This is a foreign exchange guide to Bahamas, the Bahamian Dollar currency plus sending BSD transfers and travel tips.
In this Bahamas currency guide we take a look at :
- Bahamian Dollar info - general info about the Bahamian Dollar
- Bahamian Dollar in the markets - recent BSD moves and predictions from the FX markets
- Travelling in Bahamas - currency & money saving tips
- Buying Bahamian Dollar cash online - travel money for Bahamas
- Sending money to Bahamas - save on Bahamian Dollar bank transfers to Bahamas
- Bahamian Dollar exchange rates - latest & historic exchange rates.
Bahamian Dollar (BSD) general currency information
What is the Bahamian Dollar currency code and symbol?
The three letter currency code for the Bahamian Dollar is BSD and the symbol is B$.
Is the Bahamian Dollar a closed currency?
Yes the Bahamian Dollar is a closed currency. Which means that you may find it difficult to purchase the currency (BSD) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
Which countries use the Bahamian Dollar?
It is the domestic currency in Bahamas.
Bahamian Dollar (BSD) in the markets
The interactive chart below shows the USD to BSD exchange rate and trend for the previous 3 months:
Travel, Currency and Money saving tips for Bahamas
Like most islands in the Caribbean, the Bahamas are an expensive destination. The Bahamian dollar and the US dollar are both accepted throughout the islands. Banking hours are Monday through Thursday, 9:30 a.m. to 3:00 p.m., and Friday from 9:30 a.m. to 4:30 p.m. In Nassau/Paradise Island there are ATMs at both Paradise Island and Cable Beach casinos, and commercial banks. In Grand Bahama, they can be found at major banks, the casino and Port Lucaya and on The Out Islands, ATMs are at banks on all of the major islands.
Nassau and Freeport Have dozens of jitneys (private minibuses) licensed to operate on pre established routes. Out Islands There’s not much public transportation as Taxi is the main means of getting around cities in the Bahamas. Renting a bike can be a good alternative. Tickets to the more expensive nightclubs can often be bought at a huge discount from hotels and taxi drivers.
For more travel tips and ideas on ways to save money when traveling in the Bahamas read our Bahamas Travel guide
Travel money for Bahamas
As mentioned above, the Bahamian Dollar is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (BSD) before departure and will need to buy it upon arrival in Bahamas.
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the BSD you will incur currency conversion or foreign transaction fees if you use a travel money card in Bahamas.
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Bahamas Trip Checklist
Sending money to Bahamas
When searching around for information on how to get a good exchange rate when sending money to Bahamas you need to start with finding out the latest Bahamian Dollar foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Get a better deal for foreign transfers to Bahamas
When sending money to Bahamas 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 Bahamian 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 BSD amount will be transfered to the recipient account you specify in Bahamas.
Use our Send to BSD 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 Bahamian Dollar deposited into the recipient bank account and less margins and fees kept by the banks!