More money/banking tips...

My suggestion to anyone needing funds immediately upon arrival in a country is to use travelers checks and depositing them in your new bank account upon arrival. The only problem with the travelers checks is they are cumbersome, come in low denominations (RBC only had them in $100 denominations), they take a long time for the bank to create and they require many signatures. I would have needed to carry about 150 of these travelers checks to accomplish what I needed. My local bank did not even have that many in stock. So if you are planning a long trip and need cash fast upon arrival, prepare way in advance of your departure.

If you plan on opening a bank account in a foreign country, check what the requirements are for a foreigner to open an account well before your trip. Call the banks in the country you are going to. All the banks in Grenada wanted different items, but some of the things they required were: Passport, a second form of photo ID, a utility bill from home, a letter of introduction from your bank, a letter of reference from your employer, and a letter of reference from a professional in your community. I'm sure there are others that I forgot.

It is also important to remember to declare when departing your country of origin if you are carrying more than $10,000. You do not want your funds confiscated if you get caught with it at your destination or going through the security check. This includes cash in all currency types and or forms (Travellers checks/bank drafts). This would also apply to driving into other countries.

Let your Credit and debit card companies know that you will be travelling to another country and how long you will be gone. Also check the strips on these cards for condition well before you leave so you can order new ones if they are needed. I have not encountered a chip card reader here yet. I also contacted all the credit card companies of cards I would not be using to let them know that these cards should not used while I am away. I put those cards in my safe deposit box.

While visiting my home bank, I had a power of attorney applied to my accounts in case I needed something done while I was away. Banks prefer their form to one from a lawyer, which they will accept but there are more hoops to jump through. I also told the branch to put a note on my account not to accept any applications for credit during the period we were to be away.

I use my credit card to make many purchases here as well, as the exchange rate offered is not that bad compared to what the banks give you and it allows you to carry less cash.

I would like to give a shout out here as well to all the staff of my home RBC Branch in Brighton as they have been outstanding!

Buying a car and banking in Grenada

A couple of weeks ago I purchased a Honda CRV to get around in Grenada. Finding the car was relatively easy, completing the deal with the banks was much harder.

Note the turned in mirror so you can squeeze by parked traffic when meeting other cars #narrow roads

Before leaving for Grenada, I knew that I would be purchasing a vehicle to get around. I inquired about setting up bank accounts in Grenada and decided to open one with RBTT when arriving as they are associated with RBC in Canada whom I also currently bank with. Electronic transfers of funds are not available, and that probably has something to do with taxes on funds in other countries. But after speaking with both banks I was basically told that bank drafts were the way to go so my money would be available right away. After arriving in Grenada this changed. They wanted to hold my money for 30 days to let it clear. This was not good as I could not afford to rent a car for a month while waiting for my money. After pestering the RBTT daily, I was able to get the funds after 2 weeks, they were reluctant though.

If you can, try to befriend a local in the community to help you with your car search. Thank you Tim Morris for introducing me to Sylvester here in Grenada. Tim is a coworker of mine at CFB Trenton who is also Grenadian. After arrival in Grenada I contacted Sylvester and he took me around to see some of the vehicles I had seen on the internet and to some local dealers as well. Sylvester was also able to negotiate a better price for the CRV I bought, as he knew the local market.

My main concern with my purchase was resale value and how quickly I could sell the car when we leave. This caused me to spend a little more than I intended, but as long as I get around 75% of my purchase price back, I will be happy as that would have been the equivalent to my bus and taxi transportation costs while we are here. Champ, the owner of the dealership is interested in purchasing the car back from us when we leave, so this will allow us to keep the car up until our departure date.

As I bought from a dealer, he took care of the transfer of ownership for me and set me up with insurance for the year. $750 XCD or about $300ish CDN. This does not include repairs to my car if I cause the accident. Cars are inspected annually (Green sticker on Windshield) in Grenada and it transfers to new owners, so I do not need a Safety until March 2015.

Note: Cars in Grenada are right hand drive and you drive on the left side of the road. Link to driverabroad.com, a great resource regarding Driving in other countries. Just over 30% of Countries do this.