Country Guides Turks And Caicos Islands Currency

Currency in Turks and Caicos Islands: USD Send & Spend FX Guide

Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the Turks and Caicos Islands with the US dollar.

What is a good US 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’:

Good things to know about the US dollar

Here are a few things you may want to know about the U.S. dollar:

1. The U.S. dollar is the official currency of the United States and is used for all transactions within the country.

2. It is abbreviated as "USD": The U.S. dollar is abbreviated as "USD," and the symbol for the dollar is "$."

3. 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.

4. 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.

5. 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:

1. East Timor: The U.S. dollar is the official currency of East Timor, a country located in Southeast Asia.

2. El Salvador: The U.S. dollar is the official currency of El Salvador, a country located in Central America.

3. Zimbabwe: The U.S. dollar is one of the official currencies of Zimbabwe, a country located in Southern Africa.

4. 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.

5. The Marshall Islands: The U.S. dollar is the official currency of the Marshall Islands, a group of islands located in the Pacific Ocean.

6. 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.

For more USD information check out our selection of US dollar news and guides.

Travel money for the Turks and Caicos Islands

Using Wise for US 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 US dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.

If you really want US dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the USD cash locally or even on travel day at the airport.

 

 

Turks and Caicos Islands: Travel Guide

Traveling to the Turks and Caicos Islands 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.

The Turks and Caicos are a chain of 40 islands that include Providenciales (the most populated island) as well as Grand Turk, Middle Caicos, South Caicos, and more. There are two airports—on Providenciales and Grand Turk—but most travelers fly in to Providenciales. For trips to the other islands, charter a boat or go with an operator like Silver Deep or Island Vibes. The Caicos Islands include some of the most popular tourist areas. The main destination for visitors is Providenciales, also known as Provo, which has the only 18-hole golf course on the islands and some laid-back casinos. Most hotels in Provo line the phenomenal Grace Bay.

The Turks Islands lie several miles southeast of the Caicos Islands. They are much smaller than the Caicos Islands, and more low-key. Grand Turk, home to the islands' capital, is a sleepy spot that offers plenty of island culture and history.

With the motto "Beautiful by Nature," its really no wonder why the islands' tourism marketing push centers on Turks and Caicos' quiet, natural beauty. Because of the islands' laid-back and slow-paced nature, you won't find nightlife comparable to Aruba or Barbados, but beach shacks and bars remain open for evening entertainment -- island-style.

Can I use Credit Cards on the Turk and Caicos Islands?

Credit card acceptance in the Turks and Caicos varies by island and by type of business.The majority of establishments on the island of Providenciales that cater to tourism accept credit cards, especially vehicle rental companies, accommodations, and large tour and activity companies. Some of the smaller restaurants and shops only accept cash.

How do I get around the Turks and Caicos Islands?

There are taxis on the island, but the best way to get around is by renting a car, which is available at the airport. The British Overseas Territory follows the U.K system and drives on the left side of the road. There are no public buses in the Turk and Caicos Islands. To rent a car, you need to be 25 or above, and hold a currently valid license. An International Driver Permit (IDP) is only required if your license is in a language other than English. The age limit is only 18 for scooters.

Taxis are available on all the inhabited islands. Cabs are unmetered and pricing is set (but not cheap): confirm the price before setting out. Prices from the airport to the major resorts on Providenciales are advertised on the wall outside the airport taxi rank.

Everyday Costs in in Turks and Caicos Islands

How much does it really cost to live, work, or travel in Turks and Caicos Islands? Here's what to expect for daily expenses and expat living.

Currency Guide for the Turks and Caicos Islands (TC)

Traveling to the stunning Turks and Caicos Islands for a week-long mid-range stay typically requires a budget of approximately $2,200 to $3,000 per person. This estimate covers accommodation, meals, transportation, and activities while allowing for some leisure spending. Here’s a look at some typical daily expenses you might encounter, presented in the local currency (Turks and Caicos dollar - TCI$):

• 🍽️ Meal at a local restaurant: TCI$20–TCI$40

• ☕ Coffee: TCI$4–TCI$7

• 🚍 Public transport fare: TCI$3–TCI$5

• 📱 Prepaid SIM card: TCI$25

• 🏨 Budget hotel or Airbnb: TCI$100–TCI$200 per night

Generally, visitors will find the Turks and Caicos to be relatively expensive compared to many destinations. While dining and accommodations can be pricey, particularly in tourist hotspots, it’s generally cheaper than the cost of visiting the United States. For example, meals and transport may cost about 20% more in the U.S. Additionally, the cost of visiting the Turks and Caicos is comparable to that of Australia—another popular luxurious getaway—where both dining and lodging can lead to a relatively steep bill.

Insights for Expats

For expatriates considering a longer stay in the Turks and Caicos, monthly living costs can hinge around TCI$2,500 to TCI$3,500, depending on lifestyle choices and location. This typically includes rent, utilities, groceries, and personal expenses. To manage finances effectively, it’s important to embrace a strategy that incorporates banking options and international money transfers. Most establishments accept credit and debit cards, but carrying some cash for smaller vendors and local markets can be convenient.

When it comes to exchanging money, local banks and currency exchange centers can offer competitive rates; however, it’s often better to utilize online transfer services like Wise or OFX for sending or receiving money internationally, as they usually provide lower fees and more favorable currency exchange rates compared to traditional currency exchanges. Using a mix of local currency for everyday spending and online services for larger transactions can help expats balance costs and optimize their financial management while living in this picturesque island paradise.