Grenada's currency is the Eastern Caribbean dollar, written EC$ and coded XCD. It is shared by eight island economies and has been pegged to the US dollar at EC$2.70 to US$1 since 1976. That fixed rate is the single most useful fact for anyone handling money here: a US$10 item is EC$27, an EC$100 bill is about US$37, and the arithmetic never changes from one day to the next.
In practice, though, Grenada runs on two currencies. Hotels, tour operators and dive shops often quote in US dollars, while supermarkets, buses, markets and most local businesses price in EC dollars. Knowing which one you are looking at, and what rate a shop applies when you pay in US cash, saves money and confusion.
One currency, eight members
The EC dollar is issued by the Eastern Caribbean Central Bank (ECCB), headquartered in Basseterre, St Kitts. Its members are Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. Together they form the Eastern Caribbean Currency Union, a currency area with a single central bank that also supervises the commercial banks in each member.
Because the currency is shared, notes and coins from any member country are legal tender in Grenada. If you have EC dollars left from a trip to St Lucia or Antigua, they are fully usable here, and EC dollars from Grenada can be spent on those islands too.
The peg to the US dollar is backed by foreign reserves held by the ECCB, and it has held for half a century. That stability is why prices in Grenada do not swing with the US dollar the way they might in a floating-currency country, though prices still rise with import costs and inflation.
Where the EC dollar came from
Before the EC dollar, the British colonies of the eastern Caribbean used the British West Indies dollar, issued from the early 1950s by a regional currency board. When that arrangement ended, the Eastern Caribbean Currency Authority took over and introduced the Eastern Caribbean dollar in 1965, with Grenada as one of its founding users.
The currency was first linked to sterling. In 1976 the link was switched to the US dollar at EC$2.70, the rate that still applies. In 1983 the Eastern Caribbean Central Bank replaced the currency authority, taking on the roles of issuing the currency, holding reserves and supervising banks across the member territories.
That long record matters to anyone living here or investing. The peg has survived oil shocks, hurricanes, the 2008 financial crisis and the pandemic, and it is backed by rules requiring the ECCB to hold substantial foreign reserves against the currency in circulation.
Notes and coins you will handle
Banknotes. Notes come in EC$5, EC$10, EC$20, EC$50 and EC$100. Since 2019 the ECCB has issued a polymer series, starting with the EC$50 and completed with the EC$5 in 2021. Older paper notes remain legal tender and circulate alongside the polymer ones, so you will see both.
Coins. Coins in everyday use are 5, 10 and 25 cents and EC$1. The ECCB withdrew the 1 and 2 cent coins in 2015, so cash totals are rounded to the nearest 5 cents. Card payments are charged to the exact cent.
Large notes. The EC$100 note is the most common note from ATMs and the hardest to spend in small places. Break it in a supermarket or a petrol station before heading to markets, buses or roadside stalls.
Condition matters less than elsewhere. Polymer notes are durable, and even worn paper notes are accepted. Badly torn notes can be exchanged at a bank.
Counterfeits are uncommon. Polymer notes have clear windows and features that are hard to copy, but take a moment to look at large notes received as change in busy places.
Converting in your head
The exact rate is 2.70. For quick estimates, divide EC prices by three and add about ten per cent: EC$30 is roughly US$11, EC$90 is about US$33. Going the other way, multiply US prices by 2.7, or by three and subtract a tenth: US$20 is EC$54.
For sterling, euros and Canadian dollars, there is no fixed rate. Convert to US dollars first using the current market rate, then apply the 2.70 peg. Banks in Grenada exchange the major currencies, but their rates include a margin, and many small businesses will not accept anything except EC or US cash.
When budgeting, remember that the price on the shelf or the menu may not include everything. Some restaurant and hotel prices are shown before VAT and service charge, which can add a quarter or more to the total. Check the bottom of the menu or ask.
Paying with US dollars: how it really works
US cash is widely accepted by businesses that deal with visitors: hotels, taxis, tour operators, many restaurants and some shops. It is less common in supermarkets in local neighbourhoods, on route buses and in village shops, where EC dollars are expected.
When you pay in US dollars, the business chooses the exchange rate, and it is often slightly below the official 2.70, commonly somewhere in the EC$2.60s. That gap covers the cost to the business of changing the money at a bank. Change is normally given in EC dollars. On a small purchase the difference is trivial; across a whole holiday it adds up.
Banks do not usually accept US coins, and small businesses may refuse very worn or old-design US notes. Bring clean, recent US notes in small denominations if you plan to use them, and use EC dollars for everyday purchases.
Common money mistakes
These cost visitors the most:
- Not asking whether a price is EC$ or US$. A taxi fare, tour or room rate quoted as "50" could mean either. Always confirm before agreeing.
- Accepting dynamic currency conversion on card machines. If a terminal offers to charge you in your home currency, choose EC dollars instead; the conversion offered at the till is usually worse than your card's own rate.
- Changing money at poor rates before travelling. Exchanging into EC dollars at home is often expensive or impossible. ATMs in Grenada usually give a better result, or bring US dollars.
- Carrying only large notes into markets, onto buses or to roadside stalls.
- Assuming the US dollar rate is always 2.70 in shops. It is the bank rate, not a promise.
- Taking EC dollars home in quantity. The currency is hard to exchange outside the region; spend it or change it at a bank before leaving.
Where to exchange currency
Commercial banks are the main place to exchange cash. Branches in St George's, Grand Anse, Grenville and other towns will change US dollars, and usually sterling, euros and Canadian dollars, on production of a passport. Expect a queue, especially at the end of the month and on Fridays. Bank hours are shorter than shop hours, and most branches are closed at weekends.
There are no large networks of exchange bureaux as in some tourist destinations. Hotels may exchange small sums at a less favourable rate. For most visitors, the simplest approach is to withdraw EC dollars from an ATM using a debit card with low foreign fees, and carry some US cash as a backup.
Before leaving Grenada, spend your remaining EC coins, which no one outside the region will exchange, and either spend or convert larger EC notes at a bank.
Frequently asked questions
Is the US dollar accepted in Grenada?
Yes, widely in hotels, restaurants, taxis and tourist businesses, and in some shops. Change is usually given in EC dollars, at an exchange rate the business sets, often slightly below the official EC$2.70. In local shops, markets and on buses, EC dollars are the norm.
What is the exchange rate between EC and US dollars?
The Eastern Caribbean dollar is fixed at EC$2.70 to US$1, a peg that has been in place since 1976. Banks apply this rate with a small margin when exchanging, and shops accepting US cash often use a slightly lower rate.
Can EC dollars from another island be used in Grenada?
Yes. The EC dollar is the shared currency of the eight members of the Eastern Caribbean Currency Union, including St Lucia, St Vincent and the Grenadines, Antigua and Barbuda, and Dominica. Notes and coins from any member are legal tender in Grenada.
Should EC dollars be bought before travelling?
Usually not. Few banks outside the Caribbean stock EC dollars, and rates are often poor. Bring US dollars or a debit card with low foreign transaction fees and withdraw EC dollars from an ATM in Grenada, where machines are widely available in the south.
Are old paper EC notes still valid?
Yes. The ECCB introduced polymer notes from 2019, but the older paper notes remain legal tender and circulate alongside them. Shops accept both. Very damaged notes can be exchanged at a commercial bank.
Why are cash prices rounded in Grenada?
The 1 and 2 cent coins were withdrawn in 2015, so cash totals are rounded to the nearest 5 cents. Card payments are still charged to the exact amount. The rounding is small and applies to the total, not each item.
