Foreign exchange guide to the British Virgin Islands and the US Dollar (USD)
Read our Guide to the US dollar currency.
Key fundamentals that previously propped up the USD (such as company revenues, inflation rates and interest rates) have been rapidly eroded. However, there are drivers for a temporary shift in risk demand for the US dollar. Nothing goes down in a straight line, and the US dollar might bounce before it continues its trend lower.
The US dollar has dropped steadily for the last 3 months against nearly all major currencies.
However, as reported by Bloomberg Aug 11, the shorting of the US dollar - betting that USD will continue to drop - is becoming a crowded trade and may backfire.
Bank of America predict that an early discovery of a vaccine against the coronavirus would be a positive for the US dollar. That's because Europe and Asia have a higher chance of fresh waves of infections the longer it takes for a vaccine to be found, a scenario that's bullish for the US dollar, read more at the Bloomberg report.
In July market USD forecasts started predicting US dollar weakness during the second half of 2020. This was triggered by the mid-July european leaders delivery a historic stimulus package which was seen by market commentators as positive for the euro and hence negative for US dollar.
In early May the continuing coronavirus pandemic and an associated possible re-escalation in the US-China trade tensions has moved the market into safer currencies such as the USD and JPY.
The US dollar held its value in 2019 despite the US-China trade tensions, mainly because the greenback is still considered a safer currency to own than most others.
For more USD currency market forecasts you can read the full article US Dollar Forecasts. The below interactive chart shows the USD to EUR exchange rate, trend and recent alerts for the last 90 days.
|U$ 1||€ 0.8444|
|U$ 5||€ 4.2220|
|U$ 10||€ 8.4440|
|U$ 20||€ 16.89|
|U$ 50||€ 42.22|
|U$ 100||€ 84.44|
|U$ 250||€ 211.10|
|U$ 500||€ 422.20|
|U$ 1,000||€ 844.40|
|U$ 2,000||€ 1,689|
|U$ 5,000||€ 4,222|
|U$ 10,000||€ 8,444|
|U$ 50,000||€ 42,220|
|U$ 100,000||€ 84,440|
The domestic currency in the British Virgin Islands is the US Dollar.
The three letter currency code for the US Dollar is USD — symbol is U$.
No, the US Dollar is freely available and convertible. See guide: What is a closed currency?
More than 60 islands –some of them uninhabited and declared national parks– make up this Caribbean archipelago, a paradise of lush rainforests, white-sand beaches and bright turquoise waters. Most visitors travel to the British Virgin Islands between September and November, but winter is still a great time to visit, too. With average winter temperatures around 77 degrees Fahrenheit and average summer temps around 82, there is hardly a bad time to visit, except perhaps August and September when it can be quite hot and many businesses shut down.
Currency is the US dollar (US$). ATMs are in main towns on Tortola and Virgin Gorda, but not elsewhere. Credit cards accepted in most hotels and restaurants.
Hitchhiking is the preferred mode of transportation for locals and tourists alike. Since taxis and cars are expensive, many locals just share cars or hitchhike. Do the same. It’s safe and drivers will take groups. If you're going to be hitting a lot of spots on the bigger islands like Tortola or St. Thomas, you're going to find it hard to get taxis in some of the more secluded places (they tend to stick around more crowded locations). It’s better to rent a car on these islands, even at $60-80 USD a day. It will give you more flexibility and, if you're splitting costs with friends, will be cheaper than taxis.
Frequent ferries glide between the islands. Getting around on your own by chartering a boat is also possible. Tortola is the BVI ferry hub, and all boats route through its various docks. If you want to sail, there are three basic options: a crewed boat, with skipper and cook; a ‘bareboat’ sans staff that you operate on your own; or a sailing-school vessel.
Main island Tortola is known for its full-moon parties and sailing prowess. Billionaires and yachties swoon over Virgin Gorda and its magical rocks. Anegada floats in a remote reef and has a hammock waiting for those serious about unplugging.
Save money and time by Ordering your US Dollars 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 US Dollars otherwise you may get much worst exchange rates.
When searching around for information on how to get a good exchange rate when sending money to the British Virgin Islands you need to start with finding out the latest US Dollar exchange rate for foreign-transfers, which can be very different to the wholesale rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.
When sending money to the British Virgin Islands 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 :
Use the above Send to US Dollars 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 US Dollars deposited into the recipient bank account and less margins and fees kept by the banks!