Currency in East Timor
A practical currency and money guide to travel, living and doing business in East Timor and the US dollar (USD).
What's in this East Timor currency guide:
What currency is used in East Timor?
The official currency of East Timor (country code: TL) is the US dollar, with symbol $ and currency code USD.
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 $100.
The banknotes feature images of famous American historical figures, such as George Washington, Abraham Lincoln, and Benjamin Franklin. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel Ideas and Money Tips for East Timor
The Democratic Republic of Timor-Leste is commonly known as East Timor. One of the world’s newest countries (Timor-Leste became the first new sovereign state of the 21st century on 20 May 2002 when it achieved independence from Indonesia) its tourism industry is still in its infancy. With hardly-touched 'best-in-the-world' reefs to dive, dugongs to spot, mountains to climb, and ancient traditions that have survived the ravages of war, Asia’s newest country offers some of the world’s last great off-the-beaten-track adventures. However recent clashes between security services and groups challenging the government mean travel to much of the eastern side of the country is discouraged by both the Timor-Leste and Australian authorities.
What currency to use in East Timor?
The US dollar ($) is the legal tender in East Timor, all transactions are in dollars. Some Banks and ATMs can be found in Dili but not elsewhere, and Credit cards are mostly not usable so you should carry some local currency with you. East Timor centavo coins were introduced in East Timor in 2003 for use alongside United States Dollar banknotes and coins, which had been introduced in 2000 to replace the Indonesian rupiah following the commencement of U.N. administration. One centavo is equal to one US cent. The coins are in denominations of 1, 5, 10, 25 and 50 centavos and feature pictures of local plants and animals. East Timor does not yet issue its own banknotes.
How to travel in East Timor?
East Timor has a hot and humid climate (tropical). November to May is the wet season with the temperatures averaging 30ºC the year round, with temperatures far cooler in higher altitude areas. The wet season can damage the roads in East Timor, making travel difficult to remote district areas during this time. There is a direct bus service daily between Dili and Kupang in West Timor, Indonesia. Journey takes 12 hours.
There are many land travel minibus services to cater for individuals or groups travel from Dili to Kupang (West Timor) and return. Timor Travel, Paradise Travel, Leste Oeste Travel are few of the minibus companies that provide travel services to several different destinations along the Dili-Kupang route at a very affordable prices. Buses, mostly of the small variety found on remote Indonesian islands, run to most parts of the country and main cities like Dili, Baucau, Maliana, Los Palos and Suai are quite well linked. Indonesian-style bemos (vans) and mikrolets (minibuses) - legacies from its 24-year rule - run from these cities to nearby villages.
Ferry transport is available between Dili and Oecusse on the Nakroma ferry and Laju Laju car ferry. Compass Charters run daily water-taxi services to/from Ataúro; the Nakroma services Ataúro on Saturday, and the Laju Laju on Thursday. There are no trains in Timor-Leste.
Expat Money & Business Guide to East Timor
Managing your finances in East Timor
Here we list some key points for expats and businesses to consider when managing financial dealings in East Timor:
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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.
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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 East Timor. It may also be more convenient to use a local USD bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in East Timor. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in East Timor. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in East Timor, 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.
USD/EUR – Market Data
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.
| Date | USD/EUR | Change | Period |
|---|---|---|---|
17 Jan 2023 | 0.9267 | 0.7% ▼ | 2 Week |
02 Nov 2022 | 1.0190 | 9.7% ▼ | 3 Month |
31 Jan 2022 | 0.8905 | 3.4% ▲ | 1 Year |
01 Feb 2018 | 0.7993 | 15.2% ▲ | 5 Year |
02 Feb 2013 | 0.7340 | 25.4% ▲ | 10 Year |
05 Feb 2003 | 0.9230 | 0.3% ▼ | 20 Year |
Compare US dollar Exchange Rates & Fees
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 East Timor 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.
The US dollar is also the domestic currency in 7 other countries.
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