Thread: Banking

Can students please advise me about banking and money? Do you just use your bank/credit card from home or do you join a grenadian bank and deposit money into that account to pay with or withdraw cash from atm's on a regular basis? Thanks for your advice!

By the way, I would recommend carrying American Express Traveler's checks if you plan on bringing a large amount of US currency, with some US currency. Not only are you covered if they should be lost or stolen (unlike cash), traveler's checks have better exchange rate than US dollars. If you do bring traveler's checks, keep a copy of the receipts for each booklet back home in the US with someone you trust and a bring a copy with you to Grenada. This way, if you foolishly place the receipts with your checks and then lose them, you still have the identification number and information for replacements.

exchange rates? i thought the rates were fixed something like US $1 = EC $2.7. Am i missing something that i am unaware of?

Originally Posted by argazul

exchange rates? i thought the rates were fixed something like US $1 = EC $2.7. Am i missing something that i am unaware of?

It's slightly higher for AMEX traveler's checks, don't ask me why, but that's what was posted in the RBTT bank next to campus gym.

Oh ok. that's good to know. thanks.

Originally Posted by argazul

exchange rates? i thought the rates were fixed something like US $1 = EC $2.7. Am i missing something that i am unaware of?

The various stores/restaurants in which I shopped/dined, used to round the exchange rate in their favor, and it would cost me a little each time, which adds up, especially when you're on a budget like most students.

Refund checks are usually sent out after the term starts - so yeah, I would call bay shore tomorrow morning and have all refunds sent to your home address in the US.

As for currency conversion - you'll lose some money converting back from EC to US as the rate going that way is 2.71EC = 1US.

I would also definitely recommend bringing about $50-100US down here and hanging on to it just in case. You'll use EC for all your daily expenses and such.

Normally students pick up their refund checks at the time of registration..............but if you want it sent home, then u should inform them earlier, of course.

Originally Posted by tin

Normally students pick up their refund checks at the time of registration..............but if you want it sent home, then u should inform them earlier, of course.

I used to call the FA dept before I would leave for Grenada and have someone back home pick it up in the mail.

Thanks everyone! Epijunky, you always have great advice on all of these threads. I just have a question. Why is it a hassle to open an account in a Grenadian bank? I went on vacation and i got charged $5 each atm withdrawl by bank of america and I also want my refund check given to me at SGU. So, I was thinking about opening an account in Grenada just for my refund check and atm withdrawls and of course keep my current accounts at home. Do you think that is a problem?

ha! Thanks...Um...in terms of the hassle, I believe you have to wait a while before you can get an actual ATM card - that was the biggest hassle explained to me. I know there are other hassles, not as complex (such as just opening the account), but I dont remember exactly what...

Im looking for a list of banks that have low/no foreign atm fees and transaction fees but I cant find it right now - when I do, I'll post it...

As for it being a problem, opening an account here and keeping your others open at home as well - i dont really see a problem (unless your bank account is one of those where you need a minimum balance or else you get charged a fee and you're unable to maintain that balance)...