rlopes

Hello.

I need to open a bank account that allows me to send / receive international wire transfers using the online banking. The banks in Brazil, where I live now, take at least a week to do something simple as that, so I need a better place to do it.

I'll be in Barbados next week for tourism, so I thought about opening my account there, but it seems that their central bank has to authorize each transaction to be processed, which would be a hassle.

Is Barbados a good choice for that? If not, what other country in the Caribbean would work well?

Gordon Barlow

Depends how legal your business is, among other things.

Pistolpete2

Back in the 'olden days' I used to wire (USD) funds into St Lucia to support an ongoing property purchase and inevitably, in spite of my best efforts in advising routing information, the funds would go missing, often for weeks with nothing to do but wait.

I have finally been able to set up an online banking link to wire funds internationally out of St Lucia via CIBC First Caribbean.

I initiated the process live with an online (USD) wire last week to a UK USD account. In spite of the exorbitant wire charges I was feeling fairly euphoric about it all - finally!!!

The funds went missing. Ultimately the beneficiary advised that the funds had been converted to sterling at the request of the remitter (they had hard evidence to prove it). I called the remitter and after six attempts got through to somebody who absolutely insisted that they had sent the funds in USD. I will NOT be doing it again.

It would appear that not much has changed in terms of banking quality in the Caribbean, for me at least, but then I have always really regarded CIBC First Caribbean as c _ _ p, even in their former Barclays days.

If I had another chance, knowing that actually opening accounts can be terribly bureaucratic/paranoid in itself in the Islands - lots of notarised stuff to be done - I would open an account at RBC or Scotia, who at least have proper international presence, though Scotia only cater to business and high net worth clients here in the UK.

When I look at how long-winded basic retail banking transactions can be in typical St Lucia banks, I heave a sigh of relief that I don't have a business to run there, and St Lucia is supposed to be good in terms of business friendliness amongst the Islands in general, for goodness sake. God help the rest!

Cayman and Bermuda are really a whole different ball-game because they have to be responsive to international business needs, though my experience with a long-term relationship with a Bermuda bank has been mostly shocking in recent years.

In fact it was so shocking when I worked there (up to 2006) and had senior treasury responsibilities amongst other things, that it was a major reason for quitting - that old entitlement issue springs to mind, once more.