Banking between STT and States

Hello Lou,

What about credit cards? Or keeping your stateside account, if they have ATM cards on them already, and keeping money there for their use. Ask the banks on island again when you are in person at their office.

--Islander

Have you considered using PayPal to send the girs money?

Jim

How do you do paypal through an open account in states for your kids????? Lora

If the girls have their own checking account set up, both of you can set up a PayPal account. WHen you set it up, you basically attach a banking account to it. This allows you to send and receive money from that account. For example, you can send money from your bank account to their PayPal account. At that time, they have to log into PayPal and request a transfer from the PayPal account to their Bank Account. Usually takes 2-3 days for the money to clear in their account and PayPal takes between 1-3% off the transfer as their fees. For example, I was just sent $420, and they took $12 off... Not sure how that is compared to wiring money or whatever, but its easy to work with. Hope this helps - Jason

For under $500 I don't pay any fees. For my commercial account it seems like they take a flat rate of $5 per transaction.

If you log on to PayPal they will take you through setting up an account.

Jim

hey lou just a heads up... i tried to open an account 2 weeks ago @banco popular in red hook and even thought i had drivers lic. , passport and a certified check they wouldent let me without my original social security card.

Sorry to dredge up such an old thread, but here goes.

I've read on many posts that a significant amount of $$ is necessary to "start up" on STT - i.e. first/last month rent, security, car purchase, etc. I've also read that one needs a permanent STT address to open a bank account and that checks from the mainland are not readily accepted due to the length of time they take to clear. So, kinda Catch 22.

Ideally, I would immediately deposit a cashier's check from NY into a local bank and go from there, but it doesn't sound like this is possible. So, how does a newbie in search of an apartment, a job and a car keep cash at hand, without carrying around tens of thousands of dollars? Would like to avoid wire transfers if possible. What if the money is deposited in the form of Amex traveler's checks?

Also, can someone confirm exactly what documentation is required to open an account (original SS card??? Oh, boy!).

Thank you!

Ann,

The exact documentation required depends on the person you're dealing with and whether or not he or she is having a good or bad day but generally speaking, two forms of picture id (a driver's license and a passport) and a social security card are required. You will also need to provide your mailing address (usually a P.O. Box) and your home address. The last time I deposited Amex traveler's checks (October 2005) the bank put a thirty day hold on the funds, which is annoying but not uncommon. A social security card is required here for everything from setting up a bank account to getting utilities. Cash is king but if you don't want to carry a lot of cash bring your stateside ATM card and before you leave, ask them if they'll up your daily limit. If you need a large amount of cash in a pinch you can always use a wire transfer.

dntw8up - thanks for the heads-up on the Amex checks. Sounds like they're not much better than a personal check...oh well. But the good news is, I found my original SS card - signature's a bit different, but it should work! I have a feeling my ATM card is gonna get a hole burned through it! Thanks again!