Grenada banks serve citizens, expats, foreign businesses, and international investors, supplying diverse financial services from personal and commercial banking to investment solutions and fixed-term deposits. Learn more about banks in Grenada in this guide, which covers:
- List of banks
- Banking system
- Financial products
- Services
- Benefits
- Offshore account opening process
Grenada Banking System Overview
The regulatory framework for the banking system in Grenada is a joint effort between the Eastern Caribbean Securities Regulatory Commission (ECSRC) and the Eastern Caribbean Central Bank (ECCB), which provides the guidelines for the Grenada Financial Regulatory Commission (GFRC).
Along with the GFRC, the Grenada Authority for the Regulation of Financial Institutions (GARFIN) was established and granted authority through the Grenada Banking Act to regulate non-bank financial institutions such as:
- Gaming companies
- Investment firms
- Credit unions
- Insurance companies
- Leasing companies
The Eastern Caribbean Central Bank (ECCB) instituted the Eastern Caribbean Currency Union (ECCU) to regulate and maintain the stability of the Eastern Caribbean Dollar (EC or XCD), which is the official currency of Grenada.
Grenada Banks List
Grenada banks provide financial products for citizens, foreign retirees in Grenada, international investors, national and multinational businesses, trusts, and funds. The following is a list of banks in Grenada that operate and have bank branch locations on the island:
Bank | Function |
ACB Grenada Bank | ACB provides personal and corporate bank accounts, manageable online or through a mobile app. The bank has three branches on the island. Account holders can obtain credit and debit cards, mortgage loans, and investment solutions. |
Bank of Asia | The Bank of Asia is headquartered in the British Virgin Islands and has a branch located in the Grenadian town of Lance Aux Epines, St George’s. It is a a comprehensive digital bank, with corporate and personal bank account services for a national and international clientele. |
CIBC Caribbean | CIBC FirstCaribbean is a subsidiary bank of the Canadian Imperial Bank of Commerce, headquartered in the Bahamas. As one of the largest regional banks, it is a go-to option for personal, commercial, and investment accounts, digital banking, and wealth management services. |
Grenada Development Bank | Grenada Development Bank is the leading development bank among OECS member states. The bank specializes in medium and long-term financing for the development of tourism, agriculture, fisheries, housing, human resources, and small business industries. |
Grenada Co-operative Bank | Grenada Co-operative Bank Limited offers several products and services, including mortgages, student finance, and business development loans. The bank has six branches across Grenada. |
RBC Bank | An international bank with operations in ten Caribbean countries and territories, RBC Bank is one of the region’s leading banks, supplying a range of products from personal and business account services to asset management solutions for individuals and trusts. |
Republic Bank (Grenada) | Republic Bank Financial Holdings Limited acquired Scotiabank’s Caribbean banking assets in 2021, including in Grenada. The bank offers several checking and savings account options, online banking services, credit and debit cards, loans, mortgages, and investment solutions. Republic Bank has the largest ATM network of all commercial banks in Grenada, comprising 11 ATM locations and 6 bank branches throughout the country. |
Grenville Co-operative Credit Union | Greenville Co-operative Credit Union is a member-operated credit institution providing affordable and accessible financial services. The credit union supports local business and personal development. |
Caribbean Association of Banks members
The Caribbean Association of Banks (CAB) is the official representative for Caribbean financial institutions. The following list of banks in Grenada are CAB members:
- Grenada Co-operative Bank Ltd.
- Republic Bank (Grenada) Ltd.
- ACB Grenada Bank
Who can open a bank account in Grenada?
Grenada’s banking system allows the following individuals to open personal, corporate, and offshore accounts:
Citizens: Citizenship rights in Grenada include the option to open a savings or checking accounts or become member of a credit union in Grenada.
Expat residents: Foreign residents living in Grenada legally can open a bank account in Grenada, which generally requires national identification, proof of residency, and proof of address.
Companies: Grenada-registered businesses can open a business bank account by providing incorporation and director identification documents.
Foreign investors: Offshore bank accounts are available to foreign investors, provided they have valid identification, can prove a legal source of funds, and fulfill minimum deposit requirements.
International companies: Foreign businesses can open accounts in offshore banks in Grenada. For an international business to open bank accounts remotely in Grenada, it typically requires providing incorporation documents, director identification, proof of funds, and a minimum deposit.
Trusts and foundations: Wealth management, philanthropic services, and administrative support are available to foreign trusts or foundations at international banks in Grenada. This requires formal documentation demonstrating their purpose and structure.
Take a look at our Grenada Citizenship by Investment Ultimate Guide
Banking Products and Services in Grenada
The top banks in Grenada serve individuals, companies, and institutions. Their products and services include various account options, including savings, checking, merchant, and foreign currency accounts.
Grenada international banks such as RBC Bank and Republic Bank provide favorable exchange rates and allow account holders to hold the following currencies:
- Japanese Yen
- US Dollar
- UAE Dirham
- Swiss Franc
- Hong Kong Dollar
- Australian Dollar
- Singapore Dollar
- Canadian Dollar
- British Pound Sterling
Types of bank accounts
The table below indicates the bank account types available for personal and commercial use in Grenada.
