Currency in The Bahamas
Foreign exchange guide to The Bahamas and the Bahamian dollar
What's in this Bahamas currency guide?
What currency is used in The Bahamas?
The official currency of The Bahamas (country code: BS) is the Bahamian dollar, with symbol B$ and currency code BSD.
Things to know about the Bahamian dollar
The currency code "BSD" refers to the Bahamian dollar, which is the official currency of the Bahamas. It is represented by the symbol "$" and is abbreviated as BSD. The physical currency consists of coins and banknotes. The coins come in denominations of 1 cent, 5 cents, 10 cents, and 25 cents. The banknotes come in denominations of $1, $5, $10, $20, $50, and $100. The banknotes feature images of famous Bahamian historical figures, such as Sir Lynden Pindling and Sir Milo Butler. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel money for The Bahamas
As mentioned above, the Bahamian dollar is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (BSD) before departure and will need to buy it upon arrival in .
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the BSD you will incur currency conversion or foreign transaction fees if you use a travel money card in .
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Travel Ideas and Money Tips for The Bahamas
The Bahamas is a country located in the Caribbean, made up of more than 700 islands. It is known for its beautiful beaches, warm climate, and crystal clear waters. The official language is English, and the currency is the Bahamian dollar. The Bahamas has a strong economy, with a focus on tourism and financial services. The country is known for its laid-back lifestyle and friendly people, and it is a popular destination for tourists from around the world. The Bahamas is home to a number of parks and nature reserves, as well as historical landmarks such as Fort Charlotte and the Bahamas National Trust's Andros Island Bonefish Research Station.
Best things to do in the Bahamas
There are many things to see and do in the Bahamas, here are a few ideas:
Visit Nassau: Nassau is the capital of the Bahamas and is known for its colorful colonial-style architecture and vibrant nightlife.
Go to the beach: The Bahamas is known for its beautiful beaches, and there are many to choose from. Some popular spots include Cable Beach, Nassau and Pink Sands Beach, Harbour Island.
Take a boat tour: The Bahamas is home to a number of coves and bays that are only accessible by boat, and there are many tour operators that offer boat tours to explore these areas.
Visit the Andros Island Bonefish Research Station: This research station is located on Andros Island and is run by the Bahamas National Trust. It is a great place to learn about the island's marine life and the importance of conservation.
Go snorkeling or diving: The Bahamas has clear, turquoise waters and is home to a variety of marine life, making it a great place to go snorkeling or diving.
Explore Nassau's historic landmarks: Nassau is home to a number of historic landmarks, including Fort Charlotte and the Nassau Public Library and Museum.
Go fishing: The Bahamas is known for its great fishing, and there are many tour operators that offer guided fishing trips.
Try the local cuisine: The Bahamas is known for its seafood and tropical cuisine, and there are many local restaurants and markets where you can try dishes such as conch salad and cracked conch.
USD/BSD Market Data
The below interactive chart displays the USD/BSD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in The Bahamas?
The domestic currency in The Bahamas is the Bahamian dollar.
What is the Bahamian dollar currency code and symbol?
The three letter currency code for the Bahamian dollar is BSD — symbol is B$.
Which countries use the Bahamian dollar?
It is the domestic currency in Bahamas.
Is the Bahamian dollar a closed currency?
Yes the Bahamian dollar is a closed currency. Which means that you may find it difficult to purchase the currency (BSD) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of USD and BSD?
Converted at USD/BSD interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to The Bahamas - Best Rates
To get a good (and fair) exchange rate when sending money to The Bahamas you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to The Bahamas
When sending money to The Bahamas 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 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Bahamian 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 BSD amount will be transfered to the recipient account you specify in The Bahamas.
Use the above calculator to compare the exchange 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 Bahamian dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to The Bahamas
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in The Bahamas.
What is the expat life like in the Bahamas?
The expat life in the Bahamas can be quite enjoyable, as the country is known for its beautiful beaches, warm climate, and friendly people. Here are a few things to consider about the expat life in the Bahamas:
Cost of living: The cost of living in the Bahamas is generally higher than in many other countries, especially for goods and services that have to be imported. However, the country's strong economy and high standard of living can make it a desirable place to live.
Housing: There are a variety of housing options in the Bahamas, including apartments, houses, and guesthouses. Rent and property prices can be quite high, especially in popular areas such as Nassau and Paradise Island.
Language: The official language of the Bahamas is English, so it is easy for expats who speak English to communicate and get around.
Cultural differences: The Bahamas has a diverse culture with African, Caribbean, and British influences. It is a good idea to learn about local customs and traditions and to be respectful of them.
Work opportunities: There are a number of work opportunities in the Bahamas, especially in the tourism, finance, and construction sectors. However, it can be challenging for expats to find work, and it is a good idea to research your options and be prepared for some competition.
Overall, the expat life in the Bahamas can be enjoyable, but it is important to be prepared for some challenges and to be open to new experiences.
Doing business in the Bahamas
The Bahamas is a small country with a strong economy and a focus on financial services and tourism. It is a popular destination for international businesses, and there are many opportunities for companies looking to do business in the country. Here are a few things to consider when doing business in the Bahamas:
Understand the local market: The Bahamas has a small population and a strong economy, and it is important to research the local market and understand the specific needs and preferences of consumers.
Be prepared for bureaucracy: The Bahamas has a complex bureaucracy, and it can take time to navigate the various regulations and procedures required to do business in the country. It is a good idea to work with a local lawyer or business consultant to help navigate the process.
Build relationships: Building relationships is important in the Bahamas, and it is a good idea to take the time to get to know your local partners and clients.
Be patient: Doing business in the Bahamas can take time, and it is important to be patient and to be prepared for delays.
Learn the local language: Although English is the official language of the Bahamas, it is a good idea to learn some basic Bahamian Creole, as this can help to build relationships and facilitate communication.
Overall, doing business in the Bahamas can be a rewarding and profitable experience, but it is important to be prepared for some challenges and to be open to new experiences.
Managing your finances in The Bahamas
Here we list some key points for expats and businesses to consider when managing financial dealings in The Bahamas:
Understand Bahamian dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the BSD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Bahamian dollar bank account: A local BSD bank account can make it easier for you to manage your finances and pay bills while you are in The Bahamas. It may also be more convenient to use a local BSD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in The Bahamas. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in The Bahamas. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in The Bahamas, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
