Can I use US dollars in the Bahamas?

US dollars are readily accepted in the Bahamas. The exchange is pegged 1:1 with the American dollar. Some establishments outside of tourist areas may give your change back in Bahamian dollars which must be exchanged prior to leaving for value.

The Bahamian Dollar Today

From a local perspective, the Bahamian Dollar is officially “pegged” to the U.S. Dollar on a one-to-one basis. Both appear in circulation together on the islands and are traded at par. Its value does not fluctuate daily in the global foreign exchange market, although, if you want to learn more about forex trading, there are ample websites on the Internet devoted to it. The Central Bank has also established exchange controls to preserve this “pegged” value, since import trade relations depend on having adequate U.S. Dollar reserves in the treasury to support various credit arrangements with other countries. Tourism and financial services deliver these reserves.

A stable and strong currency typically signifies a strong economy, and in that respect, the Bahamas is one of the richest countries in the Americas with GDP per capita behind only the United States and Canada.