Currency, Banks, Exchange, Travelers Cheques
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.
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?
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
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:
National Bank of Anguilla 264-497-2101
Caribbean Commercial Bank 264-497-2571
Revised: January 24, 19102
|Anguilla Internet Yellow Pages|
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