Currency in Montserrat: XCD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Montserrat with the East Caribbean dollar.
What's in this Montserrat currency guide?
What currency is used in Montserrat?
The official currency of Montserrat (country code: MS) 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 Montserrat?
The domestic currency in Montserrat 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$.
What does the East Caribbean dollar look like?
Here is an example East Caribbean dollar banknote:
Which countries use the East Caribbean dollar?
It is the domestic currency in Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and The Grenadines.
Is the East Caribbean dollar a closed currency?
No, the East Caribbean dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of MYR and XCD?
Here are some popular conversion amounts for MYR to XCD (Malaysian ringgit to East Caribbean dollar)*.
| MYR | XCD |
|---|---|
| RM 1,000 | EC$ 636.50 |
| RM 5,000 | EC$ 3,183 |
| RM 20,000 | EC$ 12,730 |
| RM 100,000 | EC$ 63,650 |
| MYR | XCD |
|---|---|
| RM 1,571 | EC$ 1,000 |
| RM 7,856 | EC$ 5,000 |
| RM 31,422 | EC$ 20,000 |
| RM 157,110 | EC$ 100,000 |
More amounts
*Converted at the current MYRXCD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Montserrat
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.
Montserrat: Travel Guide
Traveling to Montserrat 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.
Montserrat is a small island located in the Caribbean Sea. The island is a British Overseas Territory and has a population of just over 4,000 people. The capital city is Brades and the official language is English. The currency is the East Caribbean dollar.
Montserrat is a popular tourist destination due to its volcanic landscape and beaches. The island is also home to the Montserrat volcanic Observatory which is a popular attraction for tourists and scientists alike.
Best things to do and see in Montserrat
1. Hike to the top of Montserrat. The view from the top of the mountain is breathtaking, and the hike is not too difficult.
2. Visit the Monastery of Montserrat. This is a beautiful monastery that is worth a visit.
3. Take the funicular up to the top of Montserrat. This is a great way to get to the top of the mountain without having to hike.
4. Visit the Museu de Montserrat. This museum is located in the monastery and has some interesting exhibits.
5. Take a cable car ride down the mountain. This is a great way to see the scenery and get a bird's eye view of the area.
Top Travel tips for Montserrat
When travelling to Montserrat, it is important to be aware of the following:
-The island has a tropical climate and can be quite hot and humid, so it is important to pack light, loose-fitting clothing and to drink plenty of water.
-There is no public transport on the island so visitors will need to either rent a car or use a taxi service.
-The island is home to the active Soufriere Hills volcano, so visitors should be aware of the risk of volcanic activity and follow any safety advice from local authorities.
-The island has a number of beaches which are perfect for swimming, sunbathing and snorkelling, but it is important to be aware of the strong currents which can be found offshore.
Is it safe in Montserrat?
Montserrat is generally a safe destination for travelers, although visitors should be aware of petty crime, like pickpocketing and theft. There is also a moderate risk of natural disasters, like hurricanes and earthquakes. Overall, using common sense and being aware of your surroundings should help you avoid any problems while traveling in Montserrat.
What is the cost of living in Montserrat?
There is no definitive answer to this question as the cost of living can vary greatly depending on an individual's lifestyle and budget. However, according to numbeo.com, the estimated cost of living in Montserrat for a single person is approximately $1,325 per month. This includes the costs of housing, food, transportation, utilities, and health care.
Everyday Costs in in Montserrat
How much does it really cost to live, work, or travel in Montserrat? Here's what to expect for daily expenses and expat living.
Currency Guide: Montserrat (ISO Code: MS)
For travelers planning a one-week mid-range stay in Montserrat, budgeting around $1,500 to $2,000 would be prudent. This amount covers accommodation, dining, activities, and local transportation. Here’s a glimpse of typical daily expenses to help you map out your budget:
- 🍽️ Meal at a local restaurant: 40-60 EC$
- ☕ Coffee: 10-15 EC$
- 🚍 Public transport fare: 5-10 EC$
- 📱 Prepaid SIM card: 50-100 EC$
- 🏨 Budget hotel or Airbnb: 300-500 EC$ per week
Overall, Montserrat tends to be on the more expensive side compared to other Caribbean destinations, yet it still offers a unique experience worth every penny. When compared to the United States, the cost of living and travel expenses in Montserrat can be higher, especially for dining and accommodations. In comparison to the UK, prices for a similar experience are comparable, with Montserrat's unique offerings providing excellent value for those looking to explore its natural beauty.
Expat Living in Montserrat
For expats, living in Montserrat typically costs around 5,000-8,000 EC$ per month, depending on lifestyle choices and housing arrangements. Essential expenses include groceries, utilities, and transportation. Some tips for managing your finances include using local banks that offer favorable exchange rates and ensuring you have a reliable credit or debit card that’s widely accepted. It’s also wise to consider the costs associated with sending and receiving money; online money transfer services like Wise or OFX typically provide better rates and lower fees than traditional banks or currency exchanges. For convenience and cost-effectiveness, it’s often better to use these online services rather than exchanging cash locally, which can incur substantial markups.
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 Montserrat - Best Rates
To get a good (and fair) exchange rate when sending money to Montserrat 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 Montserrat
When sending money to Montserrat 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 Montserrat.
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 Montserrat
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 Montserrat. 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 Montserrat. 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 Montserrat. 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 Montserrat, 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 Montserrat.
How is the expat life in Montserrat?
There is no real expat life in Montserrat. There are very few foreigners on the island and most people who live there are from Montserrat or the surrounding Caribbean.
Any laws in Montserrat that foreigners should be aware of?
Sexual intercourse with a person under the age of eighteen is punishable by up to ten years in prison. Attempted sexual intercourse with a person under the age of sixteen is punishable by up to five years in prison. These laws are subject to change, so it is advisable to check with local authorities before travelling to Montserrat.
What is doing business like in Montserrat?
There is no real business infrastructure on the island, so it is difficult to do business. There is a lack of reliable electricity and telecommunications, and most businesses are informal. There are few opportunities for formal employment, so many people are self-employed or work in the informal economy.
How is the economy in Montserrat?
The economy of Montserrat is small and poorly diversified. The island is heavily dependent on tourism, which is vulnerable to natural disasters and changes in travel patterns. The skyline of Plymouth, the capital of Montserrat, was once dominated by the Soufrière Hills volcano, which erupted in 1995 and destroyed much of the city. The island has since rebuilt Plymouth into a modern capital, but the economy remains weak.