Money matters

Paul Makin · Post by **Paul Makin** » Wed May 03, 2006 9:21 pm

ive had some pleasant surprises recently re atm vs cash. having become fortunate enough to need to move money down to tobago ive been using atms, money transfers, wires etc.

by far the cheapest thing has proven to be the atm for small to moderate withdrawals. even accounting for conversion fees, transaction costs and uk fees, 2000 tt has worked out at less than 185 sterling.

my uk bank is the royal bank of scotland and the card i use in the atm on island is cirrus.

hth

paul

Mary Black · Post by **Mary Black** » Thu May 04, 2006 8:17 am

totally agree with you paul
i've been using the atm's for about 4 years as my only means of withdrawing cash and had no problems using my hsbc switch card
i usually wihdraw £300 each time (i think thats the max allowed) tho' sometimes the atms can't dispense that much + i just take £100 but the rate and charges are the best and i think it's the safest option
mary

D. Gould · Post by **D. Gould** » Fri May 05, 2006 12:09 am

i am not sure of the translation from pounds to tt$, but i travel from the u.s. with american express traveler's checks. you get more for the money when converting.

the banks give $6.17tt to $1.00us traveler's check. cash only gets $6.00tt to $1.00us. it is only 17 cents, but hey! from the time i found this out, i always travel with the american express traveler's checks.

also, if lost they are replaced. i never had to do this, but that is what american express states. so, i never leave home with out them!

Gill M · Post by **Gill M** » Fri Jun 23, 2006 1:19 pm

Hi

We are planning our first two month trip to Tobago although we have stayed on the larger islands before.

Previously, we have always exchanged £Sterling Notes into local currency at the local banks as the exchange rate has been alot more favourable than in the UK. Is this the case in Tobago or could there be any problems?

Also, is Visa widely accepted say for car hire, larger restaurants, supermarkets, petrol stations etc as we have found in the past that Nationwide Visa gives a good exchange rate with no commission or handling charges.

Many thanks for any advise

Gill

Post by **Steve Wooler** » Fri Jun 23, 2006 1:24 pm

Hi Gill

You will have absolutely no problem changing sterling notes in any of the Tobago banks.

Yes, VISA is very widely accepted - by virtually every restaurant, shop, supermarket and tour operator, etc. Having said that, the smallest local eateries, fruit and veg stalls and stores seldom accept cards of any sort.

Gill M · Post by **Gill M** » Fri Jun 23, 2006 5:08 pm

Hi Steve

Many thanks for that advise which is really appreciated. Didn't want to arrive with a load of "Monopoly" money!!!

Yes, we always pay the smaller shops etc and tip with local curency but it's so handy having a Nationwide Visa that we have linked to N/W savings - just get on line once a month and pay it (with closed eyes!!)

Gill

J Newton · Post by **J Newton** » Wed Jul 26, 2006 4:25 pm

I think we'll be taking along some TT$ and use the ATM's when needed. I'm assuming that visa debit cards as well as credit cards are accepted?

cheers,

Jason

Gill M · Post by **Gill M** » Wed Jul 26, 2006 8:25 pm

Hi Jason

Well, I will be taking along my Nationwide Visa Debit Card and Credit Card too. Nationwide assure me that it will be accepted anywhere the Visa sign is displayed and I haven't had problems whilst staying in other Caribbean islands. I use Nationwide in preference to my other cards as they give such a good exchange rate and don't charge commission.

Perhaps best to check with your debit/credit card issuer? Also what their charges are too.

Gill M

Gill M · Post by **Gill M** » Wed Jul 26, 2006 8:35 pm

HI Jason

Take a look a Jo B's post dated 24 June 2005 - Nationwide comes highly recommended and I don't work for then either.

You can do the whole gammut online - cheque account, E Savings, Debit and Credit Card (which incidently comes with 9 months interest free) very useful if you are away for awhile.

I don't use them as my main bank either.

Gill M

Linda P · Post by **Linda P** » Thu Jul 27, 2006 7:20 am

We took no cash at all with us last year, with two cash points at the airport and a larger bank just around the corner we had no problem drawing cash out on arrival. We took Halifax and Lloyds TSB debit cards and a credit card as back up which we didn't need to use.
We were pleasantly surprised on our return as we received a very good exchange rate, better than those in our party that were changing money at banks in Tobago, also there was a very low transaction charge which was by far outweighed by the excange rate we received. I would reccomend that you withdraw the maximum amount at a time as the transaction charge was a standard rate regardless of value withdrawn.

