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Exchange Rates
Posted: Sat Mar 22, 2003 3:32 pm
by Tim W
Post Recreated: Originally posted - 13 January 2003
Hi, Steve, I was quite "surprised" at the spread between buying and selling of TT dollars by our good friends the High Street banks. It appeared to be about 15% either side of the interbank rate used by the currency converters tables on line. Add to that commission and its quite frightening! Perhaps you (if your not to busy packing!! )or the guys at YES could give some idea of exchange rates on the islands now
Posted: Sat Mar 22, 2003 3:33 pm
by Patrick Dankou
Post Recreated: Originally posted - 13 January 2003
Hi Tim,
These are the actual exchange rates (cash) here in Tobago. 1 US$ = 6.00 TTD 1 Pound = 9.30 TTD 1 € = 6.09 TTD They are selling 1 US$ = 6.29 TTD 1 Pound = 10.31 TTD 1€ = 6.74 TTD The banks are open Mon - Thu from 8:00am - 3:00pm and from 8:00am - 1:00pm and 3:00pm - 5:00pm on fridays and usually don't charge commissions. Most flights arrive after 3:00pm so you might want to change a small amount at the airport, the bureau d'exchange is located at gate 1 on the first floor and open from 10:00am - 6:00pm.
Enjoy your stay in Tobago
Posted: Sat Mar 22, 2003 3:35 pm
by Steve Wooler
Post Recreated: Originally posted - 14 January 2003
Hi Tim
By the strangest of coincidences, I was discussing that very subject with my father yesterday.
Hey, you financial gurus out there – how about someone posting the definitive travellers guide to the best (economic) currency practices when visiting Tobago (not that the ‘problem’ is any different on Tobago to anywhere else). Is it ‘cheaper’ for Brits to take sterling or US dollar travellers cheques, British pounds or US dollars – to get it here, or get it there – or simply to charge and draw cash from your friendly plastic?
To be frank, it all goes over my head and I’m just left feeling more confused than anything else.
Posted: Sat Mar 22, 2003 3:37 pm
by Tim W
Post Recreated: Originally posted - 14 January 2003
Thanks Patrick, HSBC in the K were yesterday selling at 8.8 to the £ and buying at !!.3! By my reckining if you take £serling you will be at least half a dollar to the £ better off which may not sound a lot but as a percentage it is and if you are exchanging say £200 for local spending, thats a few dollars
Posted: Sat Mar 22, 2003 3:38 pm
by Steve Wooler
Post Recreated: Originally posted - 14 January 2003
My head's hurting!
Posted: Sat Mar 22, 2003 3:38 pm
by Tim W
Post Recreated: Originally posted - 14 January 2003
Just think of it as a large quantity of extra beer or rum punch!!
Posted: Sat Mar 22, 2003 3:40 pm
by Niki Byrne
Post Recreated: Originally posted - 14 January 2003
Hi Steve,
This is the advice we were given from someone on the island when we went there last year. Hope it helps, Niki Bring USD travelers cheques with you,. you can change them at the banks at the airport, no queues there, and you get a good rate of exchange for travelers cheques. You can pay most places by card, Visa M. Card too, this is good as you get the bank rate of exchange then. If you pay in US cash you may get a very bad rate of exchange in return at the shops so TT$ or Credit Card is best.
Posted: Sat Mar 22, 2003 3:40 pm
by Steve Wooler
Post Recreated: Originally posted - 14 January 2003
Hi Niki
Good to hear from you again and nice to see that you haven't forgotten sunny old Tobago. Yes, your advice corresponds with what I believe. Does anyone know what sort of rates the credit card companies like Visa & M/Card give when they apply the conversion from local charge to home rate? Are they reasonable, or do they rip you off like the high street banks? I've never actually made a comparison, but it would be interesting to know. I certainly agree with you that paying in US$ is open to considerable risk - too many 'rounding' differences and dodgy exchange rates.
Posted: Sat Mar 22, 2003 3:42 pm
by Tim W
Post Recreated: Originally posted - 15 January 2003
Jennifer
4.01 to the Canadian dollar this morning- isnt the internet a mine of useless information!!
Posted: Sat Mar 22, 2003 3:44 pm
by Paul
Post Recreated: Originally posted - 17 January 2003
I always use my Visa credit card or even my Barclays Connect debit card and apart from paying about 1.5% fee the exchange rate used is the commercial rate. So apart from £100 sterling cash for emergencies, I always use plastic for Tobago, and many other places too. ATMs can be found at the airport, Pennysavers supermarket on the way to the airport, Pleasant Prospect (between Mount Irvine and Stonehave beaches) and plenty in Scarborough. I am sure there ar others but these do me fine.
Posted: Sat Mar 22, 2003 3:46 pm
by Paul J Corney
Post Recreated: Originally posted - 20 January 2003
I heartily endorse these comments Barclays compatible ATM's are everywhere on Tobago and apart from the odd occasion when their server goes down it is always easy to access the system. From a security perspective it is much better to have no more than two days worth of spending on you in cash at any one time. NB I have found this to be true wherever in the world I have travelled and was really surprised on my first visit to Tobago 5 years ago how easy it was to access cash.