Clarendon72
9/1/2016 17:12 EST
Hi All,
Has anyone opened an account at Scotiabank? What items do you need to do so if you do not reside in Jamaica?
I do have an account here in Canada. I also hold a Jamaican passport.
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janni
9/2/2016 14:15 EST
They require a letter from your foreign bank, addressed to Scotiabank, showing your approx. balance. They want a reference from a Jamaican citizen, who is preferable a depositor with the bank and/or someone who knows you for a couple of years. They require a minimum deposit, perhaps $20 US. You can open an account in local currency, US $, or Canadian dollars, or all three. You need to show proper ID of course. And they will ask you about your intentions in setting up an account, and how much you are intending to use it per month.
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Clarendon72
9/2/2016 15:58 EST
Thank you Janni. Did you have to make an appointment? And how long did the process take?
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isme888
9/2/2016 23:29 EST
Hi. I'm also from Canada and had an account with Scotia in Kingston for when I visit. They also asked me for a refrence letter and proof of income like tax papers. Just make sure it's the branch you want to deal with as I ended up closing a few years back as it was too difficult to transfer my account to May Pen.
My next trip I plan to reopen a new one again.
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Clarendon72
9/2/2016 23:43 EST
Ok, thanks for the advice.
When you withdraw money from the ATM is the option only to get it in Jamaican currency?
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Beckis77
9/3/2016 07:48 EST
You must have all identification, a bank statement from your currant bamck a letter from your bank manager stating you are a member in good standing with the bank. You tax records (we had to have 3 years worth). A reference letter from a member of the community (ie an acountant, pastor, attorney or government official).. we spent 3 to 4 hours getting ours done. We opened a bisiness account there.
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Clarendon72
9/3/2016 15:03 EST
Ok thanks. I will just be opening a regular savings/chequing account.
So with the fact that I am also a Jamaican citizen (I just recently obtained a passport), I still need to have all the above mentioned docs, correct?
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Beckis77
9/4/2016 08:11 EST
I believe they still require all that for anyone opening a bew accout but to be sure call them. 876-960-2675. Our Jamaican partner ssid even for personnal accounts they require letters.
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isme888
9/6/2016 10:31 EST
I think the only option is JA $.
Can't remember seeing otherwise.
In branch at a teller you can get it.
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Clarendon72
9/25/2016 10:17 EST
So l was successfully able to open the account with Scotiabank. I had all the needed documents, but the Bank focused more on my letter of employment and bank letters. They also asked for a SIN number (social insurance for Americans).
Just a note that anyone opening a bank account or planning to conduct business in Jamaica will need to obtain a TRN (Taxpayer Registration Number).
Minimum amount to open an account is $5000 jmd or equivalent. You can also open a cdn or u.s dollar account.
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schokolat
10/15/2016 08:50 EST
Greetings from Colombia. I opened a Scotia account this past July and I’m thinking about closing it on my next trip to JA. I am not use to paying monthly banking fees’…even my ATM fees are reimbursable on my stateside accounts for overseas transactions. Can anyone tell me the advantages of having local bank account? I can’t see it.
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janni
10/17/2016 10:08 EST
For an expat such as myself, but living in Jamaica, the local account allows me to have a debit card to make local purchases without showing ID, and to transfer currencies (US$ and Canadian$) at favourable rates. I can also pay local utility bills, etc. If I were not living here, it would at least allow me to make transfers from abroad to a local account, if I were investing here, or had relatives... and then I could transfer directly to their accounts without using WEstern Union or such.
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