If you're sending money to the Caribbean, understanding which currencies are pegged to the US dollar can help you predict exchange rates and save money on transfers. A currency peg means the local currency maintains a fixed exchange rate against the US dollar.
Quick Reference — USD-Pegged Caribbean Currencies: • Bahamian Dollar (BSD) — 1:1 with USD • Bermudian Dollar (BMD) — 1:1 with USD • Barbados Dollar (BBD) — 2:1 with USD • Belize Dollar (BZD) — 2:1 with USD • Eastern Caribbean Dollar (XCD) — 2.70:1 with USD (used by 8 island nations) • Aruba Florin (AWG) — 1.79:1 with USD
The Eastern Caribbean Dollar is particularly notable — it's used by Antigua & Barbuda, Dominica, Grenada, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Anguilla, and Montserrat. The peg has been stable since 1976.
Not all Caribbean currencies are pegged. Jamaica (JMD), Trinidad & Tobago (TTD), and Guyana (GYD) have floating currencies that fluctuate daily. For these destinations, timing your transfer can make a difference.
Why does this matter for transfers? With pegged currencies, you know exactly what your recipient will get. A $500 transfer to Barbados always converts to ~$1,000 BBD. Focus on comparing transfer fees rather than waiting for better rates — the rate is fixed.
For floating currencies like Jamaica, compare providers on the day of transfer and consider rate alerts to catch favorable movements.
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