British Virgin Islands Currency Guide: Explore with the US dollar
A Comprehensive Resource for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the British Virgin Islands with the US dollar
What's in this British Virgin Islands currency guide?
What currency is used in the British Virgin Islands?
The official currency of the British Virgin Islands (country code: VG) is the US dollar, with symbol $ and currency code USD.
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Frequently Asked Questions
What currency should I use in the British Virgin Islands?
The domestic currency in the British Virgin Islands is the US dollar.
What is the US dollar currency code and symbol?
The three letter currency code for the US dollar is USD — symbol is $.
Which countries use the US dollar?
It is the domestic currency in United States, East Timor, Ecuador, El Salvador, British Virgin Islands, US Virgin Islands, Caribbean Netherlands and Turks and Caicos Islands.
Is the US dollar a closed currency?
No, the US dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of EUR and USD?
Here are some popular conversion amounts for EUR to USD (Euro to US dollar)*.
*Converted at the current EURUSD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the US dollar
Here are a few things you may want to know about the U.S. dollar:
- The U.S. dollar is the official currency of the United States and is used for all transactions within the country.
- It is abbreviated as "USD": The U.S. dollar is abbreviated as "USD," and the symbol for the dollar is "$."
- It is accepted worldwide: The U.S. dollar is a widely accepted currency and can be used for transactions in many countries around the world.
- Its value fluctuates: The value of the U.S. dollar can fluctuate based on a variety of economic factors, such as interest rates, inflation, and the strength of the U.S. economy.
- It is issued by the Federal Reserve: The U.S. dollar is issued by the Federal Reserve, which is responsible for managing the country's monetary policy. The Federal Reserve is a quasi-independent agency that is responsible for setting interest rates and regulating the money supply in the U.S.
The U.S. dollar is the official currency of several countries outside the United States, including:
- East Timor: The U.S. dollar is the official currency of East Timor, a country located in Southeast Asia.
- El Salvador: The U.S. dollar is the official currency of El Salvador, a country located in Central America.
- Zimbabwe: The U.S. dollar is one of the official currencies of Zimbabwe, a country located in Southern Africa.
- The British Virgin Islands: The U.S. dollar is the official currency of the British Virgin Islands, a group of islands located in the Caribbean Sea.
- The Marshall Islands: The U.S. dollar is the official currency of the Marshall Islands, a group of islands located in the Pacific Ocean.
- The Federated States of Micronesia: The U.S. dollar is the official currency of the Federated States of Micronesia, a country located in the Pacific Ocean.
The U.S. dollar banknotes and coins
The physical currency consists of coins and banknotes. The coins come in denominations of 1 cent (¢), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), and 50 cents (half dollar). The banknotes come in denominations of $1, $2, $5, $10, $20, $50, and $100.
The banknotes feature images of famous American historical figures, such as George Washington, Abraham Lincoln, and Benjamin Franklin. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel money for the British Virgin Islands
Using Wise for US dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in US dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want US dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the USD cash locally or even on travel day at the airport.
More than 60 islands –some of them uninhabited and declared national parks– make up this Caribbean archipelago, a paradise of lush rainforests, white-sand beaches and bright turquoise waters. Most visitors travel to the British Virgin Islands between September and November, but winter is still a great time to visit, too. With average winter temperatures around 77 degrees Fahrenheit and average summer temps around 82, there is hardly a bad time to visit, except perhaps August and September when it can be quite hot and many businesses shut down.
Are there ATMs in the British Virgin Islands?
Currency is the US dollar (US$). ATMs are in main towns on Tortola and Virgin Gorda, but not elsewhere. Credit cards accepted in most hotels and restaurants.
How do I get around the British Virgin Islands?
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.
Top things to do in the British Virgin Islands
The (BVI) are a group of islands located in the Caribbean Sea known for their beautiful beaches, clear waters, and tropical climate. Here are a few things you might consider doing while you're there:
Explore the beaches: The BVI are home to many beautiful beaches, including Cane Garden Bay, Brewer's Bay, and Smuggler's Cove. These beaches are perfect for swimming, sunbathing, and snorkeling.
Go sailing: The BVI are a sailor's paradise, with crystal clear waters and steady trade winds. You can charter a sailboat or join a sailing tour to explore the islands.
Visit the Baths: The Baths is a unique geological formation located on the island of Virgin Gorda. It features a series of granite boulders that form natural pools and grottos that you can swim through.
Take a boat tour: A boat tour is a great way to see the BVI's many islands and cays. You can choose from a variety of options, including sunset cruises, day trips to nearby islands, and private charters.
Visit the H. Lavity Stoutt Community College: This college, located on the island of Tortola, features a museum and art gallery that showcase the history and culture of the BVI.
Go diving: The BVI are home to many beautiful coral reefs and underwater shipwrecks, making it a great destination for diving. There are several tour operators who can take you to the best spots.
USD/EUR Market Data
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to the British Virgin Islands - Best Rates
To get a good (and fair) exchange rate when sending money to the British Virgin Islands 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 British Virgin Islands
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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or US 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 the British Virgin Islands.
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 US dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in the British Virgin Islands
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.
Understand US dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the USD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local US dollar bank account: A local USD bank account can make it easier for you to manage your finances and pay bills while you are in the British Virgin Islands. It may also be more convenient to use a local USD 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 British Virgin Islands. 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 British Virgin Islands. 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 British Virgin Islands, 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.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in the British Virgin Islands.
Here are a few things to consider when sending money to the British Virgin Islands:
Choose a reputable money transfer service: Make sure to do your research and choose a reputable service to transfer your money. Consider factors such as exchange rates, fees, and the speed of the transfer.
Compare fees: Fees can vary widely between money transfer services, so it's important to compare options to find the most cost-effective solution.
Consider the exchange rate: The exchange rate you receive may be different from the mid-market exchange rate, which is the rate banks use when they exchange currencies. Some money transfer services may offer better exchange rates than others.
Confirm the recipient's information: Make sure you have the correct name and address of the recipient, as well as any other necessary information required by the money transfer service. This will help ensure that the money is delivered to the correct person.
Keep track of the transaction: It's a good idea to keep a record of the transaction, including the transaction ID, the amount sent, and the exchange rate used. This will help you track the status of the transfer and resolve any issues that may arise.
Check the legal restrictions: Be sure to check if there are any legal restrictions or regulations in place that may affect your ability to send money to the British Virgin Islands.
