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Transferring Banks

 
onsteadc
(@onsteadc)
Advanced Member

I currently have an account with Chase bank. I'll be opening a new account at a bank on the island when I arrive. Any ideas on which bank is best considering the economy and the banks that are struggling?

Also, I plan on making a few purchases such as a car pretty quickly after I arrive. Will it be a problem writing a check that's from a Chase bank since I hear that funds generally take a while to transfer over into a bank on the island?

Thanks.

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Topic starter Posted : December 1, 2008 5:56 pm
Betty
(@Betty)
Trusted Member

Loads of threads on which bank to choose try a search.

In most places you will not have trouble with a out of town check, we are a tourist destination and sometimes they bring checks. But some places will not even take credit cards, so it depends on what you plan to do.

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Posted : December 1, 2008 7:42 pm
goalusvi
(@goalusvi)
Advanced Member

Very good to consider how to pay for a car when you arrive. I didn't think about that before we moved and I wish that we had. We opened an account at Bank of St Croix but didn't transfer enough funds to cover a new car. Once we were here we were fortunate enough to be purchasing a car from someone who was patient enough to wait for a check to clear from our stateside bank to our local bank. They would only take a check from a local bank. The dealerships don't care but several locals that we were going to buy cars from only were willing to accept a local check. If you don't have a local bank account I would open one as soon as you arrive and get money into the account in case someone only wants a local check.

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Posted : December 1, 2008 10:57 pm
onsteadc
(@onsteadc)
Advanced Member

Anyone know if it's possible to open an account from the mainland before arriving?

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Topic starter Posted : December 2, 2008 7:38 pm
islandtyme
(@islandtyme)
Trusted Member

I dunno, they want a couple forms of ID when you are here...............we gave you some bank names, perhaps their website will have more info about opening requirments 🙂

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Posted : December 2, 2008 7:54 pm
dntw8up
(@dntw8up)
Trusted Member

You can only open VI bank accounts in person. You'll likely need to present a copy of your lease, your social security card, and your passport. Most people will not take an off island check for a car. You can bring your bank funds from the states in traveler's checks so when you open a local bank account you do not end up with a lengthy hold on a cashier's check.

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Posted : December 2, 2008 9:10 pm
Juanita
(@Juanita)
Expert

We were just talking about this in another thread. The banks will put a hold on traveler's checks.

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Posted : December 3, 2008 12:17 am
onsteadc
(@onsteadc)
Advanced Member

Thanks for all the help. In case this helps others, I did some research and here is what I found out. I called Banco Popular de Puerto Rico in St. Thomas and they advised that once you arrive, you need a picture ID, social sec. card, and passport (or birth cert) in order to open an account. You do have to be present to open an account. Good thing is, if your current bank on the mainland will do wire transfers, you can have the money transferred to the new account and it will be available within 24 hours. Hope this helps any who are trying to figure out the same thing.

Chad

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Topic starter Posted : December 3, 2008 6:42 pm
dntw8up
(@dntw8up)
Trusted Member

Yes Juanita, local banks put a hold on traveler's checks, but the hold is not as long as the hold on a stateside cashier's check.

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Posted : December 3, 2008 9:10 pm
goalusvi
(@goalusvi)
Advanced Member

Wire transfer from your mainland bank . . . before you head down here check with your stateside bank to see what you have to do in order to do a wire transfer. My bank up north requires that I fill out a form in person at a branch in order to do a wire transfer but I didn't know that until I moved down here 🙁

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Posted : December 3, 2008 9:17 pm
onsteadc
(@onsteadc)
Advanced Member

Thanks, useful info. I'll make sure I confirm that. Appreciate all the responses.

Chad

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Topic starter Posted : December 4, 2008 12:39 am
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