Scotiabank Jamaica: Benefits and Opportunities of International Banking Locally

Get more stuff like this

Get the latest Jamaican stories in your inbox

Thank you for subscribing.

Something went wrong.

Scotiabank in Jamaica

The Bank of Nova Scotia is an international bank originating in Canada. The bank has made its presence felt in various parts of the world as Scotiabank and started operating in Jamaica in 1889 with its headquarters in Kingston to support trading of various products. Interestingly, this was the first branch opened by a Canada-based bank outside either the United Kingdom or the United States and the first international bank in the island of Jamaica. The primary items focused on for the trade were sugar, rum and fish. Traders looked to the bank as a means to sell their goods on a monetary basis when barter system started becoming less feasible. Merchants found that having a local bank would be more advantageous to them where they could use bills of exchange to sterling drafts. Scotiabank helped them with this and traders found that their creditors abroad accepted these drafts more readily.

The Scotiabank in Jamaica operates just like a local Jamaican bank, and is governed by the local banking rules and regulations. Therefore, the laws that apply to any local bank in the country apply to this bank as well. However, there are many benefits and opportunities that Jamaicans can avail when banking both personally and commercially with this bank.

Wide Range of Accounts

When you choose to bank with Scotiabank Jamaica, you get to take your pick from a wide range of savings accounts to save and manage your money. The bank has various accounts to cater to the requirements of all age groups.

Scotia Bank Jamaica: Benefits and Opportunities of International Banking Locally

The bank has different types of starter accounts to cater to the needs of the youth. It also has specific accounts for people looking for ways to increase their personal savings or save for a specific purchase. The bank additionally has accounts dedicated to meet the requirements of newlyweds and seniors.

Foreign Currency Option

This option offered by Scotiabank Jamaica allows you to retain your savings in a foreign currency account in four different currency options – Canadian, Euro, British Pound and US currencies. This is particularly helpful for those engaged in international business as it will help you get rid of hassles associated with fluctuating exchange rates, commissions or exchange fees.

Scotia Bank Jamaica: Benefits and Opportunities of International Banking Locally

With the foreign currency option, you can avail various benefits. For example, the interest gets calculated based on the daily balance in the foreign currency account and paid on a monthly basis. This helps you have more savings. Another benefit is that Scotiabank allows you to make multiple transfers between your other accounts through online banking or mobile banking. Last but not the least, ATMs dispense the amount withdrawn from the foreign currency account in local currency.

Loans for Every Need

Scotiabank renders various types of loans and lines of credit for different purposes at competitive rates so that you can buy anything when you have a requirement. The home equity loan is one such loan that you can avail for renovating your home. You can borrow up to US $150K or 75% of the appraisal value of your home and repay the loan in 15 years. Likewise, the Scotia Wheels Loan helps you buy your dream vehicle with 100% financing and repayment within 84 months.

One of the best loans offered by Scotiabank is the Scotia Plan Loan that you can customize based on your varying needs. You can choose a repayment schedule and amount that is convenient to you and pay back with fixed monthly repayments. This will help you avoid paying a high amount as interest alone.

The bank also offers different lines of credit that give you financial flexibility, low interest rate and instant unrestricted access to your credit when it is required. The institution additionally renders non-saver, saver, instant qualifier and other types of mortgages on affordable terms.

Different Types of Insurance

With Scotiabank, you can access a variety of insurance packages to keep yourself covered in all ways. The bank offers various choices like life insurance, health insurance, auto insurance, home insurance and travel insurance. You can opt for one or more insurance options at a time. The institution also provides a specialty insurance that will help you to save 20% of your annual income for your retirement. There is no tax deduction on this amount.

For personal and healthcare insurance, the bank allows you to choose customized policies and premiums according to your lifestyle.

Large ATM network

Thanks to a large ATM network, Scotiabank ensures that your money is readily available for you even after banking hours. To ensure this, the bank has placed more than 700 high-class and state-of-the-art ATMs at key strategic points of the island. It also ensures that these machines always have cash loaded in them round the clock.

Scotia Bank Jamaica: Benefits and Opportunities of International Banking Locally

In addition, you can use the ATMs for other transactions such as checking account balance, paying bills, depositing and transferring of funds, getting a mini statement of last 10 transactions of your accounts, cash or cheque deposits to local or USD accounts and much more.

Conclusion

Apart from the above points, the bank offers its customers Visa debit cards, premium credit cards, mobile and telephone banking, online banking any time of the day and customisable asset or wealth management solutions with term deposits and mutual funds. Apart from banking related products and services, Scotiabank has some other interesting programs up its sleeve. For instance, the bank started sponsoring the Kiddy Cricket Programme from 2000 to kindle the interest of young children in sports. The aim of this programme is to make primary school children appreciate and develop an interest for the game. It also tries to build true sportsmanship in children.

Today, Scotiabank thrives not only as the first international bank that made its presence felt in Jamaica, but also as one of the biggest banks in the island. With a wide network of 35 branches, three sub-branches and 2,000 staff, the second oldest bank in the country strives to offer Jamaicans the best commercial and retail banking services.The institution has won the Bank of the Year twice in 2005 and 2013 by Latin Finance and The Banker respectively. It is also a two-time recipient of the Best Emerging Market in 2011 and the Best Emerging Market Bank in Latin America in 2014 by Global Finance magazine.

Get more stuff like this
in your inbox

Subscribe to our weekly mailing listing

Thank you for subscribing.

Something went wrong.