Your best bet is to bring several forms of money with you to Grenada. For example, cash for your trip over, a Bank or Cashier check to open your local account, credit cards for emergencies, etc.
It may be helpful to open a local bank account when you are on the island. Since sending Financial Aid checks securely back to a home bank can be expensive, opening a local account may simplify transferring money and loan checks.
If you open a local bank account it will be a ‘savings account’ with an ATM card. Checking accounts are only available after a savings account has been open for 6 months.
There is an RBTT branch with an ATM on campus. Hours vary from bank to bank, but the RBTT branch on campus is open from 8am to 2pm Monday through Thursday, and 8am to 4pm on Friday. All local banks are closed on weekends.
Setting up an account
A bank account can be set up with cash or Traveler’s Checks and a debit card from home can be used to transfer money into your Grenadian bank. Traveler’s Checks remain the safest, easiest and quickest ways to start a savings account. A debit card can be issued at the bank on campus.
Currency Exchange Rates
When purchasing items in Grenada, prices are generally quoted in Grenadian Eastern Caribbean (EC) dollars, but ask if you are unsure. The EC is tied to the US dollar at 1 USD = 2.67 EC. A convenient rule of thumb approximation is to multiply the cost of an item by.4 to arrive at US dollars. (i.e. $5.00 EC X.4 = approximately $2 USD.)
The approximate rate of exchange for the British pound has been 1 BSP = 4 EC. A convenient rule of thumb approximation is to multiply the cost of the item by.25 to arrive at British pounds sterling.
Do not convert any more US dollars to EC dollars than necessary, since re- conversion to US dollars can be complex and costly.
Expect to pay between $15 EC to $30 EC for a typical meal in Grenada (approximately $6 to $12 US dollars).
Food is very readily available on the True Blue campus since several restaurants and food vendors do business on campus and two of these, Subway and New York’s Finest Bagels, operate 24/7. Also, there are a variety of establishments which sell food in the Grand Anse area. There are also some upscale restaurants ($75-150 EC per person) for students who want a nice night out.