Turks and Caicos’ currency is the United States dollar. In this article, we’re going to explain why this territory uses USD, what this means for non-US visitors, and the best way to spend money while visiting the Turks and Caicos Islands.
This article is part of our free series on opening a foreign currency account which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Turks and Caicos Currency
- Can I Use Foreign Currency in Turks and Caicos?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Turks and Caicos Currency
Turks and Caicos currency is the United States dollar with the currency symbol $ and ISO 4217 code USD. The US dollar has been legal tender in the Turks and Caicos Islands since 1973.
In addition to offering a stabilized exchange rate, the US dollar also eliminates the need for this British Overseas Territory to establish its own financial system, monetary policy, and Central Bank, which would have limited value since 75.4% of the imports are sourced from the United States.
Additionally, by accepting US banknotes and coins, Turks and Caicos is an easy jurisdiction for American and international tourists. In the case of US residents, they will not need to worry about currency conversion or foreign exchange prior to visiting.
Lastly, the island of Providenciales has several ATMs available for anyone looking to withdraw money directly. This includes ATMs provided by subsidiaries of major Canadian banks that operate across the region.
Can I Use Foreign Currency in Turks and Caicos?
No, you cannot use foreign currency in Turks and Caicos. US dollars is the only currency accepted across the islands. Additionally, there are no currency exchange services available outside of commercial banks, which are often ill-suited to converting foreign currencies.
For this reason, tourists arriving from outside of the United States and other dollarized economies are encouraged to convert their currency into US dollars prior to traveling.
Foreign tourists can also use major foreign credit cards while visiting Turks and Caicos. However, you should be conscious of foreign currency transaction fees and foreign exchange rate fees that will be applied to your payments.
Lastly, it is possible to use ATMs provided by local banks. However, while ATMs are present in major resort locations, they will not be available across all of the islands. With this in mind, it’s important to plan ahead and confirm your cash requirements prior to arriving in Turks and Caicos.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the Turks and Caicos currency. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
How Much Is the American Dollar Worth in Turks and Caicos?
The American dollar is worth the same in Turks and Caicos as it is in the United States. This is because the US dollar is the official currency of Turks and Caicos. In other words, if you are traveling from the United States to Turks and Caicos, you will not need to convert your USD before arriving.
Why Do the Turks and Caicos Use American Currency?
The Turks and Caicos use American currency for trading, tourism, and stability purposes. First adopted in 1973, the adoption of US dollars by Turks and Caicos supported the territory’s trading relationship with neighboring US Virgin Islands and British Virgin Islands, which adopted the US dollar in 1934 and 1959 respectively.
Should You Bring Cash to Turks and Caicos?
Yes, you should bring cash to Turks and Caicos if you plan on spending money at locations that do not typically accept credit card payments. Additionally, while commercial banks on certain islands do have ATMs, smaller islands may not have ATMs available. For this reason, it is usually best to bring sufficient US dollars with you. Alternatively, you can also choose to bring travelers checks instead.
Are Credit Cards Accepted in Turks and Caicos?
Yes, credit cards are accepted in Turks and Caicos. However, depending on where your credit card is issued, it may incur foreign transaction fees or foreign exchange fees. Of course, with the US dollar as the official currency of the Turks and Caicos, no foreign exchange fees will be levied on US dollar transactions.
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