.2.
ING sees EUR/USD even higher, at 1.3.
The dollar “will do best of all against the Japanese yen,” said UBS in December.
East Timor currency and money saving tips
The Democratic Republic of Timor-Leste is commonly known as East Timor. One of the world’s newest countries (Timor-Leste became the first new sovereign state of the 21st century on 20 May 2002 when it achieved independence from Indonesia) its tourism industry is still in its infancy. Clashes between security services and groups challenging the government mean travel to much of the eastern side of the country is discouraged by both the Timor-Leste and Australian authorities.
The US dollar ($) is the legal tender in East Timor, all transactions are in dollars. Banks and ATMs can be found in Dili.East Timor centavo coins were introduced in East Timor in 2003 for use alongside United States Dollar banknotes and coins, which had been introduced in 2000 to replace the Indonesian rupiah following the commencement of U.N. administration. One centavo is equal to one US cent. The coins are in denominations of 1, 5, 10, 25 and 50 centavos and feature pictures of local plants and animals. East Timor does not yet issue its own banknotes.
East Timor has a hot and humid climate (tropical). November to May is the wet season with the temperatures averaging 30ºC the year round, with temperatures far cooler in higher altitude areas. The wet season can damage the roads in East Timor, making travel difficult to remote district areas during this time. There is a direct bus service daily between Dili and Kupang in West Timor, Indonesia. Journey takes 12 hours. There are many land travel minibus services to cater for individuals or groups travel from Dili to Kupang (West Timor) and return. Timor Travel, Paradise Travel, Leste Oeste Travel are few of the minibus companies that provide travel services to several different destinations along the Dili-Kupang route at a very affordable prices. Buses, mostly of the small variety found on remote Indonesian islands, run to most parts of the country and main cities like Dili, Baucau, Maliana, Los Palos and Suai are quite well linked. Indonesian-style bemos (vans) and mikrolets (minibuses) - legacies from its 24-year rule - run from these cities to nearby villages.
East Timor Trip Checklist
Travel money for East Timor
Save money and time by Ordering your United States dollar online from Travelex, you get better rates and can pick up the USD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in United States dollar otherwise you may get much worst exchange rates.
Sending money to East Timor
When sending money to East Timor it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or United States dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted USD amount will be transfered to the recipient account you specify in East Timor.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more United States dollar deposited into the recipient bank account in East Timor and less margins and fees kept by the banks!