Foreign Currency in St. Maarten?

[Vidimom]

We just found more Euro's left from my husband's trip to Italy and heard that we might be able to use them on the french side of St. Maarten. Has anyone out there done this and was the exchange rate the same. We would like to use them but if they are giving the same value for the euro as the dollar, we will use our US dollars first.

 

Any information is highly appreciated.

 

I did look in the St. Maarten board and saw nothing about the difference in currency.

 

Thanks!

[G'ma]

We just found more Euro's left from my husband's trip to Italy and heard that we might be able to use them on the french side of St. Maarten. Has anyone out there done this and was the exchange rate the same. We would like to use them but if they are giving the same value for the euro as the dollar, we will use our US dollars first.

 

Any information is highly appreciated.

 

I did look in the St. Maarten board and saw nothing about the difference in currency.

 

Thanks!

 

From the St. Maarten banking/exchange website:

 

ST. MARTIN / ST. MAARTEN / Currency / Banking / Exchange Rates

The official currency of Dutch St. Maarten is the Netherlands Antilles guilder (ANG). In French St. Martin, it is the Euro. However, US dollars, traveler's checks and major credit cards are widely accepted throughout the island.

 

 

Looks like your Euro's will spend on the French side!!

[luckycruzer]

they are not a part of the European Economic Community..but may.perhaps I stand corrected.dunno

[Vidimom]

Thank you for the info. I would like to find out if they give you the current exchange rate on the euro when making purchases. I know what our exchange rate was when we got the Euro's and just want to make sure the exchange is close to what we paid. Does anyone know if the prices posted in stores are in US dollars or Euros on the french side?

 

You help is appreciated!

[Ga Gal 08]

I would definitely try to use the euros first, since you can't use them at home.

 

Last summer, at Orient Beach, on the French side, the prices were posted in both dollars and euros, although the restaurant we had lunch in was posted in euros only. I had forgotten to check the exchange rate before I left, and like you, I thought the dollar was pretty even to the euro. Imagine my shock when I discovered that the euro is worth more than 1.5 times that of the dollar! I ended up paying $48 for lunch for 2 hamburgers and a couple of beers! If I had done my homework, we would have passed by that place!

 

I know at Orient Beach they will take your euros--mostly because the majority of the tourist there are European.

[kal]

It's a good idea to spend the euros, but do it after very carefully looking at the options. Many vendors/merchants using euro based pricing will give a discount when using US Dollars. That discount could be $1.5/1e, $1.4/1e or at best $1=1e. If the bank exchange rate is $1.6/1e any discount provided by the merchant from the bank exchange rate will devalue your buying power when using euros. For example, if the merchant gives $1.3/1e you will suffer a 20% loss from full value of the euros. Likewise, if you use euros where a merchant considers $1=1e, you will pay 60% more than what others are paying.

 

It is likely you did not purchase your euros at $1.6/1e, but rather maybe $1.3/1e. If you then used those euros to buy from a merchant who does not give any discount when using USD, you will enjoy more than a 20% savings on the transaction.

 

Also, be mindful that many merchants make up their own exchange rate then round it to some number in their favor. Even then, lots of merchants will still negotiate a deal. Therefore, ask all the appropriate questions first before you decide to use the euros. Your best opportunities to use your euros will be at regular merchants in Marigot.

[gtaylor]

If, as kal suggests and is probably correct, you obtained your Euros in the $1.3 range or even less (possibly MUCH less, depending on timing) why not just exchange them for dollars?

 

You might make a quick 20% profit, then spend those dollars in shops and restaurants that trade at par.

 

gary

[kal]

Gary - That's a good idea too. Only concern would be the associated exchange rate. "Sell" is one number while "buy" is another number, neither of which favors the customer. Maybe that's why those guys make a profit in handling money. They win both ways.

[Aplmac]

"Sell" is one number while "buy" is another number, neither of which favors the customer.

Maybe that's why those guys make a profit in handling money. They win both ways.

It's called the 'spread' -and yes that's how they make their money :)