Account type | Individual | Corporation | Function |
Checking Account | Yes | Yes | Day-to-day transactions |
Escrow Account | Yes | Yes | Secures a Grenada real estate purchase during the construction phase. The buyer deposits funds into the escrow account, which is held until the property 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 | Operated for a fixed term of between one month and five years. Funds withdrawn ahead of schedule from fixed deposit accounts result in cancellation of profits and a penalty. |
Corporate (Merchant) Account | No | Yes | Enables corporations to make payments and accept payments from credit cards and other electronic methods. |
Trading Account | Yes | Yes | Allows investors or companies to buy and sell financial assets, such as shares, stocks, bonds, and commodities. |
Foreign Currency Account | Yes | Yes | Allow account holders to hold foreign currencies. |
Services for online and mobile banking in Grenada
Many national and international banks in Grenada offer online or mobile banking services that allow account holders to access bank statements, transfer money between checking and savings accounts, pay mobile and utility bills, and receive international transfers. Mobile banking is accessible 24/7.
Grenada Banking Fees
Grenada Co-operative Bank | Republic Bank (Grenada) | RCB Bank | |
Checking Account (Individual) | EC $5 monthly | USD $14.95 monthly | EC $25 monthly |
Savings Account (Individual) | EC $3 monthly | No charge | EC $25 monthly |
Checking Account (Legal Entity) | EC $115 annually | USD $28.75 monthly | EC$3 monthly for savings accounts |
Debit Card | EC$ 24.56 annually | No charge | EC$100+ annually for credit card |
Credit Card | EC $115 plus annually | USD $23 plus annually | USD $69 plus annually |
Security Deposit Box (Small) | EC $163.75 annually | USD $184 annually | EC $172.50 annually |
How to Open a Bank Account in Grenada
You can apply to open an account in Grenada online, at a branch, or through a representative by proxy. If you choose to open an account remotely, the required documents must be sent to the financial institution by mail with an apostille and notary certification.
Documents required:
IndividualsÂ
- Identity document (valid passport, driver’s license, national ID card)
- Proof of address (utility bill, letter from a landlord or bank, voting registration card)
- Proof of residency, such as a resident card (for foreign residents)
- Employment contract, on the business 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., an engineer or doctor (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)
- Tax identification number (TIN) if the company is not registered in Grenada
Many Caribbean banks in Grenada request additional documentation for international investors to open accounts remotely. For example, Grenada Co-operative Bank requires foreigners to provide two forms of identification instead of the one required for nationals.
The Grenada citizenship by investment program streamlines the KYC (Know Your Customer) requirements, providing access to more financial services with fewer barriers.
Seven Reasons to Open a Bank Account in Grenada
- Grenada’s Financial Regulatory Commission upholds Grenada’s well-structured banking system.
- The official currency of Grenada (East Caribbean Dollar) is pegged to the US dollar, maintaining stability for its local, regional, and international banks.
- Being a CARICOM and Organization of Eastern Caribbean States (OECS) member, bank services in Grenada facilitate ease of doing business with member countries.
- Reliable banks in Grenada deliver advanced online and mobile banking services, including regularly updated mobile apps and 24-hour account access for interbank and international transfers.
- Grenada offshore banks provide diverse online services to an international clientele, with foreign currency account, bespoke asset management, escrow, and investment services.
- Funds held in checking and savings accounts in Grenada are not subject Caribbean taxes such as worldwide income tax, capital gains, wealth, or inheritance taxes.
- Obtaining Grenada citizenship by investment streamlines the process of opening a bank account while granting a powerful Grenada passport, enhancing the account holder’s protection while expanding global mobility.
Discover the Benefits of a Grenada Passport
Get in touch with a Caribbean Citizenship by Investment specialist​
Frequently Asked Questions about Grenada Banks
The Grenada banking system allows foreigners to open accounts at international banks, but the process takes slightly longer than it does for legal residents and citizens.
The Republic Bank has a substantial presence in Grenada, with 6 branches and 11 ATMs across the country.
Of the many banks operating in Grenada, the best will depend on the products and services you require. The best banks in Grenada include Republic Bank and Grenada Co-operative Bank, members of the Caribbean Association of Banking that offer numerous financial services and robust banking policies to combine with Grenada taxes.
Most Grenada banks require a minimum deposit to open an account, which varies based on the bank and account type.
Grenada Co-operative Bank is a member-owned bank comprising Grenadian citizens and legal residents.
The largest banks in Grenada, such as ACB Grenada Bank and RBC Bank, provide an online banking service to manage bank accounts remotely through the bank’s official website and mobile banking app. To ensure a bank’s website and mobile app are official, check for security indicators like ‘https’ in the URL and only download mobile apps from official app stores (Google Play Store and Apple App Store).
