Understanding the local currencies is essential for smooth financial transactions when traveling from the United Kingdom to Central America and the Caribbean. While some countries in the region accept US dollars, others have their own distinct currencies, each with unique exchange rates and banking systems. This guide provides an overview of the currencies used throughout the region, helping UK travelers prepare for their journeys.
Currencies in Central America
Belize: Belize Dollar (BZD)
The is pegged to the US dollar at a fixed rate of 2 BZD to 1 USD. While US dollars are widely accepted, change is usually given in Belize dollars, so it’s helpful to carry both currencies.
Costa Rica: Costa Rican Colón (CRC)
The official currency of Costa Rica is the Costa Rican Colón (CRC). However, US dollars are widely accepted, especially in tourist areas. It’s advisable to carry some colones for smaller transactions. For more information, visit our Costa Rican Colón resource.
El Salvador: US Dollar (USD)
El Salvador adopted the US dollar as its official currency in 2001, making it one of the easiest countries in the region for UK travelers to navigate financially.
Guatemala: Guatemalan Quetzal (GTQ)
Guatemala uses the Guatemalan Quetzal (GTQ). While some businesses in tourist areas may accept US dollars, it is recommended to exchange money for local currency to avoid unfavorable exchange rates.
Honduras: Honduran Lempira (HNL)
Honduras’ official currency is the Lempira (HNL). US dollars are accepted in some locations, but local currency is preferred for everyday purchases.
Nicaragua: Nicaraguan Córdoba (NIO)
The Nicaraguan Córdoba (NIO) is the national currency, though US dollars are widely accepted. Travelers should be mindful of exchange rates when paying with foreign currency.
Panama: US Dollar (USD) & Panamanian Balboa (PAB)
Panama uses both the US dollar and the Panamanian Balboa (PAB). The balboa is pegged 1:1 to the US dollar and is only available in coins, while paper currency consists of US dollars.
Currencies in the Caribbean
The Bahamas: Bahamian Dollar (BSD)
The Bahamian Dollar (BSD) is pegged to the US dollar at a 1:1 ratio, and US dollars are widely accepted.
Barbados: Barbadian Dollar (BBD)
The Barbadian Dollar (BBD) has a fixed exchange rate of 2 BBD to 1 USD. US dollars are commonly used, though change is typically given in local currency.
Cuba: Cuban Peso (CUP) & Cuban Convertible Peso (CUC)
Cuba operates with two currencies: the Cuban Peso (CUP) for locals and the Cuban Convertible Peso (CUC) for tourists. However, currency regulations are strict, and UK travelers should exchange money at official exchange bureaus.
Dominican Republic: Dominican Peso (DOP)
The Dominican Peso (DOP) is the official currency, with US dollars accepted in some areas, particularly in tourist zones.
Haiti: Haitian Gourde (HTG)
Haiti’s currency is the Haitian Gourde (HTG), though many businesses quote prices in US dollars.
Jamaica: Jamaican Dollar (JMD)
Jamaica uses the Jamaican Dollar (JMD), but US dollars are accepted in many hotels and resorts.
Puerto Rico: US Dollar (USD)
As a US territory, Puerto Rico uses the US dollar exclusively.
Trinidad & Tobago: Trinidad and Tobago Dollar (TTD)
The official currency is the Trinidad and Tobago Dollar (TTD). While US dollars are sometimes accepted, it is best to use the local currency for transactions.
Currency Exchange Tips for UK Travelers
- Exchange Before You Travel: Some currencies may not be readily available in the UK, so consider exchanging money upon arrival.
- Use ATMs: ATMs in major cities and tourist areas dispense local currency at competitive exchange rates.
- Credit & Debit Cards: Visa and Mastercard are widely accepted, but carrying cash is advisable in rural areas.
- Avoid Airport Exchanges: Currency exchange kiosks in airports often have less favorable rates.
Stay Informed with the Latest Currency Insights
For ongoing updates on currency trends and exchange rates in Central America and the Caribbean, visit the Beyond Borders currency blog.
FAQ: Currency in Central America & The Caribbean
1. Can I use US dollars throughout Central America and the Caribbean?
US dollars are widely accepted in many countries, particularly in tourist areas. However, some nations, such as Guatemala and Honduras, prefer transactions in local currency.
2. Should I exchange money before traveling?
It is advisable to exchange a small amount before traveling, but local ATMs and banks often provide better exchange rates than UK currency exchange providers.
3. What is the best way to get local currency while traveling?
ATMs provide the best exchange rates, and withdrawing local currency upon arrival is often more cost-effective than exchanging cash in advance.
4. Are credit and debit cards widely accepted?
Yes, major credit and debit cards are accepted in hotels, restaurants, and larger businesses. However, carrying some cash is recommended for small purchases and rural areas.
5. How do I avoid currency exchange scams?
To avoid scams, use official banks, ATMs, and reputable exchange bureaus. Avoid exchanging money with street vendors or unverified sources.