Currency in Grenada: XCD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Grenada with the East Caribbean dollar.
What's in this Grenada currency guide?
What currency is used in Grenada?
The official currency of Grenada (country code: GD) is the East Caribbean dollar, with symbol EC$ and currency code XCD.
What is a good East Caribbean dollar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good 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.
For more XCD information check out our selection of East Caribbean dollar news and guides.
Frequently Asked Questions
What currency should I use in Grenada?
The domestic currency in Grenada 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 does 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.
Travel money for Grenada
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.
Grenada: Travel Guide
Traveling to Grenada 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.
Grenada is a small island nation located in the Caribbean, known for its beautiful beaches, lush rainforests, and warm, tropical climate. The island is a popular destination for tourists seeking a Caribbean getaway, with activities such as swimming, snorkeling, and diving in the crystal clear waters, as well as hiking and exploring the island's natural beauty.
Grenada is also known for its rich culture, with a mix of African, Caribbean, and British influences. Visitors can learn about the culture by visiting local villages, trying traditional foods, and attending festivals and events.
Tourism is a major industry in Grenada, and the country has a well-developed tourism infrastructure, including a variety of accommodation options, from budget-friendly guesthouses to luxury resorts. The island also has a good range of restaurants and bars, and a variety of activities and excursions to choose from.
Everyday Costs in in Grenada
How much does it really cost to live, work, or travel in Grenada? Here's what to expect for daily expenses and expat living.
Currency Guide for Grenada (ISO Code: GD)
For travelers planning a week-long mid-range stay in Grenada, budgeting around 1,500 to 2,000 XCD (Eastern Caribbean Dollars) should suffice for a comfortable experience. On average, typical daily expenses may look like this:
- 🍽️ Meal at a local restaurant: 40-70 XCD
- ☕ Coffee: 10-15 XCD
- 🚍 Public transport fare: 5-10 XCD
- 📱 Prepaid SIM card: 50-100 XCD
- 🏨 Budget hotel or Airbnb: 200-400 XCD per night
Overall, Grenada can be classified as an average destination when it comes to travel costs. However, compared to the United States, where a similar vacation could easily cost 20-30% more, Grenada offers a better value. When juxtaposed with the UK, the difference is even more pronounced, as daily expenses in the UK tend to be significantly higher due to a stronger currency and generally elevated living costs.
Expat Living in Grenada
For expatriates considering a move to Grenada, anticipating a budget of around 3,000 to 5,000 XCD monthly should provide a comfortable lifestyle, including rent, utilities, groceries, and leisure activities. Here’s a rough breakdown of monthly living costs:
- 🏠 Rent for a one-bedroom apartment in St. George's: 1,500-2,500 XCD
- 🥦 Groceries: 800-1,200 XCD
- 🍽️ Dining out (occasional meals): 300-600 XCD
When it comes to banking, expatriates should consider using local banks for daily transactions, which often offer better ATM access and lower withdrawal fees. Credit and debit cards are widely accepted, but it is advisable to carry some cash, especially in rural areas. While local currency exchanges are available, services like Wise or OFX often provide better rates for larger transfers, making them a smart choice for expats sending or receiving money. Overall, using an online transfer service or converting cash only as needed tends to yield cost savings.
USD/XCD Market Data
The below interactive chart displays the USD/XCD change and UP📈 DOWN📉 trends over the past 1 Year.
Recent East Caribbean dollar Market News
The East Caribbean dollar (XCD) is fixed to the US dollar (1 XCD = 0.37 USD, US$1 = EC$2.70) so the XCDUSD exchange rate should not fluctuate very much.
For more XCD information read our News and guides to the East Caribbean dollar.
Send Money to Grenada - Best Rates
To get a good (and fair) exchange rate when sending money to Grenada 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 Grenada
When sending money to Grenada 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 Grenada.
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 Grenada
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 Grenada. 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 Grenada. 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 Grenada. 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 Grenada, 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 Grenada.
Grenada is a popular destination for expats, especially retirees, attracted to the island's natural beauty, warm climate, and relaxed way of life. The island has a small expat community and a welcoming local population, and it offers a relatively low cost of living compared to other Caribbean islands.
It's important to note that Grenada is a small island, and while it offers many of the amenities and services of a larger island, certain things may not be as readily available as in a larger city. Additionally, the official language is English, but the local population also speaks a creole dialect called "Patois".
Overall, Grenada is a destination for travelers seeking a Caribbean getaway with stunning natural beauty, rich culture, and a relaxed way of life. Additionally, the island is becoming a more popular spot for expats, who are looking for a more laid-back lifestyle and a lower cost of living.