Banking & Expenses

Banking
It may be helpful to open a local bank account when you are in Grenada. Sending Financial Aid checks securely back to a home bank can be expensive; opening a local account may simplify a “savings account” with an ATM card. Checking accounts are only available after a savings account has been open for six months.

There are five main banks in Grenada:

  • RBTT Bank (the only bank on campus)
  • First Caribbean International Bank
  • Grenada Co-Operative Bank
  • Republic Bank
  • Scotia Bank

All banks have branches with ATMs in St. George’s and Grand Anse. Be aware that these banks operate independently of banks of the same names in other countries.

Opening hours are typically 8:00 am to 2:00 pm, Monday through Thursday and 8:00 am to 4:00 pm on Fridays. Banks are closed Saturdays, Sundays, and on public holidays.

The RBTT branch on campus is a full service branch with an ATM.

Setting up an Account
A bank account can be set up with cash, a bank draft or traveler’s checks, and a debit card from home can be used to transfer money into your Grenadian bank account. RBTT advises that the safest way to start a savings account is with a bank draft. The bank draft is considered more secure than traveler’s checks (which can only be cashed to a maximum of $2999). An ATM card can be issued at the bank on campus.
To open an account with RBTT, True Blue Campus, you must fill out an application form in its entirety, and present:

  • 2 pieces of original identification with photos and signature (Driver's license, Passport or National Identification card)
  • A letter from the University confirming residence in dorms or lease agreement for persons residing outside the dorms.
  • A banker's reference letter.

Depending upon country of origin, students may encounter difficulty with having funds for living expenses wired to their bank in Grenada.  An alternative would be to make an "overpayment" to their SGU student account and receive a check through the University for the credit balance. The student must inform Student Finances when they make the overpayment so they can be instructed on how to pick up their refund check. 

Exchange*
When purchasing items in Grenada, prices are quoted in Eastern Caribbean (EC) currency, but ask if you are unsure. The EC dollar is tied to the US dollar at US $1 = EC $2.69. A convenient rule of thumb approximation is to multiply the cost of an item by .4 to arrive at US dollars (for example, EC $5 x .4 = approximately US $2).

All other exchange rates are subject to change; some, like the British pound sterling, may even fluctuate daily. Contact any local bank for rates. 

Living Expenses
Most students will need a minimum of US $2,500 - $3,000 for food and miscellaneous expenses per term. You will need more if you plan to live off-campus or rent or purchase a car. There are several ways to bring money to Grenada, each with distinct advantages and disadvantages.

The following is some information to help you determine your best option:

ATM Card: ATM cards from home can be used at local banks to make withdrawals. The maximum amount that can be withdrawn in a day varies from bank to bank, ranging from EC $1,000 to $2,500*. The bank will automatically convert funds from your account into Eastern Caribbean (EC) dollars. In other words, you cannot get foreign currency out of a Grenadian ATM. You can expect to be charged a fee from your financial institution for the out-of-network withdrawals. Some local banks also charge a small fee for ATM use (about EC$1).

*Some banks, including the on-campus bank, RBTT, will allow you to withdraw up to the same maximum as your home bank.

Debit Cards (Visa/MasterCard): Debit cards are accepted at all banks in Grenada and most major retail establishments A bank can provide an ATM cash advance from your debit card, and the cash is deducted directly from your checking account balance. There is usually a fee per transaction for cash advances. There is also a maximum cash advance of EC $2,000–3,000 depending on the local bank you use.

Traveler’s Checks: Traveler’s checks have a good rate of exchange; however, you will be charged EC $5.10 per transaction to cash them at a local bank and they can take as long to process as a personal check, which is six weeks. Traveler’s checks are accepted at a few retail locations in Grenada (for example, the grocery store); however, they cannot be used within the airport to pay duties.

Credit Cards (Visa/MasterCard): Credit cards are accepted at most restaurants and a limited number of retail locations in Grenada. Most local grocery stores will accept credit cards, but for campus dining, gas, going to the movies, and so forth, only cash will be accepted. Using a credit card for a cash advance usually incurs a steep fee (2% or US $20, whichever is greater).
  
Cash: Most establishments in Grenada accept payment in US dollars, with change provided in EC dollars.
  
Personal Checks: Do not count on writing yourself a check for funds in Grenada. Local banks will only cash out-of-country checks after first holding them for six to eight weeks. Leave your personal checkbook at home.

As an alternative, local banks will accept bank checks, certified checks, or cashier checks.

This may be a convenient way for students to transfer money from their home bank to a local account in Grenada. These checks must be certified by the Chancellery on campus before the local banks will accept them; however, once this has occurred the money is immediately available.

Checks such as traveler’s checks, bank drafts, money orders, and certified checks should be brought to the Chancellery Reception Desk for endorsement between the hours of 9:00 am and 10:00 am. Collection should be made between 2:00 pm and 3:00 pm. These hours are in place to facilitate a same-day service and failure to comply may result in delay. Please note that the University cannot guarantee personal checks.

 
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