Bahamas, Barbados, Aruba, Cayman Islands: Caribbean currencies pegged to the US dollar

What is a pegged currency?

A pegged (fixed-rate) currency is held by its central bank at a constant rate against another currency, here the US dollar. As a result, its rate against the Canadian dollar moves exactly like the US dollar's.

Fixed rates to know

By contrast, the Jamaican dollar isn't pegged: see our Jamaica guide.

US dollars or local currency?

On these islands, US dollars are widely used in tourism. But:

• your change often comes back in local currency, at a rounded rate;

• small shops and markets post prices in local currency;

• knowing the fixed rate lets you check a price quickly.

In the Bahamas, for example, the travel advice confirms US dollars are accepted and notes that it's illegal to leave the country with more than 10,000 BSD.

Quick price check

In Barbados, a 60 BBD meal costs US$30 (60 ÷ 2). To know what that is in Canadian dollars, just convert US$30 at the day's rate.

Getting your currency

We carry US dollars and several Caribbean currencies (Bahamian, Barbadian, Cayman Islands and East Caribbean dollars, Aruban florins) at our branches. Check today's rates and reserve online.

Frequently asked questions

Why does the rate in Canadian dollars change if the currency is fixed?

Because it's fixed against the US dollar. When the Canadian dollar moves against the US dollar, it moves against these currencies too. See why the Canadian dollar goes up or down.

Are Canadian dollars accepted in the Caribbean?

Rarely in shops. Arrive with US dollars or the local currency.