Foreign exchange guide to Grenada and the East Caribbean dollar
What's in this Grenada currency guide?
The official currency of Grenada (country code: GD) is the East Caribbean dollar, with symbol EC$ and currency code XCD.
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.
Save money and time by Ordering your East Caribbean dollar online from Travelex, you get better rates and can pick up the XCD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in East Caribbean dollar otherwise you may get much worst exchange rates.
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.
The domestic currency in Grenada is the East Caribbean dollar.
The three letter currency code for the East Caribbean dollar is XCD — symbol is EC$.
No, the East Caribbean dollar is freely available and convertible. See guide: What is a closed currency?
|$ 1||EC$ 2.7026|
|$ 5||EC$ 13.51|
|$ 10||EC$ 27.03|
|$ 20||EC$ 54.05|
|$ 50||EC$ 135.13|
|$ 100||EC$ 270.26|
|$ 250||EC$ 675.65|
|$ 500||EC$ 1,351|
|$ 1,000||EC$ 2,703|
|$ 2,000||EC$ 5,405|
|$ 5,000||EC$ 13,513|
|$ 10,000||EC$ 27,026|
|$ 20,000||EC$ 54,052|
|$ 50,000||EC$ 135,130|
|$ 100,000||EC$ 270,260|
|$ 0.3700||EC$ 1|
|$ 1.8500||EC$ 5|
|$ 3.7000||EC$ 10|
|$ 7.4000||EC$ 20|
|$ 18.50||EC$ 50|
|$ 37.00||EC$ 100|
|$ 92.50||EC$ 250|
|$ 185.00||EC$ 500|
|$ 370.00||EC$ 1,000|
|$ 740.00||EC$ 2,000|
|$ 1,850||EC$ 5,000|
|$ 3,700||EC$ 10,000|
|$ 7,400||EC$ 20,000|
|$ 18,500||EC$ 50,000|
|$ 37,000||EC$ 100,000|
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.
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 :
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 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 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.
Here we list some key points for expats and businesses to consider when managing financial dealings in Grenada:
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 currency exchange service 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.