What is Grenada currency? Grenadians use the Eastern Caribbean dollar (EC$). This currency is pegged to the US dollar at EC$1 $US1.70. Most businesses accept both currencies, although some prefer to deal exclusively in EC$.
ATM machines are available at most branches of Bank of America, First Citizens National Bank and Royal Bank of Canada. MasterCard and Visa are widely accepted. Most hotels, restaurants and gas stations accept American Express, Diners Club, Discover and JCB cards. Some smaller stores do not take foreign cards.
The Central Bank of Grenada issues notes denominated in EC$, while the Reserve Bank of Barbados issues notes denominated in British pounds sterling.
- The official currency of Grenada is the Eastern Caribbean dollar (EC$), which is pegged to the US dollar at EC$1 = $US1.70. Most businesses accept both currencies, although some prefer to deal exclusively in EC$.
- ATM machines are available at most branches of Bank of America, First Citizens National Bank, and Royal Bank of Canada. MasterCard and Visa are widely accepted. Most hotels, restaurants, and gas stations accept American Express, Diners Club, Discover, and JCB cards. Some smaller stores do not take foreign cards.
- The Central Bank of Grenada issues notes denominated in EC$, while the Reserve Bank of Barbados issues notes denominated in British pounds sterling.
- Barclays Bank, Grenada Bank Of Commerce, Grenada Coop Bank, National Commercial Bank, and Scotia Bank offer foreign currency exchange services.
- Grenada’s early history of currency use began with the establishment of the Royal Colony of Grenada in 1670. The British East Indian Company issued paper money until 1704 when it was replaced by silver pieces of eight. By 1940, the colonial government introduced a new currency, the Gourde, which replaced the silver pieces of eight at par value.
- Duty-free items such as alcohol, tobacco, and luxury items can be purchased by tourists at a reduced cost. A limit of $400 USD is allowed without incurring duty charges.
Grenada currency use XCD. What Is the XCD (Eastern Caribbean Dollar)?
The Eastern Caribbean dollar is the official currency of Anguilla, Antiga and Barbuda, Dominia, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, St Vincent and the Grenadine. The Eastern Caribbean dollar is divided into 100 cents and has been around since 1965, when it replaced the British West Indies dollar, which had been used since 1871.
As of September 2022, one Eastern Caribbean dollar is worth US$ 0.37.
Barclays Bank, Grenada Bank Of Commerce, Grenada Coop Bank, National Commercial Bank & Scotia Bank are all located on the island. They offer foreign currency exchange services.
Exchange rates are determined daily based on market conditions. Rates fluctuate throughout the day. You can use our Currency Exchange Calculator to determine how much you might save.
The history of currency in the former British colony of Grenada begins with the establishment of the Royal Colony of Grenada in 1670. In 1704, Queen Anne proclaimed that “all debts contracted since the reign of King James I shall be paid in gold.” This meant that the British East Indian Company could no longer issue paper money. Instead, it had to convert all existing notes into specie.
In 1712, the Company began issuing silver pieces of eight (dollars and later Mexican dollars) in denominations of one, five, ten, twenty, fifty, and one hundred pounds. These were called Spanish dollars because they were minted in Mexico City. They circulated throughout the British colonies in the West Indies and North America.
By the late eighteenth century, the British government had begun to take over the issuance of coinage in the colonies. On February 4, 1821, Parliament passed the Currency Act, which established the gold standard in the colonies. Silver pieces of eight ceased to exist.
On April 30, 1838, the Colonial Office published an Order-in-Council declaring that the silver pieces of eight would henceforth be legal tender in the colonies. As a result, the colonial governments issued their own coins in place of those of the mother country.
The silver pieces of eight continued in use in Grenada well into the twentieth century. By 1940, the colonial government had introduced a new currency, the Gourde. It replaced the silver pieces of eight at par value.
Grenada Duty Free
The Customs Division of the Ministry of Finance and Trade announced today that Grenadian travellers are now able to import certain items without paying customs duties. This announcement follows a decision taken by the Government of Grenada to allow visitors to bring in up to three litres of alcohol, one bottle of perfume and up to five hundred cigarettes or fifty cigars or 250 grams of tobacco.
This change applies to those travelling to Grenada for tourism purposes; it does not apply to persons entering Grenada for work or study purposes. Persons intending to travel to Grenada must ensure that they comply with the requirements set out in the Customs Regulations.
In conclusion, Grenada has been using its own currency since 1976. This unique system allows citizens to trade their old money for new, which makes it easier to spend when traveling abroad. And because it’s based on the U.S. dollar, it also means that travelers can use their dollars to buy goods and services anywhere in the world. What a deal!
Are you have experience using the currency of Grenada? Share your story with us below!
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