Tobago dollars or US

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Aliparker
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Tobago dollars or US

Post by Aliparker »

Hi there. It’s my first trip to Tobago and we are landing next Monday on 2 Dec. Is it best to bring mainly Tobago dollars or US, I’ve heard Tobago dollars go further against the pound. We are staying in Castara, Speyside and Bethel as bd have been advised to bring cash especially in Castara
Thanks
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Steve Wooler
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Re: Tobago dollars or US

Post by Steve Wooler »

Hi Ali

Welcome aboard! :D

The last thing you want/need to do is to change GBP into USD and then USD into TTD - that's just throwing money away.

The best method, in my experience, is totally down to your personal bank/credit card policies. Many years ago, I took out a Halifax MasterCard. They don't apply charges for cash withdrawals at ATM machines. The exchange rate you get from ATMs is normally as good as you're likely to get. So, provided that you don't have an outstanding balance on the credit card and can pay off the total balance by the due date, avoiding any interest charges (thank heavens for direct debit transfers while I'm away ), this is almost certainly the cheapest way to go. And, the most convenient.

Now, if you happen to have any US$, take them. You'll be losing out on the exchange rate, but USD will get you out of trouble. My best advice (subject to the terms and balance of your credit cards) is to organise no more than £100 in TTD from your bank - then use your card to draw cash from ATMs as and when required. There is a cash machine in Castara and in Speyside. Yes, you will need cash in all the small stores and vegetable stalls, etc.

Have a great trip.
Steve Wooler
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Aliparker
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Re: Tobago dollars or US

Post by Aliparker »

Thank you. Great advice. I’m flying Monday d SFO too late to sort a commission free credit card now. Castara retreats have advised to bring cash due to lack of ATM and the fact the locals prefer. I was intending to bring mainly TTD for meals out local drinks etc and then US dollars for car hire (they want cash) M&S have good exchange rate on TTD.
PaulMakin
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Re: Tobago dollars or US

Post by PaulMakin »

for sure, always sensible to have some TT$ on arrival but, as steve says, use the ABMs when out and about. you'll pass at least 3 before you reach the shirvan road. despite the charges, you will get a better rate using the ABM so just make sure you withdraw sufficient as you move about.

it's a cash economy but slowly banking is modernising. despite having a Republic account locally i often use a UK debit card for bills and some purchases now. US $ will be accepted in a lot of places but you'll get a poor rate.

Now. The ABMs !

There isn't one at the airport !!!!
Invariably, they run out of cash. generally speaking, best to use mid-morning on a weekday (excepting friday - payday for most and withdrawing cash is the match of the day)
Blue Machine at Pennysavers Canaan never has money. really.
Some people have had cards kidnapped by the blue machine at crown point in the last few months. no pattern to it and its a confirmed machine problem, not a card problem should this happen, a return visit with ID later in the day becomes the highlight of your trip out. Security just retrieve it and hand to staff when they replenish the machine.
The RBC at crown point used to sneakily deny you a withdrawal leading to all kinds of "where's all my money gone" panics. putting the card back in and requesting a slightly smaller amount would often work. Received wisdom is that it would limit withdrawals if it was running low but it never told you this. This branch is now defunct, dont know if the main branch ABMs do the same.
Scotiabank in the mall has had the ABMs malfunctioning recently. Huge queues for a teller. I mean, out the door and round the block huge.
Foreign issue cards can now be used in First Citizens ABMs

Keep an eye on the exchange rate, it's fluctuating quite a bit day by day. I time my withdrawals to coincide with improvements and just sit tight when it drops. If looking to exchange foreign currencies in branch you will need your passport.

regards
paul
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Paul Tallet
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Re: Tobago dollars or US

Post by Paul Tallet »

I think Steve is referring to the Halifax Clarity Card.

There is another one with Creation. I have both but the Creation has a limit on Cash withdrawals and this depends on the overall credit limit on your card. Another reason to have 2 options is because some ATMs will work for Mastercard OR Visa so you need both to be sure.

I avoid the Crown Point ATMs where possible for the reasons Paul has given and I have never had any success with the ATM in Castara so I would recommend that, if you stay in Crown Point or Castara and you have no transport, that you take some Cash.

You cannot risk running out of Cash and relying, by chance, on a lift to Crown Point and expecting all the ATMs to work … you could end up on a road-trip around most of Tobago.

From my experience I have found an ATM in Roxborough to be reliable and there is a large Bank on the Highway from Crown Point towards Scarborough (on the left) that never seems to run out of money (worth risking a taxi from Crown Point) … I can't remember the names of these Banks but the big one near Scarborough is on a roundabout and has plenty of parking, you can't miss it.

Hope this helps

Regards
Paul Tallet
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Chris Runciman
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Re: Tobago dollars or US

Post by Chris Runciman »

The ATM in Castara has only failed to give out cash in the last 2 years ( when we had it replaced with a modern machine) because of over use ( it is the only one this side of the island! ) or a power ‘outage’. This summer there was a software issue island wide but it was sorted very quickly.It is used by everybody, including visitors!
We also had the limit per transaction raised because of the large number of overseas users! In the event of a fault the atm manager calls us and he gives us an update on when the machine will be up and working or as is often the case, because it has run out of money. First Citizens Bank are-aware of it’s importance to the Visitors /tourists and so raised the limit that could be withdrawn at any one time subject to a set amount per card over a week. We needed $7000 for a cash project and we withdrew it using 2 cards without any problem. Any faults should be reported to the bank. Always advise the issuer of your card of your destination and that you will be making cash withdrawals from a different country (instead of Tesco’s or Sainsbury’s, !) so as not to have the transaction ‘red flagged’ by the issuer.
PaulMakin
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Re: Tobago dollars or US

Post by PaulMakin »

the big bank on the roundabout at the junction of Buccoo/auchenskeoch road and the highway is republic HQ and, since opening, i've only known it to be out of cash once - jazzfest weekend (when that was a "thing")

paul
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