Currency in Dominica: XCD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Dominica with the East Caribbean dollar.
What's in this Dominica currency guide?
What currency is used in Dominica?
The official currency of Dominica (country code: DM) is the East Caribbean dollar, with symbol EC$ and currency code XCD.
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Frequently Asked Questions
What currency should I use in Dominica?
The domestic currency in Dominica is the East Caribbean dollar.
What is the East Caribbean dollar currency code and symbol?
The three letter currency code for the East Caribbean dollar is XCD — symbol is EC$.
What doe the East Caribbean dollar look like?
Here is an example East Caribbean dollar banknote:
Which countries use the East Caribbean dollar?
It is the domestic currency in Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and The Grenadines.
Is the East Caribbean dollar a closed currency?
No, the East Caribbean dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and XCD?
Here are some popular conversion amounts for USD to XCD (US dollar to East Caribbean dollar)*.
| USD | XCD |
|---|---|
| $ 370.00 | EC$ 1,000 |
| $ 1,850 | EC$ 5,000 |
| $ 7,400 | EC$ 20,000 |
| $ 37,000 | EC$ 100,000 |
More amounts
*Converted at the current USDXCD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the East Caribbean dollar
Here are a few things to know about the XCD:
The XCD is pegged to the US dollar at a rate of 2.7 XCD to 1 USD, meaning that the value of the XCD is directly tied to the value of the US dollar.
The XCD is divided into 100 cents. Coins come in denominations of 5, 10, 25, and 50 cents, as well as 1 dollar. Banknotes are available in denominations of 5, 10, 20, 50, and 100 dollars.
The East Caribbean Central Bank (ECCB) issues the XCD and is responsible for maintaining the currency's stability. The ECCB also oversees the financial system in the countries that use the XCD.
The XCD is widely accepted in the countries that use it as their official currency and is also accepted in some other Caribbean countries, but it may be less widely accepted in other countries.
Some shops and restaurants in the tourist areas may accept US dollars, but it's good to have local currency in case the merchant don't accept the USD or if they charge a higher rate for USD.
There are some restrictions on the amount of XCD that can be brought into or taken out of the countries that use it, so it's always good to check before you travel.
In some countries, you can use a credit card or debit card, but in rural areas, cash is king. Some ATMs in rural area might not accept foreign cards, so it's always good to have cash.
Recently, the Eastern Caribbean Central Bank introduced plastic notes in an interesting vertical format.
Travel money for Dominica
Using Wise for East Caribbean 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 East Caribbean dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want East Caribbean dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the XCD cash locally or even on travel day at the airport.
Dominica: Travel Guide
Traveling to Dominica requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Dominica is an island nation located in the Caribbean Sea, part of the Lesser Antilles. It is located between Guadeloupe to the north and Martinique to the south. The island has a population of around 73,000 people and the capital and largest city is Roseau. The official language is English and the country has a parliamentary republic form of government.
Dominica is known for its natural beauty, with lush rainforests, waterfalls, hot springs, and beaches, it is a popular destination for ecotourism and adventure tourism. Some popular tourist destinations include:
- The Boiling Lake: A volcanic lake located in the Morne Trois Pitons National Park, known for its boiling waters and surrounded by lush rainforest.
- The Middleham Falls: A series of waterfalls that offer visitors the opportunity to swim in natural pools, surrounded by lush vegetation.
- The Ti Tou Gorge: A unique geological feature formed by volcanic activity, visitors can take a dip in the warm waters of the gorge, surrounded by dense rainforest.
- The Imperial Blossom Nature Trail: A guided nature walk through the rainforest, that passes by various hot springs, waterfalls, and pools, and you can learn about the island's unique ecosystem.
- The Morne Diablotins: The highest mountain in Dominica, it offers a challenging hike to the summit, with breathtaking views of the island and the Caribbean Sea.
- The Baths: it's located on the west coast of the island, visitors can take a dip in natural pools formed by volcanic activity, surrounded by lush vegetation.
- The Wotten Waven Sulphur Spa: it's a collection of pools filled with natural hot water, located in a picturesque valley, it's a great place to relax and rejuvenate.
- Scuba diving and Snorkeling: There are many dive sites around the island, where you can explore the island's marine life, including colorful coral reefs and tropical fish.
Due to its volcanic origins, the island is prone to seismic activity and the weather can be unpredictable, heavy rains and storms can happen at any time of the year. The island is also susceptible to hurricanes and tropical storms. For that reason, it is important to be aware of current weather conditions when planning a trip to Dominica.
USD/XCD Market Data
The below interactive chart displays the USD/XCD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Dominica - Best Rates
To get a good (and fair) exchange rate when sending money to Dominica 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 Dominica
When sending money to Dominica 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 East Caribbean 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 XCD amount will be transfered to the recipient account you specify in Dominica.
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 East Caribbean dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Dominica
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 East Caribbean dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the XCD 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 East Caribbean dollar bank account: A local XCD bank account can make it easier for you to manage your finances and pay bills while you are in Dominica. It may also be more convenient to use a local XCD 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 Dominica. 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 Dominica. 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 Dominica, 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 Dominica.
The economy of Dominica
The economy of Dominica is relatively small, with a gross domestic product (GDP) of around $722 million in 2020. The country relies heavily on tourism, agriculture, and fishing as the main drivers of its economy.
Tourism is a major contributor to the economy of Dominica. The island is known for its natural beauty, including hot springs, waterfalls, and lush rainforests, as well as its beaches. The island's ecotourism industry is growing, with an increasing number of visitors coming to the island to participate in activities such as hiking, diving, and whale watching.
Agriculture is also an important sector of the economy, with the main crops being bananas, coconuts, and citrus fruits. Fishing is also a significant contributor to the economy, with the island's waters being home to a diverse range of fish species.
The country also has a small manufacturing sector, which mainly produces clothing, electronics, and soap, however, the sector has been affected by the economic downturn caused by the Covid-19 pandemic. Additionally, the government of Dominica has been working to promote its Citizenship by Investment Program, which allows individuals to acquire citizenship by investing in the country's economy. This scheme has brought a considerable amount of income to the country in recent years.
The economy of Dominica has been affected by various natural disasters such as tropical storms and hurricanes. These events have had a negative impact on the country's tourism industry, causing a decline in visitor numbers.