Banking
 

hi
i hope soon to build in Grenada. while visting in the last couple of weeks i noticed that the exchange rates for tourists were much better than in uk and i would like to know if it is possible to take advantage of the better rate when i tranfer money to pay our builder also is it possible to open a bank account in Grenada but would have to do the setting up from here in the uk, is that posible?

Re: Banking
 

You have the option to change it now or wait till the last moment. You will make more interest in the uk, but currency risk may dictate otherwise, the dollar is low right now. The more you change the better the spread, and the better the rate offered, but the rate is live, changes minute by minute, so the deals are best done on the phone.

The issue is that the uk to ec dollar rate is variable, and the spread to the ec dollar is wide.

The cheapest way is to use an FX specialist to change the bulk of the money then place it in us dollars offshore. I use lloyds in the IOM who pay a whole 1% on us dollar accounts.

The us to ec dollar rate is fixed solid by the eccb to i think 2.6882 and xfer fees are charged, but arent significant on big sums - 20us. Do the math amd i think you will win over a single uk to ec transfer by several percent.

Moneywatch website has articles on finding good and more importantly safe uk based fx specialists.c you have to open an account with them so they can comply with money laundering rules.

I sent 200k pounds down for my house very successfully. Watch the place in the sun tv program to see my house...

For smaller sums take us dollars and a no load credit card, best rates from martins moneywatch website.

Re: Banking
 

You can open a bank ac in Gda, it will be needed, and since barclays was shut down, (interesting story btw) no uk bank has links. Personally, i use scotiabank canadian, with good internet access, but i am new, not sure i can hand on heart recommend yet.

You cant open an account unless you are on the island.

Re: Banking
 

Hi Bob
thanks for the advice, certainly something to think about, can you let us know when your house is on the TV we'd love to watch it:goodpost:

Re: Banking
 

The prog went out in January, channel 4, it might be online somewhere, or it will be back om tv some day. Theyve only been to gda twice.

The place in the sun website has photos etc

Re: Banking
 

Hi Bob
just had a look at the winter sun web site. did you go for any of these properties or another?

Re: Banking
 

Yes i own the golf course house, number 2 i think.

Re: Banking
 

had a look at the pics, many congratulations its a lovley house, i'm jealous!

Re: Banking
 

AFAIK Barclays created a joint venture ("FirstCaribbean International Bank") with CIBC in 2001, and each bank rolled their preexisting branches into the JV. In 2006, Barclays sold its stake to CIBC, making CIBC the majority shareholder of FCIB.

I am not aware of Barclays being "shut down" in the Caribbean, and certainly not in Grenada. .... Am I missing a piece of the story? :unsure:

Re: Banking
 

Not something to put online imho, but it is google-able still.

Re: Banking
 

I didn't find anything before, and I checked again Googling for <Grenada Barclays shut> and <Grenada Barclays closed> and nothing obvious popped up. :unsure: ...... Please would you stop being cryptic and either say what you know or post a link to the story. :)