Caribbean currency

By THIS IS MONEY
Updated: 04:25 EST, 28 July 2005

I am going on a three week holiday to the Caribbean in October. What currency should I take and what is the best credit or debit card to use? MB, Kent

Paul Swainson from Travelex says: The currency you take depends on the place you are visiting. The East Caribbean dollar covers Antigua and Barbuda, Domenica, Grenada, St Christopher, St Lucia, Montserrat, Anguilla and St Vincent and the Grenadines.

If you are holidaying in Bermuda, Barbados or Trinidad & Tobago, you will need the currency specific to each island. Even though the US dollar is accepted in the Carribean, travellers should be aware that it not providing as much value as it was six months ago.

Using your credit and debit card while overseas can be very expensive. Most banks charge a foreign currency conversion fee, typically 2.75%, for every debit card transaction made abroad, whether it is a cash withdrawal or a purchase. Some banks, including Lloyds TSB and Halifax will also charge you £1.50 for simply using an overseas ATM or making a purchase abroad.

For cash, Travelex recommends purchasing foreign currency in the UK. The most competitive exchange rates are found online, without the commission fees and hidden charges that are found on the High Street.

For example, Travelex has an online Price Promise which guarantees the best exchange rate for the day, or your money back. Holidaymakers can then pay online and pick up their pre-ordered currency at Travelex branches at points of departure. This is Money adds: Using your card overseas can end up being pricey, but some banks and cards will give you a better deal than others. For example, Nationwide won't charge you anything for using overseas cash machines.

You can buy foreign currency and check exchange rates through This is Money by clicking on our travel money page.

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