Banking

On the campus of Ross University is a branch of the National Bank of Dominica (NBD)They have two ATM’s on campus. Online banking is available at your request. Banking hours are usually 9-4, but can fluctuate. Open M-F only. Phone 767-255-2394.

The unit of currency used in Dominica is the Eastern Caribbean Dollar (abbreviated EC, ECD, or XCD). One US Dollar = 2.67  EC . For quick currency converting click here or  here.

TIPS

  • ***If you are a student/faculty spouse and want your name on a joint checking account you must present your marriage certificate to the bank. See the Ross website for more information on what spouses need to bring to share in a checking account.
  • You can have money wired from the US to Dominica. See the NBD guidelines here.  There is also a Western Union  at Whitchurch IGA in Picard.
  • Most American bank accounts can be accessed with your US bank debit card through the Ross NBD ATM. Make sure your US ATM card has one of the following logos on the back -Visa, Mastercard, Plus or Cirrus.  Five dollar ECD (1.86 USD) fee applies from the NBD when you access your foreign bank account through the NBD ATM (except Mastercard which is free) and then your home bank may also charge it’s own fees.
  • You can exchange US currency for ECD at the NBD and vice versa. If you will be arriving to Dominica on a weekend, it’s not a bad idea to go to your US bank before you leave and exchange some USD to ECD so you don’t get stuck without local currency.
  • There is a maximum daily amount that can be withdrawn from your NBD account/ATM card. Plan accordingly.
  • If you use your NBD debit card at an establishment that is using a swipe machine that is not NBD’s there is a one EC charge (.27 cents US) that appears on your bank statement. So your receipt from a business may read 20 EC but on your bank statement it will appear as 21 EC.
  • Many landlords affiliated with Ross allow you to pay the NBD directly with a debit/credit card for your rent payments. Check into it. It will make things a lot easier for you.
  • The ATM’s on campus run out of money if there is a big event on campus where students will be spending money-ie. fourth/fifth semester students sale, Arts/Crafts Fair etc.  Go to the ATM early. 
  • For more info on banking, visit the RUSM website.

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There are other banks on the island such as the RBC Royal Bank and the Scotia Bank.

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Updated May 2015

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16 Responses to Banking

  1. Julie says:

    Also one last question, do we get our financial aid refund check as soon as we get there or do we have to wait awhile for it? Thank you.

  2. Julie says:

    Hello,
    Would I be able to pay rent with an American debit or credit card or would I need to pay in cash? Is it a must to open a bank account in Dominica? Can I withdraw money in ECD from Scotia Bank? Is scotia bank similar to the one in Bahamas where Bank of America customers can use it for free? I appreciate your help. Thank you.

    • It depends on your landlord. We are able to pay our landlord with our US debit card at the national bank of dominica. I would recommend opening an account in Dominica just to reduce hassle. Yes you can get ECD from Scotia Bank across the street from the main gate of the university. Not sure what the charges are for BOA customers. The charge is 8 ECD when we use Scotia Bank.

  3. Juan says:

    I’m in MERP right now in Freeport, Bahamas. I didn’t open a bank account like everyone else. I brought cash with me and sent my check back home. It’s been easier for everything. The change is one-to-one, and they accept USD or Bahamian dollars everywhere as a form of payment. Both currencies circulate. I don’t like the idea to go to the bank and wait for the release of my funds, which usually takes more than a week. That’s why I need to know if they accept both currencies there as well. Also, do they charge any fees for the currency change?…
    Additional question: How is the orientation week? They said we need to be there by January 1st, and classes begin on January 9th. Can I skip a day or two from orientation?
    Thank you very much. You’re doing such a great job for us. I have your blog in MY FAVORITES.

    • Some places will accept USD and some won’t. They will give you change in ECD. Dominica is not as developed as the Bahamas nor as Americanized– things are much, much slower-especially in business transactions. In the capital, Roseau, where they are used to having tourists in high season, there is a bit of USD use. USDs are not used as widely here in Picard. You can always give it a try and see how it goes.

      Yes at the NBD they charge a currency exchange fee. Don’t remember what percent it is. You can always just use the NBD ATM to withdraw funds from your US account (fees apply).

      As far as I know, orientation is required.

  4. Hi Juan, you can go to the National Bank of Dominica on campus to convert your USD to ECD. Just keep in mind, at the beginning of the semester the bank lines are super long- all the new students have to open up bank accounts and loan checks are coming in for returning students etc. Yes, some places take USD. Have to be honest though and tell ya that your life will be much easier if you have ECD on hand.

  5. Juan says:

    I’m planning to take cash with me. Is it difficult to convert from USD to ECD? Can I pay with USD at the stores and/or other places?

  6. Geathan says:

    What about the ATM’s off campus, can you use them to withdraw money from a US bank?

  7. Mones Saintil says:

    Hey can you please tell me if theres a royal bank of canada branch in dominica?

  8. Scotia Bank is now set up across the street from the main gate of the university by Perky’s Pizza. New ATM in town, yeah ! Here is my post about it :
    https://louisiana2dominica.wordpress.com/2010/10/08/thank-you-scotia-bank/

  9. Heather says:

    I love this site! What a great resource for incoming students and their families! I wish this was around when I was heading to the island! I’m looking through all your different pages and it seems like you’ve really covered the bases!!!

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