Hola folks. I have read a number of posts on this subject under a variety of headings, but I guess I am still a bit confused.

When we first come down to the island (in May), one of the first things we need to do is set up a checking/debit account with the local bank near campus. However, other than a couple hundred dollars U.S. that we personally bring with us for spending cash for the first nights on the island, I'm not too comfortable with bringing the minimum $2000 that I will need for rent, deposit, telephone, food, etc. Plus, the wiring fees are ridiculous!

If we bring that large amount in AMEX travellers' checks, could we immediately open an account with the bank, and have our new funds converted to EC$ that we can withdraw for the large expenses?

N.B. :

Many apologies for rehashing this topic, my only interest is clarifying the specifics of these kinds of errands so we can plan out contingencies ahead of time.

Don't worry too much about rehasing questions, we know things are confusing.

Yes, if you bring travelers checks you can set up your account the day after you arrive. The bank will be close by the time you get the island and to campus.

What bank do you use? Why not just use your Check Card to transfer money in?

If you are REALLY REALLY confused, seach for National Commercial Bank of Dominica on a search engine, go to their website and get their phone number and call as ask the specific questions.

Hope this helps!

MitchDC

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MitchDC/MD
RUSM 2006 Graduate

MitchDC-
Does that mean we can just bring our ATM/check card ( mastercard or visa) and transfer large amounts? Should we bring at least some cash? What do you suggest?

Thanks.

YES, Bring some cash ($1000?) and your CHECK card (not just your ATM card). This is cheaper that "wiring" money to your account down here.

Again, just my opinion and experience. If you want to make sure, call the National Commercial Bank of Dominica (its on the Internet).

MitchDC

__________________
MitchDC/MD
RUSM 2006 Graduate

Mitch--

Can you clarify that for us (checkcards vs wiring)? I called Bank of America yesterday and they didn't know anything about this.

Can we use our checkcards to open up a bank account at NCB? Is that different from wiring money? If we use our checkcard to open up an NCB account, how soon will those funds be available for withdrawal? Is it faster if we just use traveller's checks or international money orders to open up a bank account?

Bank of America said we could use our checkcard to pay for hotels and stuff, but they have no idea how much the transaction fee is (Dean Wagner mentioned something about a transaction fee every time he uses his card). My friend and I called Bank of America a few times yesterday, hoping to get lucky enough to get someone with a clue, but no one knew anything about this.

Thanks.

Okay, I'll try:

You know in the states you can use your Check card at the ATM to get cash? You can also use it at the store to get food? Its a multi-use card. Well since that card can be use anywhere VISA/MASTERCARD is accepted, they can slip it through their machine at the bak here in Dominica. Once the slip that card through, your money is deposited in their account. They charge you the transaction fee and deposit that money in your bank account here. They call it a "cash advance", but its really you just getting the money you already have with a small transaction fee.

WIRING on the other hand involves you requesting your bank to send your money to another bank through a "wiring service". When you wire money you usually pay a "send fee" to your bank and a "receive fee" to the receiving bank, in addition to a "wiring fee" to the intermediary company. It can get expensive and complicated.

SO what was Dean Wagner talking about? Let's look at an example: You know how you get charged an extra fee if you use your BofA ATM card at a Wells Fargo? Usually that fee is $2-3 each time. Well, if you use your card here, you are charged that fee because the ATMs here are definitely WAY OUT OF NETWORK.

You can use your check card or credit card at a lot of the larger businesses here, but they also tack on the transaction fee that VISA/MASTERCARD charges them to allow you to use your card. In the States, the businesses usually absorb this transaction fee, but here they can't afford to do that.

Is this making sense? If not, keep asking questions until it does. Its important that you are comfortable about this.

SIDE NOTE: your savings account here will make interest at a better rate than any regular account you would have in the states. Pretty good deal.

MitchDC

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MitchDC/MD
RUSM 2006 Graduate

I think i know how it works with the check card. What I need to know now is what is the best way to send money back to the bank in the US. I know I won't be using up all my loan money, so I want to put the rest in my bank in the US so my parents can pay some of my outstanding bills.

You are correct, you will have extra money. To send money back you cannot use your check card. For that, you must wire the money back home. The local bank will charge you a fee and the bank in the states will do the same. There are other options, but they really aren't realistic.

MitchDC

__________________
MitchDC/MD
RUSM 2006 Graduate

Thanks, Mitch!

But you missed one question: If we use our checkcard to open up an account at NCB, how soon will those funds be available for withdrawal? Will the funds be available sooner if we open up an account using traveller's checks or international money order?