Linda

Jo Hughes · Post by **Jo Hughes** » Thu Jul 27, 2006 11:11 am

I have just returned from Tobago and used my NatWest debit card and both my kids used their Solo debit cards at the ATM's in various parts of the island on several occassions. Every till worked and the exchange rate to draw cash was better than in the UK! I was pleasantly surprised.
I felt safe using the ATM's as most have a security door which you unlock with your card and only yourself can be using the machine with no one looking over your shoulder

Gill M · Post by **Gill M** » Sat Aug 05, 2006 8:19 am

Hi,

For anyone who is interested, here's link to current exchange rates - just key in the date:

http://www.simplyfirst.net/

Gill M

Post by **Steve Wooler** » Sat Aug 05, 2006 8:48 am

Gill - why wander off myTobago?

The official Central Bank of Trinidad & Tobago's buy/sell rates for the TT dollar and all the major 'visiting' currencies is available in our Currency article - available through the Odds & Sods/Money Matters menu above. The rates shown are automatically updated on the 1st day of each month and daily, whenever there is any change of more than a cent or two.

Brian Taylor · Post by **Brian Taylor** » Sat Aug 05, 2006 11:11 am

you think of everything, steve.
so when will you have the webcam to show the weather... I know some obsticles to overcome for that.

when you go into TSTT and ask them for a flatrate they might ask you if that is something to eat...

steph

Gill M · Post by **Gill M** » Sat Aug 05, 2006 12:06 pm

Thanks Steve

I must admit to not having seen that before and it is a great help so I won't go wandering anymore. There is a huge amount that I have to look up during the next few months.

Any idea if there is a difference in exchange rates between £ Sterling Notes and £ Sterling Travellers Cheques in Tobago? Lloyds Bank don't charge their customers for Sterling T/C's although they give you "Amex" T/C's?

Thanks alot Steve

Gill M

Post by **Steve Wooler** » Sat Aug 05, 2006 12:21 pm

Hi Gill

Sorry, I don't really know.

Its a personal thing, but I take the attitude that I'm going on holiday to relax, not spend time queuing in banks. I pay for everything I can by credit card and use cash for nothing but tips and small local shops, etc. On the few occasions that I need cash, I use the ATM machines. Doing this is totally dependent upon a couple of points, though. It is essential that you pay off your credit card monthly so that you're not paying extortionate interest rates on the cash you've withdrawn and that you are using a card that does not make a surcharge on cash withdrawals abroad.

Post by **Steve Wooler** » Sat Aug 05, 2006 12:32 pm

Hi Steph

When you get broadband in Castara, let me know. Once you've finished your apartment over Alibaba's Seabreeze, it will be EXACTLY the sort of location we need for a webcam. Its very difficult to find somewhere with a lovely view and which is also close to a computer and phone line. In fact the more I think about it, the more ideal your location would be. The only issue would be the fact that the camera would need to connect to the Internet and send up a new photo at least once an hour. That's why a broadband connection would be best. Food for thought though.

David Watkins · Post by **David Watkins** » Sat Aug 05, 2006 2:27 pm

Gill M,you get a far better rate for Sterling TC's than for Stirling.As Steve says use the card-but if you don't mind q-ing then TC's are best.
David

Brian Taylor · Post by **Brian Taylor** » Sat Aug 05, 2006 10:54 pm

have been standing under our new (whats going to be our own) roof and thought just that, steve. as soon as it is possible and affordable we will be happy to have a cam on the house.

back to the topic: I get money from german accounts with EC card and PIN and it costs a fee of 4.50Euro every time (taking out 3000TT the max. that is not bad).

q-ing in line menas between one and two hours sometimes, so think about it. this is a laid back country and so are the tellers in the bank... snails move faster

ENJOY
STEPHANIE

Henry Prempeh · Post by **Henry Prempeh** » Sun Aug 06, 2006 5:10 am

I fully agree with Steve. I try not to spend too much time in lines, but the high cost of family holidays means that I must give money matters some attention. We have found that Nationwide credit card does not charge for the privilage of using it abroad, and give a great rate in Trinidad and Tobago. If one prefers travelers cheques (its always wise to walk with some), then Scotiabank consistently gives the best conversion rates, and there two branches in Scarborough!

looking forward to a Tobago Christmas

Henry

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