The Caribbean consists of multiple nation states and overseas territories. Several languages are spoken, of which English, French, Spanish and Dutch are the most widely spoken official languages.
Common business activities in the Caribbean are tourism, logistics and finance.
If you do business in, and consequently, invoice to businesses based out of, and collect payments from, the Caribbean, it is important to understand the monetary landscape.
Below is a list of the official currencies used in the Caribbean (*):
East Caribbean Dollar
The East Caribbean Dollar is the official currency of the following Caribbean nations: Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.
Euro in the Caribbean
The Euro is the official currency in Guadeloupe, Martinique, Saint Barthelemy, and Saint Martin. All these territories are either overseas departments or overseas collectivities of France.
US Dollar in the Caribbean
The US Dollar circulates as the official currency in the Caribbean Netherlands, Turks and Caicos Islands, United States Virgin Islands, Puerto Rico, and the British Virgin Islands.
Caribbean Countries with Local Currencies
Several Caribbean nations and overseas territories issue their own currencies: Aruba (Aruban Florin), Bahamas (Bahamian Dollar), Barbados (Barbadian Dollar), Cayman Islands (Cayman Islands Dollar), Cuba (Cuban Peso & Cuban Convertible Peso), Sint Maarten, Curacao (Netherlands Antillean Guilder), Dominican Republic (Dominican Peso), Haiti (Haitian Gourde), Jamaica (Jamaican Dollar), and Trinidad and Tobago (Trinidad and Tobago Dollar).
Notwithstanding the foregoing, the US Dollar, and, to a lesser extent, the Euro and the Pound Sterling are used in international business in the Caribbean. Invoicing in particularly US Dollar is very common.
The main official currencies in the Caribbean are the East Caribbean Dollar, the Euro, the US Dollar, and several local currencies. For business transaction, the US Dollar is widely used and to a lesser extent, also the Euro and the Pound Sterling.
If you are doing international business in the Caribbean and you are interested in learning more on foreign currencies and debt collection in the Caribbean, please reach out to Cobroamericas, on Linked-In or follow us on Twitter.
To participate in conversations about debt collection in Latin America please join the Linked-In Group Debt Collection Latin America.
(*) Source: wikipedia