Banking
#1
Just Joined
Thread Starter
Joined: Jul 2013
Posts: 7
Banking
hi
i hope soon to build in Grenada. while visting in the last couple of weeks i noticed that the exchange rates for tourists were much better than in uk and i would like to know if it is possible to take advantage of the better rate when i tranfer money to pay our builder also is it possible to open a bank account in Grenada but would have to do the setting up from here in the uk, is that posible?
i hope soon to build in Grenada. while visting in the last couple of weeks i noticed that the exchange rates for tourists were much better than in uk and i would like to know if it is possible to take advantage of the better rate when i tranfer money to pay our builder also is it possible to open a bank account in Grenada but would have to do the setting up from here in the uk, is that posible?
#2
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,777
Re: Banking
You have the option to change it now or wait till the last moment. You will make more interest in the uk, but currency risk may dictate otherwise, the dollar is low right now. The more you change the better the spread, and the better the rate offered, but the rate is live, changes minute by minute, so the deals are best done on the phone.
The issue is that the uk to ec dollar rate is variable, and the spread to the ec dollar is wide.
The cheapest way is to use an FX specialist to change the bulk of the money then place it in us dollars offshore. I use lloyds in the IOM who pay a whole 1% on us dollar accounts.
The us to ec dollar rate is fixed solid by the eccb to i think 2.6882 and xfer fees are charged, but arent significant on big sums - 20us. Do the math amd i think you will win over a single uk to ec transfer by several percent.
Moneywatch website has articles on finding good and more importantly safe uk based fx specialists.c you have to open an account with them so they can comply with money laundering rules.
I sent 200k pounds down for my house very successfully. Watch the place in the sun tv program to see my house...
For smaller sums take us dollars and a no load credit card, best rates from martins moneywatch website.
The issue is that the uk to ec dollar rate is variable, and the spread to the ec dollar is wide.
The cheapest way is to use an FX specialist to change the bulk of the money then place it in us dollars offshore. I use lloyds in the IOM who pay a whole 1% on us dollar accounts.
The us to ec dollar rate is fixed solid by the eccb to i think 2.6882 and xfer fees are charged, but arent significant on big sums - 20us. Do the math amd i think you will win over a single uk to ec transfer by several percent.
Moneywatch website has articles on finding good and more importantly safe uk based fx specialists.c you have to open an account with them so they can comply with money laundering rules.
I sent 200k pounds down for my house very successfully. Watch the place in the sun tv program to see my house...
For smaller sums take us dollars and a no load credit card, best rates from martins moneywatch website.
Last edited by uk_grenada; Apr 10th 2014 at 11:52 am. Reason: Spelling
#3
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,777
Re: Banking
You can open a bank ac in Gda, it will be needed, and since barclays was shut down, (interesting story btw) no uk bank has links. Personally, i use scotiabank canadian, with good internet access, but i am new, not sure i can hand on heart recommend yet.
You cant open an account unless you are on the island.
You cant open an account unless you are on the island.
Last edited by uk_grenada; Apr 10th 2014 at 11:49 am. Reason: Spelling
#4
Just Joined
Thread Starter
Joined: Jul 2013
Posts: 7
Re: Banking
Hi Bob
thanks for the advice, certainly something to think about, can you let us know when your house is on the TV we'd love to watch it
thanks for the advice, certainly something to think about, can you let us know when your house is on the TV we'd love to watch it
#5
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,777
Re: Banking
The prog went out in January, channel 4, it might be online somewhere, or it will be back om tv some day. Theyve only been to gda twice.
The place in the sun website has photos etc
The place in the sun website has photos etc
#6
Just Joined
Thread Starter
Joined: Jul 2013
Posts: 7
Re: Banking
Hi Bob
just had a look at the winter sun web site. did you go for any of these properties or another?
just had a look at the winter sun web site. did you go for any of these properties or another?
#7
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,777
Re: Banking
Yes i own the golf course house, number 2 i think.
#8
Just Joined
Thread Starter
Joined: Jul 2013
Posts: 7
Re: Banking
had a look at the pics, many congratulations its a lovley house, i'm jealous!
#9
Re: Banking
I am not aware of Barclays being "shut down" in the Caribbean, and certainly not in Grenada. .... Am I missing a piece of the story?
#10
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,777
Re: Banking
Not something to put online imho, but it is google-able still.
#11
Re: Banking
I didn't find anything before, and I checked again Googling for <Grenada Barclays shut> and <Grenada Barclays closed> and nothing obvious popped up. ...... Please would you stop being cryptic and either say what you know or post a link to the story.