Bank recommendation?
#1
Just Joined
Thread Starter
Joined: Sep 2020
Posts: 2
Bank recommendation?
Hi all,
I am planning to come (from the United States) and stay for nearly 4 months with my family, and maybe longer (with the 12 month welcome stamp). We are luckily able to work remotely. I am wondering about opening up a bank account in Barbados to use while there. How complex is this, and is there any reason that I should not do this? I am assuming that it might be easier to have a local bank account for this long of a stay versus using my U.S. cards, accounts, etc. Thoughts? Which bank would you recommend?
Thanks!
I am planning to come (from the United States) and stay for nearly 4 months with my family, and maybe longer (with the 12 month welcome stamp). We are luckily able to work remotely. I am wondering about opening up a bank account in Barbados to use while there. How complex is this, and is there any reason that I should not do this? I am assuming that it might be easier to have a local bank account for this long of a stay versus using my U.S. cards, accounts, etc. Thoughts? Which bank would you recommend?
Thanks!
#2
Forum Regular
Joined: Oct 2009
Location: St George
Posts: 189
Re: Bank recommendation?
If you have US cards then I don't see any advantages in opening a local account for a short term stay. If you are going to be paid here then it might be different. Chip and Pin is common here, some places have contactless payment, so if your cards are suitable you will be fine..otherwise you can still sign in most places.
Of course using your US cards might mean additional charges.... so a local account might then be useful.. but be aware there are currency controls in Barbados which might be a concern at the end of your time here.
Of course using your US cards might mean additional charges.... so a local account might then be useful.. but be aware there are currency controls in Barbados which might be a concern at the end of your time here.
#3
Re: Bank recommendation?
I'd pretty much agree with what Ian says. the only thing that will happen is that your card will be done on the bank rate, rather than the 2 Barbados to 1 US rate (which many places use.. some do not.
If you really think you need a local account, I'd try CIBC/First Caribbean.. or Republic Bank.. you could write to them or try to contact someone first and have a chat before you get here.
My sister-in-law (Bajan/Canadian) has or has tried to have, a Barbados Account for years. they have a home here so having an account here is more advantages (although their money is earned in Canada). she was here in July/August and found the whole experience excruciatingly painful having been given one set of info on the phone and different set , once inside the bank.
If you really think you need a local account, I'd try CIBC/First Caribbean.. or Republic Bank.. you could write to them or try to contact someone first and have a chat before you get here.
My sister-in-law (Bajan/Canadian) has or has tried to have, a Barbados Account for years. they have a home here so having an account here is more advantages (although their money is earned in Canada). she was here in July/August and found the whole experience excruciatingly painful having been given one set of info on the phone and different set , once inside the bank.
#4
Re: Bank recommendation?
..... My sister-in-law (Bajan/Canadian) has or has tried to have, a Barbados Account for years. they have a home here so having an account here is more advantages (although their money is earned in Canada). she was here in July/August and found the whole experience excruciatingly painful having been given one set of info on the phone and different set , once inside the bank.
Unless you know of a compelling reason to obtain a local account I would stick with using your existing accounts and accept the charges and exch rate as part of the cost of your stay.
#5
Forum Regular
Joined: Dec 2009
Location: Holetown
Posts: 57
Re: Bank recommendation?
I have been with Scotia Bank in Barbados for 20 years . and I wholeheartedly recommend them,but I hear it is harder to open an account there now than it was when I did the same and it was as easy as falling off a log. At the very least,you will need a letter from your present Bank Manager confirming that you are a good client. I know visitors who have opened an account even without being Property Owners in the last 5 or 6 years so -----------------------------
What else they will expect from you , I really don't know. Good luck.
What else they will expect from you , I really don't know. Good luck.