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  1. #1
    robmd is offline Junior Member
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    money on the island

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    Hey all

    I had a few questions about money on the island.

    The school said that it needs a check from an American bank for the tuition? How does that work, do you send you loan money back to america to your bank then draw a check from that?

    2. how do you get money on the island, do you get a back acount and put part of your loan money in it?

    3. What is the going interest rate for getting a loan at SABA, just wondering if it wold be better to get a loan here in the US?

    4. Is it better to pay with there type of money then US dollars?

    Thanks so much

    Rob

  2. #2
    WantMD is offline Member
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    Hi Rob,

    To the best of my knowledge here is some info:

    1) The first semester you have to pay up front before the loan money comes in. EIC receives your loan money, they take what is theirs (nothing the first semester) and the rest is either sent to you as a check or wired directly to your U.S. bank account.

    2) I would leave my loan in a U.S. bank. You can write a check from your U.S. bank to your SABA bank whenever you need money in your local account.

    3) Your Teri student loans will come from a U.S. bank. The interest rate is the Wall Street Journal Prime Rate minus 0.5%.

    4) I heard that U.S. money is the standard for payment. Anyone please correct me if this is not the case.

  3. #3
    Bamaguy(formerly RWL22) is offline Junior Member
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    reply

    go to RBBT bank in windwardside with your driver's licesnce(an American one will do.) and a credit card. You can get cash of your credit card. I would advise you to use dollars instead of Guilders here. The exchange rate is $1=1.8 guilders and I've noticed that I haven't been getting the same value in guilders as in dollars. For instance a Coke will cost you $1.50 and and they will charge you 3 guilders and not give you any change.

  4. #4
    dt
    dt is offline Elite Member 510 points
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    Wow, this RWL22 sure gets around!


    dt (formerly NOT RWL22)

  5. #5
    WantMD is offline Member
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    Account

    Is a bank account on the island really necessary then? Can you pay utilities with your credit card and/or american check?

    WantMD.

  6. #6
    ResearchingGuy is offline Senior Member
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    Utilities 'n' Stuff

    The phone company (Satel)will take a credit card, but I don't think the electric company (GEBE) will. Almost nobody (except maybe your landlord and don't count on that) will take an American check. It takes about six weeks for one to clear. Best bet is to do what bamaguy suggested and get some money on your card from RBTT and pay the stuff in cash (get a receipt!).

    I can't think of any particular reason a local bank account is necessary as long as you can keep track of cash and have a card and an accoun t back home.

    Best of Luck!

  7. #7
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    Ferrarijp is offline Member
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    Please... just for clarification

    Can the bank on SABA cash checks from my american bank so I can have cash on the spot, or do I need to have an account open with the SABA bank so this can occur?

  8. #8
    sheraz is offline Newbie
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    atm

    are there any atm machines on the island or on st marten?

  9. #9
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    Ferrarijp is offline Member
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    answer... please some clarification

    none on saba... some on sint. maarten

    Can the bank on SABA cash checks from my american bank so I can have cash on the spot, or do I need to have an account open with the SABA bank so this can occur? I have also heard the banks can cash up to $500 from a debit card... but do they charge?

  10. #10
    LikeMD is offline Junior Member
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    Money

    So what is the best way to have money on hand so that I can purchase items that I may need?

    LikeMD

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