St. Kitts Banking & Currency
Only US and EC currency are universally accepted. The rate for US to EC is 1 to 2.7 and does not change.
Canadian, British and Euro rates are not constant. As of March 2007, one (1) Canadian dollar was worth $2.27EC and one
(1) Euro was worth $3.49EC. One (1) British Pound Sterling was worth $5.14EC.
The local banks here are the National Bank, Scotiabank, the Royal Bank of Canada and the First Caribbean Bank which is
affiliated with the CIBC. The last three are all Canadian banks but due to the local Offshore Banking Charter, there is
no real connection with North America. You can get cash advances on your credit cards (First Caribbean is by far the
best for that) and there are ATMs at all three of the banks that give local currency for most all debit cards. Other
banking will be pretty tricky. You may get a cheque cashed but don't count on it. Payments to North American credit
cards cannot be done simply. You can send wire transfers for a cost of approximately $25US which is how I have to make
payments to my Canadian credit cards.
There are a number of cash machines at various restaurants and bars and there is one at the Marriott that dispenses
American currency if that is needed or preferred. There are also a number of ATMs all the way around the island that
I know work with local debit cards, but I have never tried a cash advance or anything via my credit cards, so I am not
sure that is possible. As a rule, do your banking in town or at the Scotiabank branch in Birdrock and keep potential
problems to a minimum.
If you are actually moving here, for God's sake do not make the mistake I did. I showed up with a number of bank
drafts drawen from the Royal Bank of Canada knowing that there was one here and thinking this would be easy. What I
forgot to bring (or just simply was not aware of needing), however, was a letter of reference from my bank manager
vouching for my identity and character. Apparently, everyone is assumed a member of a drug cartel until proven
otherwise :) So be sure to bring said letter with you and save a lot of trouble when setting up a new account here.
There is a Western Union on Cayon Street across from The Cable, just left from the corner of Fort and Cayon Streets
where you can send and receive monies anywhere there is a Western Union. Fees are based on the amount of money being
transferred.
As for prices in St. Kitts and Nevis, everything is in EC Dollars unless otherwise stated. If a price is displayed,
do not ask if it is US or EC because some vendors will be tempted to say US, regardless, at least that was my
experience my first couple days I was here. There is nothing like a ordinary small ice-cream cone costing $5US to make
one stop and think maybe he is being taken advantage of :) (or else he is in Las Vegas).
We have provided a currency calculator below for your convenience...
