The Commonwealth of Dominica banks serve citizens, expat residents, and international investors, delivering various financial services, including personal and commercial banking. Gain a deeper understanding of banks in Dominica, including their financial products, benefits, offshore account opening process, and insights into Dominica’s banking system.
The Dominica Banking System
The Eastern Caribbean Central Bank (ECCB) regulates financial services in the Caribbean, including the financial framework for national (onshore) financial entities in Dominica. The Financial Service Unit of the Commonwealth of Dominica (FSU) is Dominica’s sole financial services authority for its national and offshore regulatory framework, enforcing regulations and data protection policies outlined by the ECCB. Oversight from the FSU also includes non-bank financial institutions and International Business Companies (IBCs).
The FSU was established under Section 3 of the Financial Services Unit Act and formed by the Ministry of Finance. The FSU also oversees International Business Companies (IBCs) and non-bank financial institutions, such as insurance and gaming companies.
Directed by the Eastern Caribbean Central Bank (ECCB), the Eastern Caribbean Dollar (XCD or EC), pegged at EC 2.7 to 1 United States Dollar, is paramount to Dominica’s banking system as the nation’s official currency. It is the primary currency for both personal and commercial financial transactions and is essential to day-to-day financial operations.
List of Banks in Dominica
Most local and international banks in Dominica offer a range of services to suit the requirements of individuals, corporations, and international customers. These primary banks provide reliable physical and online services in Dominica.
National
Bank | Function |
National Bank of Dominica (NBD) Ltd. | The Dominica National Bank is Dominica’s largest financial institution and is recognized as an esteemed financial institution by the Eastern Caribbean Central Bank (ECCB) for its longstanding regulatory compliance. Established in 1978, the bank has four branches across the island. |
Republic Bank (EC) Limited | The Republic Bank adopted its name in 1981 and is a popular bank in Dominica, one of the Caribbean’s leading financial institutions. The bank provides personal, commercial, and corporate banking services. The main branch is located in Roseau, the capital city. |
Dominica Agricultural Industrial and Development (AID) Bank | Dominica Agricultural Industrial and Development Bank was formed in 1971 by the Commonwealth of Dominica Government to stimulate economic development by provide development related funding and mortgage loans for agriculture projects, education, housing, and startup business related to tourism, green energy, and other common industries. It was previously a subdivision of NBD before gaining autonomy in 1982. |
Central Co-operative Credit Union Ltd. (CCCUL) | CCCUL is a financial institution that provides a range of services to individuals, including current, checking, and fixed deposit accounts. The credit union was formed in 2007 and also offers loans and insurance services. |
International
Bank | Function |
EQIBank | Launched in 2015, EQIBank is headquartered in Dominica’s capital city of Roseau and offers offshore banking in Dominica for individuals and international businesses. Services include online banking, personal and corporate services, business investments, OTC trading, and wealth management solutions. |
Ferz Global Bank | Ferz Global Bank is an offshore banking service provider in Dominica for for international investors and legal entities. Like other financial entities in Dominica, it operates under oversight by the Financial Service Unit (FSU). The bank’s services are tailored to the needs of its international clients, including saving accounts, money market accounts, credit cards, and loans. |
Paxum Bank Limited | Paxum Bank was launched under the Offshore Banking Act No. 8 of 1996 of Dominica. The international bank offers financial solutions for individuals and legal entities through modern mobile banking services. |
CIBC Caribbean | CIBC Caribbean Bank was founded in 2002 and is a subsidiary of FirstCaribbean International Bank. The bank no longer has a presence in Dominica besides an ATM inside Springfield Supermarket in Roseau, but there are 12 branches across other Caribbean islands. |
Scotiabank had an extensive network of banks across Eastern Caribbean states, including in Dominica. The bank sold its assets in Dominica to Republic Financial Holdings Limited in 2019.
Who can open a bank account in Dominica?
