Elizabeth.Marley

A question on Banking, What form of ID do i need to open a bank account, do i need a letter from my bank in the UK together with passport and ????
What are the best banks to join?
If i opened an account with a barbados bank can i transfer money into it from the UK without being charged? Not sure what the bank chargers would be, as the banks seem to charge us for doing anything so it wouldn't suprise me.
Thanks
Elizabeth

Netsirk

Bump...

I have the same question.

For me it looks like all of the major banks from Canada have subsidiaries in Barbados and from what I see on their websites you need
1 - letter from your home bank saying that you are a good credit user (BGI bank will request this from your home bank) and
2 - You need a permanent address in BGI.

I will be travelling to Barbados next week and I suppose I will try to setup an appointment to meet with someone from the same bank I deal with in Canada...

Does anyone recommend any particular bank to deal with? Maybe in terms of bank machines...? Locations...?

Thanks!!!

Kris

Sunniebgi

I personally bank at First Caribbean, but only because my original account was with Barclays and it was a crying shame when CIBC took them over.. oh I'm sorry, merged with them to form FC. and don't assume just because your bank in Canada has a branch in Barbados that it means anything. especially with transfering funds. Once you have money here, even as an ex-pat doesn't mean you can move your money easily out of here.. maybe easier than a bajan but still not that easy.

and yes.. assume they will charge. a dollar just to use the ATM.. 2.00 to Deposit money.. 2.00 to take out money.. and the list goes on and on..

My husband likes Scotiabank (at the moment).. he was also a long time Barclays Premium Customer, but FC didn't accord him the same services when they started up.

Again. might be different for an expat who is only here temporarily (even for 2 or 3 years).

Netsirk

Thanks for your thoughts!!

Hmmm.... well that 'frees' me from dealing with the same institution... is there a bank that anyone is happy with? I don't mind wiring myself the money and depositing it in BGI and just closing my CDN account over the phone. When I talk to the bankers up here about accounts in BGI they just laugh and tell me they're jealous about the weather... not much help...

I was thinking Scotia or HSBC... I just need a chequing account, savings account and credit card. Nothing fancy.

I'm probably missing something but why would it be hard to move money in/out of the country?

expat_wannabe07

I'm with Royal Bank of Canada, and can't complain....they do everything i ask of them. I've used the branch at St Lawrence Gap for 4 years now, and as it's a small branch, the staff members know me, and the customer service i get is pretty good i have to say. When i'm off the island, I use their internet banking service, for which i pay $5 per month.

Sunniebgi

I would suggest that you close your Canadian account, or if at all possible leave money there to keep the account (if there isn't some kind of monthly charge). mainly just to have it.

again, it may be different for ex-pats, which actually i'm one, but haven't every tried it any other way, Bajans can only export very small amounts of money every year out of the country. So don't put your eggs in one basket as they say. and keep your Canadian Credit card.. If you are purchasing items overseas sometimes companies will not take credit cards from banks outside US or Canada even if the card is off of a US/Canadian Bank.

My suggestion is to visit several banks, most if not all have ATM's these days. I do most of my transactions via ATM or fast deposit (can't stand to wait in queues). Some have only just started internet banking so check that out as well.

jondent

I use First Caribbean as well. But then as previous stated I'm a Barclays customer as well, so opening an account was pretty easy. That said, I did have to bring 3 forms of ID and be there in person.

As to charges to move money, open an account at HIFX. They are usually the cheapest

Cheers

Sunniebgi

Sorry what I meant to say was.. I would not suggest you close your Canadian account.. but to if at all possibly some money there to keep your account active.. and also not to bring all your money into Barbados.

Netsirk

Yes thankyou! I just learned that BGI has exchange controls so keeping large sums of money in a Bajan currency account would in fact be a terrible idea. If I decide to let go of my CDN account I'll use a USD account while in BGI or find another way around the currency controls.

Sunniebgi

I'm not even sure about USD accounts.. well they are here, but there is also control over getting that money out.

I would suggest keeping your CDN accout, opening an account in BBD here, but just not keeping too much funds in that. in may be a situation where you take out the funds change it to cdn and then send it to your bank in Canada. I'm not 100pct how much an expat can take out and send out of the country every year, but I'm sure there is control on that as well.

Netsirk

Ok, that all makes sense to me. Bottom line, I will hang onto a CDN account or find some way not to keep more cash than I need in BGI.

Cheers!