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Living Expenses

Most students will need a minimum of US$2,500 to $3,000 for food and miscellaneous expenses per term. You will need more than that 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 discern your best option:

  • ATM Card - Your ATM card from home can be used at local banks to withdraw money, up to EC$1,000 per day. The bank will automatically convert funds from your account into Eastern Caribbean (EC) dollars; you cannot get foreign currency out of a Grenadian ATM. Local banks do not assess a fee for out-of-network ATM withdrawals. The only fee this transaction will incur is the fee your financial institution charges for out-of-network withdrawals.
  • Debit Card (Visa/ MasterCard) - Cards are accepted at all banks in Grenada, but are not an option for payment at retail establishments such as the grocery store. 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 a US$2 fee per transaction for cash advances. There is also a maximum cash advance of EC$2000 to $3000, depending on which local bank you use.
  • Traveler's Checks - These have a good rate of exchange; however, you will be charged EC$5.10 per check to cash them at a local bank. Traveler's checks are accepted at some retail locations in Grenada (i.e., the grocery store), but 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, etc., only cash is accepted. Using a credit card for a cash advance usually incurs a steep fee (2% or US$20, whichever is greater).
  • Cash - It is suggested to bring at least US$100 (in units of ones and fives) for your trip over to Grenada. You will be able to use this money to buy snacks at the airport, to pay any custom duties, to pay for transportation from the airport, etc. Most establishments in Grenada will accept payment in US 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. Local banks will accept Bank Checks/Certified Checks/Cashier Checks that have been certified at the Chancellery on campus. This may be a convenient way for students to transfer money from their home bank to a local account in Grenada. Once this has occurred the money is immediately available.

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.

Information About Local Banks - 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 six months.