A popular destination for many Americans and Europeans is the Caribbean. It provides seclusion and an opportunity to get away from the stresses felt at home. The Caribbean offers a number of activities for its travelers at both resorts and private hotels. Visitors to the Caribbean can participate in swimming, laying on the beach, scuba diving, snorkeling and many other activities. For those who don't want to stay on a Caribbean island, many U.S. cruise companies take day-long excursions to Caribbean islands.
The U.S. dollar and European euro are both very powerful forms of currency. Like many nations around the world, they are both highly respected monies. In fact, the island nation of the Dominican Republic will accept the American dollar despite having its own dollar. While it may seem unnecessary to exchange currencies, many of these businesses will inflate their prices above the exchange rates. This means you will pay more with the American dollar than you would with the Eastern Caribbean dollar. Unfortunately, Dominican businesses are much more hesitant accepting personal checks that originate from American banks. These are much harder for them to process.
A number of currencies exist in the Caribbean. Puerto Rico, a commonwealth nation of the United States, uses the American dollar, meaning American travelers will not need to exchange currencies. In fact, most nations that are dependent nations typically use the currency of their parent country. However, island nations that are dependents have their own currency or a variation of the U.S. dollar, meaning that an exchange of currencies will be needed.
Exchange rates depend on the economic health of the two nations. Typically, one nation will have economic superiority over the other and receive the benefit of the exchange. In most cases, Europeans and Americans will see the value of their money increase when exchanging for Caribbean currency. Exchange rates vary from country to country because the value of each nation's money is different. For instance, in Jamaica, in 2010, Americans received 89.3 Jamaican dollars for every American dollar. However, in Cuba, in 2010, Americans who are able to travel there received only 0.926 pesos for every American dollar.
A number of ways exist to exchange currencies. Many companies such as Travelex exchange money for a small fee. If you do not want to worry about having enough cash while on your trip, you can purchase money ahead of time. It will be shipped to you, or you can pick it up in one of their local stores well in advance of your vacation or business trip. If you would prefer to not carry around large amounts of cash, many banks and ATMs in foreign nations will accept travelers checks or preloaded credit cards.
