Currency in Montserrat XCD - Things to know
Foreign exchange guide to Montserrat and 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.
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 Montserrat
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.
Travel Ideas and Money Tips for Montserrat
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 $1,325 per month. This includes the costs of housing, food, transportation, utilities, and health care.
USD/XCD Market Data
The below interactive chart displays the USD/XCD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Montserrat?
The domestic currency in Montserrat is the East Caribbean dollar.
What is the East Caribbean dollar currency code and symbol?
The three letter currency code for the East Caribbean dollar is XCD — symbol is EC$.
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?
| 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 USD/XCD interbank rate, compare Send Money and Currency Exchange exchange rates.
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!
Expat Money & Business Guide to 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.
By following these tips and 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.
Managing your finances in Montserrat
Here we list some key points for expats and businesses to consider when managing financial dealings in Montserrat:
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 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.
