It's probably not worth bringing a lot of cash. Grenada's laws aren't published on the Internet, but presumably they are similar to US and Canadian laws. In both the US and Canada, you must report if you cross with more than $10,000 USD/CDN. However, neither country has a limit; they just want you to report it to prevent organized crime (in fact, if you make a wire transfer or write a cheque for a large amount, the bank will report the details for you). They can search you at customs and give you a fine or confiscate anything you don't report.

If you really want to bring a bunch of money, I'd suggest some cash ($1000 USD/CDN or less) and then a bank draft or personal cheque for the rest. There are Western Unions here, although I've never used it. Typically, I withdrew about $600 USD/CDN per month in first term and about $400 USD/CDN per month in second term (really haven't figured out why so much less...) So, I don't think you'll need more than $5,000 USD/CDN for your first term (unless you're buying lots of alcohol... I didn't.)

__________________
MS2 at SGU SOM

I am on the account where, if I maintain a minimum balance of $2,000 CDN, I get all of my fees waived. Scotiabank in Canada is part of the " Scotiabank - Global ATM Alliance ", which means, oddly enough, that it is partners with Scotiabank in Grenada. As such, they are not "the same bank" (i.e. you cannot go to the teller in Grenada to access your account in Canada), but they do waive fees for ATM transactions. Perhaps you should phone them and ask about this, because you should not be charged.

__________________
MS2 at SGU SOM

I think I just answered that question in my last post. But, to recapitulate (you'll learn to love that word in histo ), you can access your money held in a Canadian Scotiabank at a Grenadian Scotiabank by using your ATM card. There should be no international access fee (normally $5.00) but you may be charged the standard ATM access fee (65/85 cents) as you would at a Canadian Scotiabank ATM, depending on your account. More info:
Scotiabank - Scotiabank Account Fees at a Glance
Scotiabank - Global ATM Alliance

The ATM will provide local currency (in Grenada, the Eastern Caribbean Dollar) and will give you your balance info in EC as well. Otherwise, I do my other banking online. I have not opened an account locally. If you have any other questions, feel free to ask.

__________________
MS2 at SGU SOM

Thanks for the info! How convenient is the ScotiaBank in Grenada if I live on campus? Without the transaction fees I guess you don't need to withdraw large amount of money every time then? cuz I am also concerned about safety of the money if i need to withdraw a lot.

Also, you withdraw money from your CAD account not USD account right? Is there hidden additional fees for the currency exchange for each withdrawal? Which is a better idea: keep CAD account and withdraw EC and pay all additional fees (if any), or open USD and exchange CAD to USD and withdraw EC?

Some belated info for anyone living in the great state of TX. Frost National Bank doesn't charge any fees for international transactions, although Pulse will get you for 1% for any ATM withdrawals so I try to use my debit card whenever I can.

__________________
Way to go, James!! I'm keeping you the rest of the term.

My apt complex uses 2.69 EC / USD.

__________________
A definition of inappropriate: India accepting millions in foreign aid and then sending a probe to the moon. Now I ask you.....
NO FLY LIAT

Do they specify rent in USD or EC?

__________________
MS2 at SGU SOM

rent is usually in USD

i've noticed a lot of people here have been posting that they do not open an account on the island.. for the newcomers, despite what you read here many people do open an account on the island. it is very convenient since there is an atm right there on campus. i would though recommend you go open the account at the branch in grand anse (near the grocery store) since the line tends to be shorter and you can pick up your atm card a week sooner.
i just take $1000 US cash and deposit as soon as i get to the island.
much nicer than having to carry around a lot of EC till you get back out to the scotia atm (which though it isn't far, you'll be so busy with labs, lectures, etc in first term, will make it more of a chore). no fees and you actually open a savings account so you earn a little interest on it, haha

Mine is in EC. Since ATMs have withdrawal limits, we had to withdraw rent over 2 days, so plan for that.

__________________
~~SGU M1~~
Class of 2012