Scotia bank account in Jamaica if your a Usa resident? If not possible what's the best usa bank that has no fees/lowest fee. I spent quite a bit on fees alone the last time there.
Is it possible to open up a
Scotia bank account in Jamaica if your a Usa resident? If not possible what's the best usa bank that has no fees/lowest fee. I spent quite a bit on fees alone the last time there.
Scotia has a partnership with Bank of america which saves you atm fees however you have to take us currency or get charged foreign exchange fees of 3% for jmd. ncr does not charge atm fees but you are still charged foreign exchange fees by your bank. and no is citizens cannot open a scotia account.....only available to canadian citizens.
Get a Schwab account, I think its called investor checking. No fees, no foreign currency fees and they rebate any atm charges if the machines you use charge.
I know a few Americans with accounts there...is this something new, Babalew?Originally Posted by Babalew
Here's the requirements for opening a Scotia Bank account...
http://www.scotiabank.com/jm/account_requirements.html
I have two accounts at Scotia. One individual and one joint.
No problem but I have the correct documentation. You need:
!. Proof of address in Jamaica
2. A letter of recommendation signed by a JP (Justice of the Peace)
This is true for both Jamaicans and foreigners.
Foreigners also need documentation to show why you need a Jamaican bank account.
To Chaos6403. PM me and I'll help you save those fees but opening a Jamaican bank account isn't the way!
Cap
Last edited by captaind & Linston; 06-10-2015 at 07:23 PM.
linston@redplate-negril.com
Thanks alot everyone for the responses and help.
We have 2 Scotia bank accounts in Ja - one USD and and one JAD. You will need bullet proof references and they will contact them BEFORE they open the account. They are very, very strict for good reason (laundering of drug money). We needed 2 references from here (dentist, dr., lawyer, etc.) on their letterhead, signed original. They called while we were applying. Proof of employment - and they will call your employer. Make sure all of your references are going to be around. Personal experience? You might say - we did this Dec. 22. Not too bright since my boss and HR were closed; our dentist was not working that day .... it took time and about 3 trips .. but the time of year was to blame. They wanted to know how much money we would be depositing. If you go over (say you say $100 a month, and you get a bonus and want to put in $1000 one month) .... they will check it all out and ask ALOT of questions).
Once we got the account opened it was fine. We transfer when exchange rates are favourable, and can use of JA bank cards, thus eliminating bringing our own. We decided to save the fees on transferring one year, and took a teller's cheque ... which is like cash. Not in a country where laundering drug money is a hobby for some ... there was a 31 WORKING day hold. So that was an epic fail.
Scotia Bank Ja is not electronically linked to Scotia Bank Canada, so we cannot hop money from one account to the other. It can be a bit of rigamarole. Again, they told us it was the whole laundering thing that they have to be very careful of.
Be prepared - make sure your references will be around (don't go at lunch time ... or Christmas break!). Make sure there is an official letterhead and an INK signature. It took us 3 trips and about 8 hours, but that was mostly our own fault for not being prepared. We went the first time without our passports ... DUH! .... who does THAT?
It can be done, and it really does make future trips a lot easier. It opens a lot of doors, as well. If you call a hotel directly and negotiate a good deal, you'd be surprised the extras you will get when you say "I can transfer the money to you now from my Jamaican Scotia bank account - at the bank by the roundabout ... but I'm not sure how ..." trust me - they do and they will and they will love you for it!
Last edited by M&G Montreal; 06-10-2015 at 09:35 PM. Reason: Grammatical Booboos
i called canada to inquire about opening an account and was told i had to be a canadian resident. this was about 2 yrs ago.....thats when i reopened my BOA. no problem it works for me i only need it 4 months out of the year. also have used BOA to transfer monies for rentals.....will be looking into a schwab account.
An American can open a Scotia Bank account in Jamaica.
but who wants to go through all those hoops? I'm good.
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