May 2008 - The Exchange rate to the US Dollar is fixed. The exchange rate to the Canadian Dollar, British Pound, and Euro fluctuates on a daily basis. Please check your local bank for the correct rate of exchange.
Please note there is also a currency exchange at the Grantley Adams International Airport.
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The local currency is called the Barbados Dollar.
Fixed - $1USD = $1.98BBD or $2BBD on the streets
The following fluctuate daily -
£1= $3.84BBD or $3.50 on the streets
1 Euro = $2.62BDS. Euro's are not usually accepted on the streets so you'll have to go to the bank.
$1CAD= $1.74BBD
Canadian currency is rarely accepted on the streets. You would need to go to the bank. You can spend U.S. anywhere, but the quid is another story. Only certain establishments accept them. It does not hurt to ask. Once the exchange rate is over $3.25 or so, most people will try to accept them but it is not recommended to use Pounds Sterling in businesses. Get them changed at the bank as you will get a much better rate of exchange.
Banks can be found all over Barbados. The island’s leading banks are First Caribbean International and the Barbados National Bank. Traveller’s cheques are widely accepted. In addition to this you can spend US Currency ANYWHERE on the island, however, you will not always receive US Currency in change. Pounds £ are accepted in the more upscale businesses and restaurants.
Normal banking hours are from 8am-3pm, Monday to Thursday. All banks open until 5pm on Fridays. RBTT banks open on Saturday mornings from 9am- Noon. Butterfield Banks in Supermarkets (Supercentres and Big B) open 10am-7pm Monday to Thursday, 10am-8pm Friday, and 10am-3pm Saturday. First Caribbean Warrens and Sheraton Centre, hours are 9am-4pm Monday - Thursday and 9am-6pm Fridays.
ATM’s are 24 hours and VISA, MasterCard’s etc are accepted widely. American Express is not widely excepted on the island. (because they charge the retailer higher fees than other credit cards).
Basically with the exception of the GB£ the U.S.$ is the currency to take, anything else convert to US$ before you go or use plastic BUT beware of charges made by the card issuer.
