Exchange rates

[TraceyN]

Hi...do you get a better exchange rate in Tobago than in the UK?

[Ronald]

Hi,
Personally I don´t believe there´s a big different in the exchange rates, now a days the banks in Tobago update the exchange rates on the board every morning. I believe it´s more the cost the bank add on it, that might be different between the banks.
It´s also so that in Tobago some currencies are fix others are not. Maybe a business person in Tobago or Steve can add more/better info.

[Steve Wooler]

Hi Tracey

It would take someone very much cleverer than me to give you a really meaningful answer. To be honest, every time I've raised the question with financially-minded people who might be expected to know the answer, I've just been left with a headache and utter, total confusion. I don't there is any single answer. Ronald has summed it up perfectly, in my understanding. Every exchange point has different commission and charge rates. So, even when they quote an attractive exchange rate, the amount you receive can be totally different because of the charges/commission. I guess my best tip would be to avoid currency exchange kiosks at airports - they are totally rip-off merchants.

[Rachel Crew]

In my experience, what is advertised in the banks in Tobago is what you get - they do not charge commission. Rates is the UK may seem a little better, but when you take the charges into account, it's not.
My advice to people coming out is usually to preload their credit card and bring UK pounds to change here for some cash-in-pocket

[Paul Tallet]

Prepaid Credit Cards are OK but I still think you get charged for cash withdrawals.

For those in the UK with an extremely good credit rating I would recommend the Halifax Clarity Card.

This is a credit card with no transaction charges at all ... you can even draw Cash out anywhere in the World without a transaction charge but, obviously, the exchange rate can vary from day to day.

The only charge you get is the interest if you do not pay off the balance ... I used one a few years ago and the Halifax reduced the credit limit because I paid it all off !! ... but it has increased back up over the last couple of years.

Be warned though, you have to be very credit-worthy to be accepted for this Card and a decline can affect your credit rating.

Regards

[Julian]

My experience has been that it's much better to get cash through ATMs in Tobago rather than exchange before travel (at least in the UK). The difference is as much as 10%. I use a Halifax credit card and as Paul says no cash withdrawal charges and no exchange rate charges. You can go one step further and put a credit balance on the card to avoid paying interest - though I'm told some credit card companies don't like this!

[Paul Makin]

i've always used the ATMs for accessing UK funds - i do get charged a "conversion fee" by my UK bank but still come out in front, all things considered.

a little quirk to be aware of - at busy periods the ATMs can run low on cash. the machine will then limit withdrawals without divulging its situation. initially, you will have all kinds of anxiety provoking thoughts as to why this should be and how you will manage for the rest of your visit - repeatedly request a smaller amount and all will be well; seems to be OK if you limit withdrawals to 500TT at such times (or just use a different machine, maybe even at the same bank).

paul