A practical currency and money guide to travel, living and doing business in the British Virgin Islands and the US dollar (USD).
What's in this British Virgin Islands currency guide:
The official currency of the British Virgin Islands (country code: VG) is the US dollar, with symbol $ and currency code USD.
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 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 $100.
The banknotes feature images of famous American historical figures, such as George Washington, Abraham Lincoln, and Benjamin Franklin. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
More than 60 islands –some of them uninhabited and declared national parks– make up this Caribbean archipelago, a paradise of lush rainforests, white-sand beaches and bright turquoise waters. Most visitors travel to the British Virgin Islands between September and November, but winter is still a great time to visit, too. With average winter temperatures around 77 degrees Fahrenheit and average summer temps around 82, there is hardly a bad time to visit, except perhaps August and September when it can be quite hot and many businesses shut down.
Currency is the US dollar (US$). 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.
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.
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 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.
Here we list some key points for expats and businesses to consider when managing financial dealings in the British Virgin Islands:
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 currency exchange service 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.
The exchange rate of US dollar (USD), or the amount of USD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/EUR rate plus recent trend, chart, forecasts and historic rates.
In early December the dollar dropped to 94 against the euro after rising to a 20-year high of 1.04 in late September, as markets predict that the aggressive interest rates hikes by the Fed to reign in inflation may be over.
However, due to the Eurozone’s reliance on gas from Russia, the euro will remain vulnerable while Putin’s so called Russian ‘special military operation’ in Ukraine continues.
17 Jan 2023
02 Nov 2022
31 Jan 2022
01 Feb 2018
02 Feb 2013
05 Feb 2003
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to the British Virgin Islands or planning a trip or maybe living there, so will need to exchange and spend US dollar.
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It is important to note that the exchange rate of the US dollar can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect USD exchange rates before making any financial decisions.