Banking Questions (For Canadians)

[elliemd]

Hi all,
I have a few questions in regards to banking on Saba and here they are.
We all know that there are two banks on Saba (First Caribbean International and RBTT).
1) Which of the two banks is it better to bank at in regards to service fees?
2) What are the service fees for a chequing or savings account?
3) Is there a 1% surcharge tax on withdrawls? If so are we as students omitted from this charge as we are "non-residents"?
4) Is there a fee for cashing AMEX Traveller's Cheque's or USD Money orders or drafts?
5) Have any Canadians gotten a US "check card"? If so what bank provided it to you and how so?

For the US students:
1) What is the service fee charged for withdrawls every time you use your check card?

[3xy]

Hi all,
I have a few questions in regards to banking on Saba and here they are.
We all know that there are two banks on Saba (First Caribbean International and RBTT).
1) Which of the two banks is it better to bank at in regards to service fees?
2) What are the service fees for a chequing or savings account?
3) Is there a 1% surcharge tax on withdrawls? If so are we as students omitted from this charge as we are "non-residents"?
4) Is there a fee for cashing AMEX Traveller's Cheque's or USD Money orders or drafts?
5) Have any Canadians gotten a US "check card"? If so what bank provided it to you and how so?



For the US students:
1) What is the service fee charged for withdrawls every time you use your check card?


I just opened an account with National City a month ago and I now have a check card. I believe most U.S. banks provide that option (if not all). National city's withdrawal fee is $1.50...definitely beats wire transfer fees or credit card cash advance fees (plus foreign transaction fees) if you withdraw using your visa...

Another canadian on this forum suggested opening an acct with TD bank and then opening an account with their U.S. based financial institution-Waterhouse.

[3xy]

The fees on the Visa check card vary depending on the bank. It's usually $1.50 per withdrawal but check with the bank as there are usually foreign transaction fees of about 2%...about $10 for every $500 withdrawal.

If you bank with RBC, you can use your client card to withdraw from any ATM abroad with the Plus logo (RBTT has it). The fee is $5 ($3 within the U.S.), and although it's a bit more, the last time I checked there are no other fees involved so you can withdraw as much as you want and not have to worry about foreign transaction fees.

Also, for canadians looking for loans...I would suggest getting a loan with RBC. They can approve you for $150,000 (CAD) without a co-signor. The have a lower interest rate compared to TERI or health express, no origination fees, and you don't have to worry about applying every 2 semesters. Also, they will waive your banking fee, approve you for a Gold Visa (unless you've had some problems with your credit), and one of the biggest plus is that you will have a personal account manager to talk to everytime you need help. Mine has been really helpful and I email him every now and then for clarifications. I got approved by TERI for a bigger amount (per semester) because I have a co-signor but I opted for RBC. The service is definitely better.

PM me if anyone needs help.

[jratushny]

What I found useful...

I opened an RBC Line of Credit. It is the easiest and quickest way to have access to funds when you need them. And with online banking you don't have to worry about transferring funds.

While on island, use a credit card for everything. If you need cash, go to one of the islands banks and get a cash advance. Use your credit card for any purchases (hopefully collecting points towards something).

The only other advice I would give to a Canadian is to open an American Chequing account with RBC. This way you can transfer funds online and then write cheques in American $$, this makes it easy to pay for tuition while you're on the island. And, later when you're in the USA for clinicals, you'll be writing cheques all the time.

If you have any questions, please feel free to PM me.

Jeff

[plabon]

i talked to the my branch manger for RBC bank regarding using my client card to get money from ATM machine in Saba. in simple words he said as long as the ATM machine over there has the 'plus' logo i can withdraw cash for $5 bucks service fee any where in the world. the ammount of moneey usually given is determined by the limit set by the local bank and not royal bank. they will do a qich conversiton ( not the best rate) and give you the local currency. another thing he adviced me to do is sign up an application at royal bank for no charges that will give power of attorny to any one i trust. thsi way that person can handle all my banking in my absence.