Currency, Banks, Exchange, Travelers Cheques- Anguilla News


Currency, Banks, Exchange, Travelers Cheques
`www.news.ai` Site Map Click to enlarge pictures

Anguilla uses US dollars everywhere, but EC dollars are the official currency. Prices are quoted in either currency, so ask if you are unsure. Credit cards are accepted at most hotels, car rental agencies, gift shops and gourmet restaurants, but not at beach bars, supermarkets, local shops.

Update: ATM Machines

As of January 2002, the ATM machine at the Scotiabank is still connected to the outside world and allows you to get cash from your home account. There is also an ATM at the NBA that may allow you to make a cash withdrawal against your VISA card.

Service Charges?


My wife and I are
traveling to your island in September, and our travel agent mentioned
that there was a service charge on the exchange of money and the
redemption of travelers cheques. Could you tell us if this is, indeed,
true, and if so, what the percentage rate of the charge would be?

[Caribbean Commerical Bank-click for larger view]

Not True. There is no charge for cashing US travelers cheques and no charge to change US money. There is a 2% government tax on converting EC dollars into US, but not US into EC. The exchange rate has been unchanged for quite a few years. As a tourist you can function entirely in US$ and never exchange any money to EC at all. (Note: I lived here for 2 years before I learned about the 2% tax and heard rumours of grey market dealers at the ferry dock.)

Exchange Rates for CASH
EC to US 2.73 EC per US + 2% gov tax
US to EC 2.67 EC per US, no tax
Exchange Rates for CHEQUES
EC to US cash 2.73 + 2% gov tax
EC to US account 2.7619 + 2% gov tax
US to EC 2.6882, no gov tax

A US$ cheque that is drawn on a US bank can be deposited into an Anguillian bank, but it takes a long time to clear. At the Carribean Commercial Bank, for example, it takes one month to clear if the amount is less than $1000, two weeks if greater. You can wire transfer from anywhere in the world to Anguilla in a day or two and have it credited immediately.

Opening a Bank Account in Anguilla

It is possible to open a personal savings account in US or EC dollars by mail. Banks are reluctant to open a checking account for strangers (you might write a lot of bad checks and then run off). Interest on savings accounts is about 4% at most banks, but interest is not calculated in a very generous way (i.e., it is not daily interest on the minimum balance). As at any bank, you complete a signature card giving the names on the account, address, telephone number, how many signatures required, etc. For example, here are the requirements for the Caribbean Commercial Bank:

Personal banking reference from a recognized banking institution.
Personal identification (copy of passport or Driver's license, etc.)
Signatures on signature card must be notarized
Minimum deposit for savings account - $25 in the currency of the account.
Minimum deposit for checking account - $100 in the currency of the account.

For more information, contact the banks directly. These are not US banks - deposits are primarily protected by the assets of the bank, not by the FDIC.

National Bank of Anguilla 264-497-2101
Caribbean Commercial Bank 264-497-2571 [email protected]
Barclays 264-497-2301
Scotiabank 264-497-3333
Revised: January 24, 19102

Anguilla Internet Yellow Pages

	Beaches Menus Hotels Villas Tips Index/ Links

Enter some keywords

Subscribe to the Anguilla News for faster information and bonuses: Click Here.

Exchange Rates for CASH
EC to US	2.73 EC per US + 2% gov tax
US to EC	2.67 EC per US, no tax
Exchange Rates for CHEQUES
EC to US cash	2.73 + 2% gov tax
EC to US account	2.7619 + 2% gov tax
US to EC	2.6882, no gov tax