Living in a developing country definitely has its unique challenges, many of which I’ve written about before. However, the one prevailing complication throughout my entire time living in Grenada has been banking. I pay my bills in two different currencies, and I pay all of my bills in cold hard cash!
For example:
Rent: U.S. Cash
Car Rent: U.S. Cash
Groceries: Eastern Caribbean Dollars
Electric Bill: Eastern Caribbean Dollars
Internet Bill: Eastern Caribbean Dollars
Phone Bill: Online “Top Up” with U.S. Credit Card
I’ve lived here so long that I’m used to exchanging money and organizing my bills into envelopes with both currencies, depending on what the provider/vendor prefers. However, culture plays a large role in how money is exchanged here, which makes things a bit more complicated.
Receipts
Grenadians are not the best when it comes to receipts for purchases. In fact, many students pay their rent and car rent in cash without ever getting a signed receipt or any other form of documentation. Grenada is such a small country that it’s still the type of place where a man’s (or woman’s) word is everything. Yet, when I’m dealing with thousands of dollars in cash every month, I just can’t make a transaction without getting a receipt.
This has been interpreted as rude in the past, but I’ve stayed strong. My car rent guy always teases me because I always write up my own receipts and ask him to sign them. (This was after he forgot his receipt book two months in a row, so I took matters into my own hands!) It’s kind of a joke now, and he knows I mean no disrespect, but I have all the receipts neatly tucked away in my binder now just in case!
Timeliness
Like most of the Caribbean, Grenada operates on island time. Every time I have to pay someone, I call the person and tell them I have money for them. Now you would think if you were giving someone $1,000 in U.S. cash for a couple months of car rent, they’d come running for it. However, you would be wrong.
Sometimes, I have to call two or three times to get people to pick up their payments, mostly because it makes me nervous to hold cash for any period of time.
Operating Hours
If you pass by the bank at 2:30 on a Tuesday afternoon, I promise you it will be closed! I’ve had to learn a lot of patience here, but I have to say, the ladies at the bank are some of the nicest locals I’ve met here. They might just like me because I always compliment their manicures though!
Direct Deposit
When my work asked me if I wanted to direct deposit my paychecks, I said of course. What I didn’t realize is that direct deposit is actually a guy on his bicycle who picks up everyone’s personal checks and delivers them to all the different banks!
Despite all of its differences, banking in Grenada has taught me a lot about patience, respect, and of course, the Grenadian culture. Plus, I know that when I move back to the States after years of living here, I’m really going to miss the slow pace and the kindness of the locals I talk to on a daily basis.
Have you ever lived in a different country or perhaps in a small town where culture dictates how payments are made?
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I often think I would enjoy a simpler life in a small town or country. It is probably just a case of the grass always being greener on the other side though
MonsterPiggyBank Oh for sure. We’re over here wishing we could go to Starbucks. ;)
“When my work asked me if I wanted to direct deposit my paychecks, I said of course. What I didn’t realize is that direct deposit is actually a guy on his bicycle who picks up everyone’s checks and delivers them to all the different banks!” This just made my morning! Thanks Cat!
Holly at ClubThrifty Haha happy to be of service. ;)
Grenada sounds wonderful to me! Aahh, to live in a place where your word actually means something and where technological advances mean that the direct deposit process has moved up from a walker to a bicyclist – now that’s life! :-)
Laurie TheFrugalFarmer Come on down any time Laurie!
I’ve always wondered about this. I’m the type of person who would get stressed in this situation of having to deal with multiple forms of currencies.
SenseofCents It was a bit confusing at first, but it’s just habit now. :)
I could not imagine having to pay in two different currencies on a regular basis. I think that would drive me batty – but I guess the scenery you get to enjoy is well worth any frustration. ;)
FrugalRules Haha yeah, I’ve gotten used to it!
We pay most things cash and I have a US dollar and a Guatemala quetzal account. Some people charge rent in dollars but that is rare, usually you pay the dollar equivalent on the first of the month, so your rent varies with the exchange rate. I ask for invoices all the time because we operate as LLC but most shops don’t even have a tax ID and they just move cash around.
RFIndependence They move cash around a lot here too. I wonder how they keep track of it all.
Haha, what a great direct deposit system! I really can’t imagine the reaction if someone tried to pull that off here. I’m definitely a little lax in terms of worrying about receipts. It hasn’t come back to bite me yet, but I definitely see how it could.
Matt @ Mom and Dad Money Oh yes I laughed so hard when I heard about direct deposit here.
I’ve spent multiple vacations in the Caribbean and “island time” is definitely different. That’s hard to get used to. Just requires some patience and flexibility.
Luke_1428 Oh yeah, a loooot of patience. :)
I am paying bills and paying my groceries and fuel using only UAE currency. Dubai is an international city, so US dollar is accepted in most grocery store, shopping mall and hotel.
MyDesire4 That makes things really nice!
That’s so interesting! Most people here would run for money. I have a few friends who are from the “islands” so I totally know what you mean by Island time.
Thirtysixmonths I know. I definitely would run to get 1k, but not our car guy lol.
Oh, that is too funny! I love the way they do direct deposit :-)
The laid back atmosphere is something most of us in North America are not familiar with. But it sounds like people in Grenada are much like people in Spain and other parts of Europe. They most likely work to live, and if they don’t have to they take the afternoon off. Whereas in North America so many of us live to work and if we aren’t constantly on the go and doing something or worrying about something we just aren’t satisfied.
TacklingOurDebt Yeah it’s pretty hard to find anyone in the office on a Friday afternoon lol.
How interesting! I am also a big worrier about receipts – you never know what may happen. It’s nice that they can operate on someones word, but I don’t think I could get used to that. I also think trying to manage your money in two currencies would be a bit of a pain, especially with banks closing so early in the day.
JourneytoSaving Ha yeah it’s been an interesting journey for sure! Hard to believe, but I was way more Type A before moving here. I’ve come a long way. ;)
I’ve never lived long enough in another country to notice those little details. I found your story about the receipts very interesting – I always insist on getting a receipt, even here. I can’t imagine just paying something in cash and not having proof!
OutlierModel I know. The first time it happened, he told me he’d bring it to me the next day. 2 days later, I started to track him down and didn’t get my receipt until 5 days after handing over $1,000US. So now I make my own receipts like I said lol.
Haha, that direct deposit is amazing. :) LOL!
ayoungpro I know right? Very high tech!
I am originally Kenya so I have experienced life in a developing country for pretty much most of my life. There are some similarities with Grenada but right now in my country, mobile money transfer is the hottest item.I will be shall be sharing some experiences soon. However, your direct deposit made my day!! hahaha
BorrowedCents I have some Kenyan friends here, so I’ll have to ask them how it compares. There is definitely no mobile money transfer here, but that would make things a lot easier!
I’m not sure if “island time” is “just what i need,” or something that would drive me completely crazy, :) Have the island peeps caught on to paypal yet? I could see that coming in handy!
Beachbudget Lol, some days it’s great and some days it’s infuriating. Haven’t used paypal much here, but that would be great!