Dominica has broad criteria for personal and corporate accounts.
Citizens: Dominica citizens can easily open personal or corporate bank accounts or accounts with Dominica credit unions as part of their citizenship rights.
Expats: Foreigners living in Dominica can open checking and savings accounts in Dominica, requiring national identification and proof of address.
Corporations: Legal entities registered in Dominica can open a business bank account by submitting incorporation and director identification documents.
Foreign citizens: Dominica has an established offshore banking system, allowing foreign nationals to open offshore current and savings accounts, provided they have a valid identification, a legal source of funds, and fulfill minimum deposit requirements.
Foreign businesses: AÂ Dominica offshore bank allows legal entities registered in foreign countries to open bank accounts and conduct international business activities. Opening an offshore bank account typically requires incorporation documents, director ID, proof of funds, and an initial deposit.
Trusts and foundations: Dominica financial institutions offer asset management services to trusts or foundations, typically requiring formal documentation related to their purpose and administration.
Take a look at our Dominica Citizenship by Investment Ultimate Guide
Dominica Banking Services and Products
Evaluating products and services is essential when considering banking services as a retiree in Dominica. International investors may look at Dominica banks providing offshore investment and cash management services, whereas Dominica residents often seek ordinary banking services or business accounts requiring minimal maintenance.
Types of bank accounts in Dominica
Different banks in Dominica offer checking, savings, trading, corporate, and escrow accounts for buying Dominica real estate. Banks transact in the East Caribbean Dollar, and major banks like the National Commercial Bank and EQIBank offer foreign currency accounts in United States Dollars and other common currencies such as British Pounds Sterling, Euros, Canadian Dollars, and Japanese Yen.
The following table indicates the types of bank accounts individuals and companies can open in Dominica.
Account type | Individual | Corporation | Function |
Currency account | Yes | Yes | Checking, savings account, or term deposit in foreign currencies. |
Checking account | Yes | Yes | Day-to-day transactions |
Escrow account | Yes | Yes | Secures a property investment during the construction phase. The buyer’s funds are held in the account until the developer has fulfilled their contractual obligations. |
Savings account | Yes | Yes | Storing and increasing savings. Deposits and withdrawals can be made at any time. |
Term deposit | Yes | No | Opened for a specific term of as little as one month up to five years. Funds withdrawn ahead of schedule result in cancellation of profits and a penalty. |
Company account | No | Yes | Enables legal entities to make payments and accept payments from credit cards and other electronic methods. |
Trading account | Yes | Yes | Allows individuals or legal entities to buy and sell financial assets, such as shares, stocks, bonds, commodities, and currencies. |
Bank service fees in Dominica
Dominica banking service fees vary. For instance, you can pay $100 annually for a credit card and pay $10 monthly for a checking account.
National Bank of Dominica Ltd. (NBD) | Republic Bank (EC) Limited | Paxum Bank Limited | |
Checking Account (Individual) | EC $10 monthly (EC $100 minimum deposit) | EC $13 monthly | No charge |
Checking Account (Legal Entity) | EC $10 monthly (EC $500 minimum deposit) | EC $20 plus monthly | No charge |
Debit Card | $10 one-time fee | No charge | EC $3.75 monthly |
Credit Card | EC $100 plus annually | No charge | – |
Safety Deposit Box (Small) | EC $300 annually | EC $125 annually | – |
Other banks, such as EQIBank, offer more personalized banking services. Their associated fees vary depending on deposit amounts and terms.
How to Open a Bank Account in Dominica
Foreign citizens and residents of Dominica can open accounts in the country to access banking services. Obtaining Dominica citizenship by investment simplifies the bank account opening process for foreigners and non-CARICOM citizens. Several commercial banks accept documents submitted online. However, in certain circumstances, foreigners may need to submit additional documentation, such as a credit reference or extensive banking history.
