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Banking

Branch Manager Telephone: 767 255 2361	Ross Agency Supervisor Telephone: 767 255 2395
Address The National Bank of Dominica Michael Douglas Boulevard Portsmouth, Commonwealth of Dominica	Enquires: studentqueries@nbd.dm

WIRE TRANSFERS

The following are NBD’s foreign correspondent banks for international wire transfers:

Incoming Transfers

These may be done via one of the above mentioned correspondent banks to National Bank of Dominica – Swift Code NCDMDMDM; for further credit to a specific Account # and Account Name.

Outgoing Transfers

These are routed through one of the above mentioned correspondent banks for further credit to the beneficiary bank. The following information should be presented for the transfer to be done:

• The Routing/ ABA/ FedWire/ Swift/ Sort Code/ Transit number of the beneficiary bank.
• The account number and name of the beneficiary customer.

* Transfers are normally processed within 24 hours.

OTHER FOREIGN TRANSACTIONS

Students may also exchange or purchase Bank Drafts, Travelers’ Cheques, as well as US, Canadian, Sterling, Euro and Barbados Notes.

* Please note that all Foreign Cheques are placed on hold for 8 weeks, hence if immediate credit is desired, travelers cheques, wire transfers or cash should be used.

NEW ACCOUNTS - APPLY FOR A fastCHECK Account before you arrive in Dominica!

The FastCHECK and SmartSTART Savings accounts have been designed specifically to meet the needs of students.

Features:

FAQ’s FREQUENTLY ASKED QUESTIONS

1. What is the best form of funds that one should carry with them?
Funds can be deposited in the form of traveler’s cheques, foreign cash, wire transfer or personal/cashier’s cheques. However, cheques are placed on hold for 8 weeks before one has access to the funds; so if immediate access is required, one of the other options mentioned above should be used.

2. Can foreign currency be converted into EC?
We negotiate Canadian, US, Euro, Sterling and Barbados notes to and from EC currency.

3. What is the best way to deal with my Financial Aid cheques?
Unlike other foreign currency cheques, immediate access is granted to the funds from Financial Aid. Most students choose to deposit the amount that they need for the semester into their account with us, and transfer the balance back home in the form of a wire transfer or Cashier’s Cheque.

4. What is the best form of taking funds home at the end of the semester?
Our ATM card, which is available free of charge to students, is a Visa card and can be used internationally to access funds from your account.

Alternatively, Traveler’s cheques, Cashier’s cheques or foreign notes may be purchased for use abroad.

5. How can I access funds from my account at home?
Your debit/credit card (Visa and MasterCard) may be used at any of our 8 ATMs on island; also, money can be wired into your account with us from your bank via our correspondent bank in your country. If the funds will not be required before 8 weeks, a personal cheque from your account at home may be deposited here.

6. Is it necessary that I open an account at your correspondent bank to do wire transfers?
No. A transfer may be done to and from any financial institution, but it must be routed through our correspondent bank in your area.

7. What do I need to open an account?
  -Your Acceptance Letter or School ID
  -Your Passport or Driver’s License
  -Your Initial Deposit (minimum US$10)

8. Do I need to give the bank prior notice before closing my account? Are any fees involved?
No prior notice is required before closing your account and there are no charges for this transaction.

9. Do I have to wait till I arrive on island to open an account?
To avoid the long lines and to reduce the time spent opening your account, you can forward your information to us in advance at the following link:
http://www.nbdominica.com/personal/chequing/fastcheck_application.pdf

Your forms will be prepared and kept on file to await your signature. An account number will be assigned to you after you have signed the completed forms and made your initial deposit.

10. Are there any charges if I use my US card at your ATM?
We do not charge for foreign card transactions; however the issuing bank normally does. So, before using your card, find out from your bank what their “cash advance” fees are.

11. Can my spouse be added to my account? What Documents does he/she need?
Yes, your account can be made joint with your spouse where either party has equal rights to the account.
Documents needed:
  - Marriage Certificate
  - Passport or Driver’s License
  - Ross University ID