How will we be able to communicate when we are there?
We will create a group chat in "What's app" once we know who all is going and will use this to communicate with.
Do you need to rent a car?
It depends how much traveling around the island you want to do. There are taxis and shuttles if you stay at a resort or the bus system is cheap and easy to use but if you get an air BNB, I recommend renting a car.
What currency do they use on the island?
Euros and dollars- everywhere takes dollars. Bring some cash but credit cards will take care of you at most places.