Thread: RBTT/Compass ATM Machines

So if you have Canadian/American dollars saved in an account from home, and use your international ATM card at RBTT/Compass Banks, do you get U.S. dollars or EC's from the machine?

By the way, for all you Canadians out there, Royal Bank offers a U.S. dollar account with FREE use of a worldwide ATM card.


IndianBabu

Originally Posted by IndianBabu

So if you have Canadian/American dollars saved in an account from home, and use your international ATM card at RBTT/Compass Banks, do you get U.S. dollars or EC's from the machine?

By the way, for all you Canadians out there, Royal Bank offers a U.S. dollar account with FREE use of a worldwide ATM card.


IndianBabu

You will get EC out of any ATM in Grenada... This is then converted and deducted from your account in your home currency. (plus any fees.)

ok, so wut is the most economical way of banking and keeping our loan checks. I have an account here in NY and i spoke with my bank, commerce one and they told me that they dont charge any fees for international ATM's. how does everyone manage their accounts? Is it best for me to keep my account here and use the ATM to withdraw money on campus. I heard that we wont get charged any fees for withdrawing money from the ATM on campus? thanks in advance..

Originally Posted by IndianBabu

So if you have Canadian/American dollars saved in an account from home, and use your international ATM card at RBTT/Compass Banks, do you get U.S. dollars or EC's from the machine?

By the way, for all you Canadians out there, Royal Bank offers a U.S. dollar account with FREE use of a worldwide ATM card.


IndianBabu

best banking for Canadians is through Scotiabank. i have never been let down by these folks while i have been on the island. i have an RBC account which had all sorts of issues of access. i could access my scotia account from grenada and when i withdrew cash it gave me a better rate than the rest of the banks on the island. check it out.

Hey restlesseye,

Did your ScotiaBank account come with FREE ATM usage in Grenada, and was your bank account an American or Canadian Dollar account?

I'm thinking of making a Royal Bank U.S. dollar account, which gives you the FREE ATM card, and I won't lose out on the US-Can dollar conversions.

Can you give the plan/account type info you have with Scotiabank?

Much appreciated,

IndianBabu

I personally have never had a problem just using my home (US) account in Grenada. And my bank isn't even national (it's based in California). I can use my ATM card at the mall, the airport, and at the RBTT machine on campus. Also, keep in mind that if your ATM card has a Visa/Mastercard logo, then you won't even have to actually withdraw cash, except to pay rent/utilities/etc.

While this may not be possible for some, I've found an easy workaround for the loan refund situation:

1) Have your refund check mailed to your home address (US, Canada, or whatever).

2) Before you leave, borrow from family or whoever a few thousand $$$, enough to get you by for a few months, just in case any delays pop-up.

3) Leave a check behind made out to whoever you borrowed the money from for the amount you took with you.

4) When your refund check arrives home, your parents, S.O. or whoever deposits your check into your account, then simply cashes the one you left for them.

Like I said, this may not be an option for everyone, but if possible it works well because you not only avoid potential delays with your financial aid (not common, but it happens), but you completely avoid the hassles, fees, and overall ??? associated with Grenadian banks! Case in point: how many people were inconvenienced trying to get their money from RBTT/NCB/Scotia back into US/Canadian accounts after Ivan? From what I heard, it took weeks at best.

If you can, keep your money in your home accounts. It's just easier in the long run.

Thanks for the advice snitzle. I'm definately keeping my money at home.


IndianBabu

well, it is alot easier to cash your refund check at a grenada bank(my account is at RBTT) than sending it home.
1. have instant access (literally 5 minutes after you make a deposit!!) to your money as opposed to waiting for the check to get home(can take 1-2 weeks if mailed regular mail, a few days if you send by fed ex-and that is expensive)
2. fees, etc- will cost oh 10EC cents to get the stamp when you deposit the money. No fees to open the student savings account and they give you ~3% interest- far more than any interest bearing account in the US. ATM draw are free at any RBTT ATM(and your account can be transfered to Vinnie's with no problem) as opposed to the $1-2 many US banks charge to use a foreign ATM(and then the $1-2 the foreign ATM may charge(though the one on campus doesn't).
3.And as to money trapped- some of us hurricane vets knew to pull as much money out as possible the day before because when the power goes out ATMs don't work and usually the days after tend to be a little chaotic(that's true here as well in grenada) and stores and banks are closed.

I found it easier to maintain two accounts, one in the US for paying bills and having access to money when I'm home and a grenada account for my expenses down there.

Wow Cal, you and I usually are in sync- last few post you and I are totally on the opposite sides!!(Not sure if I like it!! )