The currency used on a daily basis in the Bahamas is the Bahamian dollar, the abbreviation for which is ‘BSD’ and which has a value equivalent to the US Dollar. The Bahamas gained their own currency in 1966, before which they used the British pound. Like the US Dollar, it is broken down into 100 cents. Visitors find that many businesses are just as happy to accept American dollars as legal tender.

The main source of income in the Bahamas is tourism, which means that there is relatively little manufacturing done in the country. Most goods, such as food, clothing, cars and appliances have to be imported. There are plans in place for encouraging production of goods on the islands to correct this situation, but this naturally has an impact on the cost of living. In comparison with countries which are able to mass produce their own goods, the cost of living is fairly high. The capital city of Nassau has been listed as one of the most expensive places in the world for expatriates.

The cost of purchasing daily necessities such as food and toiletries is higher than in most other capital cities and Nassau has some of the highest tariffs in the world for gas, electricity and water rates. Education and healthcare costs remain high. The country is also not the place to be if you are hoping for an inexpensive night out. Restaurants and bars are also more costly than in many other countries although expenses in relation to vehicle ownership and public transport can work out much more reasonably than in the United States or Europe.

Standard shop opening hours are 9 am to 5 pm from Monday to Saturday. The Bahamas remains one of the few places in the world which stops work on a Sunday, although in Nassau and other popular tourist destinations may see shops opening for longer hours and on a Sunday. On some of the smaller islands some businesses and shops may only open on a part-time basis, so expats choosing a less populated area should check locally first to ensure that this meets their needs.

The standard of consumer goods is high and large amounts of branded goods are readily available. This is due in part to the fact that the bigger towns attract wealthier people and local businesses like to cater for them. There is no need for expats to import any goods themselves.