Bank recommendation?

Old Sep 15th 2020, 4:38 pm
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Default 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!
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Old Sep 15th 2020, 6:50 pm
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Default 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.
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Old Sep 18th 2020, 1:25 pm
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Default 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.
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Old Sep 18th 2020, 6:03 pm
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Default Re: Bank recommendation?

Originally Posted by Sunniebgi View Post
..... 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.
I don't have any specific information for banks in Barbados, but generally most countries have made it harder and harder to open a bank account if you are not a resident. This has been progressive over at least 30 years, but has tightened considerably over the past 20 years, so while it might be "possible" for you to open a local bank account as a visitor, it might be onerous to meet the documentary requirements as you are not "permently embedded" in the local country with fixed address and local identifying documents that can be easily verified.

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.
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Old Sep 19th 2020, 10:11 pm
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Default 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.
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Old Sep 22nd 2020, 5:18 pm
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Default Re: Bank recommendation?

Thanks everyone for all the advice! I will check my cards here to see which is the best to use while abroad.
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