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  1. #1
    villhelm is offline Junior Member 510 points
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    What should i do about money on the island

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    Hello everyone,

    I am headed down for May 09, I have the basic information that is given in the student handbook but would like to know a few things. Are travelers checks usable on the island, are they a good idea? What is the cheapest way to buy goods on the island, convert at a bank, use an ATM card to get EC $. Should i open an account on the island, if so how does the banking process work, do i get an ATM card....

    Thank you

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    joe soap's Avatar
    joe soap is offline Senior Member 512 points
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    Take Trav Checks with you and cash them in when you open an account and to pay your landlord deposit (get a receipt). Ensure you have about 200 bucks in cash on you in small bills (5, 10 and 20) use your Visa or Visa Debit at the ATM's on island. Take enough cash for the week or month. Open a check account at Scotiabank, you get a Visa Debit card and you can use that anywhere in the states too. Beware of the local rates for students, meet with your student mentor and ask many questions. Have fun and study everyday.

    peace...
    Joe Soap MD Hidden Content
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  3. #3
    kofi129 is offline Member 510 points
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    Villhem, If you have a Bank of America checking account, your debit card will be enough with the Scotiabanks in Nevis as they've a relationsip with BOA. I call a BOA customer service and ask and the lady said yes but sounded surprised ther are only two ATMs there. You can use those ATMs without any subcharge to you.
    Grant me, O Lord, to know what I ought to know, to love what I ought to love, to praise what delights you most, to value what is precious in your sight…..****** à Kempis

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    joe soap's Avatar
    joe soap is offline Senior Member 512 points
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    yes BOA works ...i used mine all the time to draw cash ($500 at a time) and paid the money into my Scotia account and wrote checks to pay bills and utilities (best way so you have a record). Kofi and Vilhelm...trust me on this, you want an account there and some money in that account. There are many times that you drive 30 min to town and the ATM service (phone lines, power etc) is down across the whole island. The ATM by the airport is a local bank and there have been numerous issues with NO MONEY coming out the machine so be wary, stick to the two main banks in town and if you are really stuck then the airport ATM or Bank of Nevis ATM as last resort. BY having local checks and loose cash on hand you will be fine if you need money for groceries or hurricane season when power goes down. May will be Hurricane season for you guys...

    PS you will learn that going to town is a planned event due to it taking 2-3 hours out of your day and stores close at 4, banks at 2 except for fridays...so make it count. Class is in session usually 8-4 sometimes longer and when i was there you could only miss 10% ...might be 20% now.
    Last edited by joe soap; 02-11-2009 at 12:17 AM.
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    taare is offline Senior Member 510 points
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    No Need to open a local account. If you are Canadian, I highly recommend you to open a Scotia account back home. As others have suggested, American Debits also work hassle free. If you will be placed in the dorms, don't forget to call admin and find out accepted payment methods so you could bring it down with you. Good luck!!

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    villhelm is offline Junior Member 510 points
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    Thanks guys, this is much needed information as the student handbook tends to be vague on these subjects. Would i get a better rate doing a money transx from my local bank to a bank on Nevis or cashing travelers checks?

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    taare is offline Senior Member 510 points
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    The rate is static in Nevis for approx. $US=2.7 EC. Bank may convert it for [email protected] 2.68/2.69 or so to make some money!
    Its not like Canada, where the difference could jump 10 cents in a week!!

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    villhelm is offline Junior Member 510 points
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    This is some great info.

    I have another couple questions that are along the same line as my original question. How much money should i plan to need every month (not including rent/dorm). Also, what kind of food can i get if i opt for the "meal plan". The reason i ask is i am a vegetarian, not a picky one but i try to remain true as much as i can.

    Thanks in advance.

  9. #9
    kofi129 is offline Member 510 points
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    Villhem, I like your question and I also want to know the answer to that. That'll be interesting to know before we blunder. How much do we need a month? Should we bring all in cash or take it out at the ATM?
    Grant me, O Lord, to know what I ought to know, to love what I ought to love, to praise what delights you most, to value what is precious in your sight…..****** à Kempis

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    joe soap's Avatar
    joe soap is offline Senior Member 512 points
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    Quote Originally Posted by kofi129 View Post
    Villhem, I like your question and I also want to know the answer to that. That'll be interesting to know before we blunder. How much do we need a month? Should we bring all in cash or take it out at the ATM?
    bring enough for a month in T Checks and cash them either in your acc or when needed at the bank. Single student needs about $300 pm and married $500 - $1k pm ...you can do cheaper, but that would be tough....the add rent goes anything from $450 up (less if you share). I needed about 6 -8K per semester to survive....(not single). Like i said you can do cheaper, but its tough with a family. In short, bring 2k in TC when you arrive, draw cash as you go from ATM's during the semester until you find your niche.
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