Money

1. Currency Exchange

The official currency of the Turks and Caicos Islands is the American Dollar (USD). This is so despite the island being an official overseas territory of the United Kingdom. Cash, internationally recognized credit cards and traveler's checks are accepted all over the island. Nonetheless, it is advisable to carry cash around when visiting small restaurants, shops and when traveling by taxis.

ATMs are located all over the islands for the convenience of the travelers.

2. What a Dollar Will Buy You

- The islands of Turks and Caicos are barely self-sufficient and this has created a need to import even the most basic of products. Consequentially the cost of living has gone up.

- Groceries for a single person can cost as much as $100 for a week.

- Rental apartments come at about $550 a week for one bedroom whereas a self-contained house can come for a whooping amount $1300. A three-week rent advance is usually demanded before you are allowed to move in.

- The price of gasoline is about $2.8 per gallon and this too is subject to change.

- Electricity units are rated at 28¢ per kilowatt-hour that makes an average bill of $75 per person. The connection charge of $350 is additionally added.

- Call rates for phones to the United States are currently at $1.32 per minute. When the peak hours are over, the rates fall to $1.10 per minute. They are lowest on weekends at 83¢ per minute. Similarly, for the United Kingdom, call rates per minute apply at $2.20 during peak hours, $1.38 on off hours and 99¢ on weekends.

- A cable connection costs approximately $45 for a month.

3. Telecommunications

Most Caribbean telecommunications are handled by Cable & Wireless Ltd. They provide digital communication with GSM cellular coverage and Internet connections. To dial a number on the islands from a different country, you need to dial the digit ‘1' followed by the dialing code ‘649' and then the local number. For outbound calls, the digits ‘011' need to be dialed before the relevant country code and local number. Phone cards are used by all public phones.

All islands enjoy telecommunication connectivity including fax, cellular and Internet services. However, problems may be incurred on the remote, uninhabited islands.

4. Cab Fares

Taxis on the Turks and Caicos Islands are metered, but nonetheless you should determine a price before you commence the ride. They also base the fare on the number of people that ride along. The thumb rule is that a taxi charges $2 per person, per mile at any given time.

5. Currency Exchange Rates

The comparison of the American dollar to other major currencies in the world is listed below:

1 USD = 0.55 GBP (United Kingdom)

1 USD = 0.79 EUR

1 USD = 1.12 CAD (Canada)

1 USD = 1.32 AUD (Australia)

1 USD = ZAR 6.02 (South Africa)

1 USD = NZD 1.57 (New Zealand)

Note: These figures are indicative and not real time values.

6. Taxes

The islands of Turks and Caicos are rather generous and do not charge tourist any sales tax, luxury tax, or entertainment tax. The islands are entirely duty-free and all shopping, whether it is jewelry or alcohol, come at their original sale prices.

There is however, a departure tax for tourists leaving the islands. It stands at $35 for every person over the age of two years.

Most hotels charge a service tax of about 10% - 15%

7. Tipping

For waiters and garcons, the appropriate tip is 15% of the bill.

For taxi drivers and other private vehicle operators, a good gratuity amount is recommended