currency exchange

Old Jul 25th 2009, 4:44 pm
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Default currency exchange

Hi everyone. Just thought I would check to see if any of you had the answer here before I go queue at the bank to find out . On our last trip to America, my husband used his full annual foreign exchange allowance to purchase USD (cash and travellers cheques) and the cashier said he would have to get Central Bank permission if he wanted to buy any more USD this year.

I think I know which form he needs to complete, but was just wondering if he needs to take this to the Central Bank in person and wait until this is approved before we can purchase more USD travellers cheques, or if this is just a formality, i.e. he completes this form at his local bank branch and can then purchase the USD travellers cheques straight away? I could purchase travellers cheques in my name but am not keen on doing this and would rather they be in his - but I will have to do this if he needs to go to Central Bank in person, as he does not want to do this because of the hassle of taking time off work etc.

I know that we can purchase 500 USD (cash each) for the next trip but we need to take more funds than this. Does anyone know what the limit is at the airport - I am assuming that is only 500 USD per person as well.

Many thanks for any info.
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Old Jul 26th 2009, 8:32 pm
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Default Re: currency exchange

Sunset

I have had to travel several times to the states since moving here. I'm not certain which bank you have used. I have bougth travelers checks and USD at Scotiabank and have never had any notation placed in my passport nor do i have a bank account there. I just showed up with my passport, airline ticket/printout and the money. Maybe they have my name in the computer someplace and will deny me soon but seems unlikely. This has been the branch close to The Ackee Tree in Hastings? Strange but true...might be worth a try
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Old Jul 27th 2009, 12:14 am
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Default Re: currency exchange

Hi - I think if you have been "resident" less than 3 years the limit does not apply, however, over 3 years then the limit is 7,500 BDS per year, and the cashier noted it on our bank account somehow, as it has appeared on our bank statement as "full allowance used" or something like that - this is FCIB. I guess we could try it at Scotiabank (we do have an account there) and see what happens, and play dumb if necessary - I am not sure how it's supposed to work really i.e. do the banks "talk" to each other regarding fx transactions, or is it noted under his passport no. etc.
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Old Jul 28th 2009, 3:58 pm
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Default Re: currency exchange

I was told by Scotia that I do have a 7,500 bds limit as well, I maxed that out on my first trip home and have since exchanged more at the same bank. They have no idea how long I've been here because they just looked at the id portion of my passport. I am told by others that they are supposed to make a notation in the passport but it doesnt seem to be consistant. Some banks wont change money if you dont have an account there. You cant even cash a check from one bank to another so I really doubt they communicate as such. Good luck.
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Old Aug 12th 2009, 9:11 pm
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Thanks bimbound - think we will play dumb and attempt to get them at our FCIB branch and take it from there if that fails :P
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Old Sep 4th 2009, 4:26 pm
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Default Re: currency exchange

agggggghhh - crashed and burned! They refused to give him travellers cheques OR the usual $500 in cash i.e. NOTHING - it's so irritating and the limit is just too rediculously low -now he has to go make 2 trips in person to the Central Bank just to get some holiday spending money - like when you have to go all the way in person to Cable and Wireless for issues because they won't sort it out without a visit in person - and the 3 trips it took to immigration over 5 months just to get my extension of stay stamp - it's the little things like this that drive me mad! But I suppose you have to take the bad with the good. Hmmmm - sorry rant over.
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Old Sep 4th 2009, 5:25 pm
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Default Re: currency exchange

Can you use your bank card overseas? If so, couldn't you go to an ATM in the US and get US cash?

Or, what about using your credit card while travelling as much as possible and then just paying it back?

HTH
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Old Sep 4th 2009, 5:47 pm
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Default Re: currency exchange

Hi foxy - to my knowledge we can't use our fcib card to take cash out of an atm in the US and our credit card also has the USD currency limit so we need to save that for flight/hotel/car hire/large purchases/bills. Don't want to use our UK issued credit/debit cards as husband gets paid in BBD not pounds so we can't run up big bills on our UK funds as we have the same problem - going to Central Bank to get permission to transfer funds or pay foreign credit card / bills. We do have permission to transfer part of our income to the UK but this has to cover 2 mortgage payments/house bills etc. I just find the whole process for obtaining foreign currency for holiday travel here to be rediculous and long winded - as you can tell!
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Old Sep 4th 2009, 7:08 pm
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Default Re: currency exchange

oh sorry... you're right. i don't think they allow it in overseas atms. too bad, as that would have been too easy, right?

That's a pickle... sorry I couldn't help. Good luck!
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