Opening a bank account remotely
The National Bank of Dominica and Paxum Bank are two Dominican banks that allow prospective customers to open accounts remotely.
Required documents
To adhere to banking regulations in Dominica, enforced by the Eastern Caribbean Central Bank (ECCB) and Financial Services Unit (FSU), Dominica banks conduct due diligence checks on potential customers, which requires analyzing the following documents:
IndividualsÂ
- Identity document (valid passport, driver’s license)
- Proof of physical address (utility bill, letter from a landlord or bank, envelope with postage stamp)
- Proof of residency (for foreign residents)
- Letter from your employer, on the company letterhead, indicating your place of work, position, employment period, and salary
- Invoices and income declarations (if self-employed or entrepreneur)
- Proof of income source for the last year
- Two letters of recommendation from another bank or highly qualified specialist, e.g., a doctor or lawyer (for foreign nationals)
 Legal entitiesÂ
- Two forms of identification for each beneficiary, director, and business acquaintance with the right to sign
- Certification of registration or articles of association
- Certificate of Good Standing (or equivalent)
- Corporation’s financial statements for the last quarter
- Certificate of composition of shareholders and appointment of directors
- Letter of recommendation from another bank (for foreign companies)
- TIN (tax identification number) if the company is not registered in Dominica
While the account opening process as a foreigner is pretty straightforward, it’s even easier as a citizen of the country.
Seven Reasons to Open a Bank Account in Dominica
- Dominica’s Financial Services Unit (FSU) ensures the island’s robust banking and data protection regulations are upheld.
- Dominica’s official currency (Eastern Caribbean Dollar) is pegged to the US dollar, ensuring stability for the country’s international and national banks.
- Dominica banking services streamline trade with members of the Caribbean Community (CARICOM).
- Commercial banks in Dominica provide modern online and mobile banking services, including frequently updated apps and 24-hour account access.
- Dominica’s offshore banking services are customized for an international clientele, offering multi-currency accounts, asset management, and investment services.
- Funds held in Dominica bank accounts are not subject to Caribbean taxes on worldwide income, capital gains, wealth, or inheritance taxes.
- Dominica’s citizenship by investment program simplifies the process of opening a bank account while granting a Dominica passport and enhancing the account holder’s protection as a citizen.
Discover the Benefits of a Dominica Passport
Frequently Asked Questions about Dominica Banks
There are over 15 banks in Dominica, comprising local and international banks.
Foreigners, whether residents or non-residents, can open bank accounts in Dominica, provided they fulfill the bank’s eligibility criteria.
National Bank of Dominica (NBD) is the largest and best bank in Dominica. In June 2022, its asset base exceeded EC $1.67 billion.
Non-residents can open accounts at banks in Dominica, as the country has several offshore banks that provide services to foreign nationals and international businesses.
Though Dominica has favorable Caribbean taxes, imposing no worldwide income, capital gains, inheritance, or wealth taxes, tax implications for those banking in Dominica would depend on whether they’re liable to pay Dominica taxes.
The steps to transfer money from a Dominica bank account to a foreign account vary. Some banks may allow submitting international transfer requests online through a mobile banking app or website.
The minimum opening deposit to open an account at the National Bank of Dominica (NBD) Ltd. is $100.
The minimum cost to obtain an offshore banking license in Dominica includes a non-refundable application fee payable to the Director of the Financial Services Unit (FSU) and a minimum investment of USD 1 million.
Most Dominica businesses, including shops, resorts, restaurants, and retail stores, accept payment in Eastern Caribbean Dollars (EC). Some Dominica medical centers may also accept USD. Specific tourist areas and attractions may accept USD, but the conversion rate is typically unfavorable. Many banks in Dominica provide escrow accounts to purchase Caribbean real estate in USD.
The best banks in Dominica are:
- National Bank of Dominica
- Republic Bank (EC) Limited
- Paxum Bank Limited
- Dominica Agricultural Industrial and Development (AID) Bank
