The Caribbean presents a unique banking and financial services prospect, attracting retail investors and businesses across the globe. Whether you’re a retiree, business owner, or individual investor, understanding Caribbean banks and regional practices in the finance sector is crucial.Â
This piece examines the Caribbean Association of Banks (CAB) and financial organizations that support Caribbean economies, including those in the Cayman Islands, Barbados, St Kitts and Nevis, and the Dominican Republic.Â
Caribbean Banks List
Country | Bank |
Antigua and Barbuda | ACB Caribbean |
Caribbean Union Bank | |
Eastern Caribbean Amalgamated Bank | |
Global Bank of Commerce | |
CIBC FirstCaribbean International Bank | |
Aruba | Central Bank of Aruba |
Caribbean Mercantile Bank | |
RBC Royal Bank | |
Aruba Bank | |
British Virgin Islands | National Bank of Virgin Islands |
FirstCaribbean International Bank (Cayman) Ltd | |
VP Bank (the British Virgin Islands) Ltd | |
Banco Popular de Puerto Rico | |
Scotiabank (the British Virgin Islands) Ltd | |
First Bank VI | |
East Asia Financial Holding (BVI) Ltd | |
Dominica | National Bank of Dominica |
Republic Bank | |
Royal Bank of Canada | |
CIBC FirstCaribbean International Bank | |
Scotiabank (Bank of Nova Scotia) | |
Commonwealth Bank and Trust | |
Paxum Bank | |
Grenada | ACB Grenada Bank |
CIBC FirstCaribbean International Bank | |
Republic Bank (Grenada) | |
Grenada Cooperative Bank | |
Royal Bank of Canada | |
Guadeloupe | Antilles Francaises Bank |
BNP Paribas Bank | |
BRED Bank | |
Credit Agricole Bank | |
Credit Maritime Bank | |
Societe Generale Bank | |
Montserrat | Bank of Montserrat Ltd |
Royal Bank of Canada | |
St Kitts and Nevis | St Kitts-Nevis-Anguilla National Bank |
Bank of Neis | |
Hamilton Reserve Bank | |
Royal Bank of Canada | |
Scotiabank | |
CIBC FirstCaribbean International Bank | |
St Lucia | Bank of St Lucia |
First National Bank of St Lucia | |
Hermes Bank | |
Republic Bank | |
CIBC FirstCaribbean International Bank | |
Scotiabank | |
Royal Bank of Canada | |
Berkeley Bank & Trust | |
Euro Exim Bank | |
Trinidad and Tobago | Bank of Baroda (Trinidad and Tobago) Limited |
Intercommercial Bank Limited | |
Central Bank of Trinidad & Tobago | |
RBC Royal Bank | |
ANSA Bank Limited | |
JMMB Bank Ltd |
The Eastern Caribbean Banking System
Established in 1981, the Organization of Eastern Caribbean States (OECS) is a regional alliance consisting of seven full member states:Â
- Antigua and BarbudaÂ
- Commonwealth of DominicaÂ
- GrenadaÂ
- MontserratÂ
- St Kitts and NevisÂ
- St LuciaÂ
- St Vincent and the GrenadinesÂ
There are also four associate members: Anguilla, the British Virgin Islands, Martinique, and Guadeloupe.Â
The organization conceived the Eastern Caribbean Currency Union (ECCU), headed by the Eastern Caribbean Central Bank (ECCB). The ECCU’s financial system includes national and international banks, credit unions, and national development funds established by Caribbean citizenship by investment countries.Â
The ECCB is the monetary authority for all 11 OECS member countries and began issuing the organization’s main currency, the Eastern Caribbean Dollar (EC or XCD), in 2001. The ECCB is responsible for setting and implementing monetary policy to maintain the stability of the XCD, regulating all banks and financial institutions licensed within the ECCU, and ensuring a secure and efficient payment system.Â
The Eastern Caribbean Dollar is currently pegged at a rate of EC$2.70 to US$1.Â
Take a look at our Caribbean Citizenship by Investment Comparison Guide
Why bank in Caribbean countries?
Banking in Dominica and other countries Caribbean region can present countless advantages depending on your personal or professional interests. Here’s why you might consider opening an account in the region:Â
Residents: As a Caribbean resident, a local bank account is vital to manage everyday finances like paying bills, saving, receiving incomes, accessing credit, and daily transactions.Â
Businesses: Local banks allow businesses to engage with Caribbean partners more easily. It allows businesses to pay suppliers, manage capital flows, receive customer payments, access loans, and invest in growth opportunities. Additionally, some Caribbean nations offer tax incentives and supportive regulations to benefit enterprises.Â
Investors: Many Caribbean jurisdictions are known for their stable economies and attractive opportunities. If you’re making investments such as buying property in the Caribbean, opening a Caribbean bank account unlocks a range of financial services.Â
Eight Factors to Choosing the Best Bank to Open an Account in the Caribbean
Choosing the right bank in the Caribbean requires detailed consideration and due diligence. To find a suitable institution that meets your personal or business needs, keep the following factors in mind:
- Services offered: Ensure the bank provides the needed services, such as international transfers, online banking, and mobile banking.
- Account type: Look for banks that offer the required accounts. Some banks specialize in certain account types, so choose one that aligns with your needs, whether for savings, business, or investment.
- Reputation and financial stability: Opt for well-established banks with a good reputation and a history of financial stability. Look for banks in good financial standing with high customer satisfaction ratings.
- Regulatory compliance: Verify that the bank is adequately licensed. In the Eastern Caribbean countries like Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, banks must be licensed by the Eastern Caribbean Central Bank (ECCB), ensuring they meet strict compliance and ethical standards.
- Currencies: Consider the currency options. If you plan to conduct transactions in USD, XCD, or other currencies, choose a bank that offers multi-currency accounts.
- Fees: Review the bank’s fee structure, including maintenance fees, transaction charges, and ATM fees, comparing it with other banks to find the most cost-effective option.
- Interest rates: Compare interest rates offered by different banks and financial institutions, such as credit unions, to find the best loan and saving rates.
- Accessibility, security, and privacy: Consider the bank’s accessibility, including the availability of ATMs, branch locations, and mobile banking services.
Can foreigners bank in the Caribbean?
Foreign nationals can open banks accounts in St Kitts and Nevis and other Caribbean banks, though requirements and processes vary by country and bank. Typically, you must provide documents such as a valid passport, proof of address, proof of income, a reference letter from your home bank, and other relevant information. Some banks impose a minimum deposit amount to open an account. While some provide the option to open an account online or remotely, others require an in-person visit to a branch.Â
Obtaining citizenship by investment (CBI) in one of the following countries can simplify your banking experience:
- Antigua and Barbuda citizenship by investment
- Dominica citizenship by investment
- Grenada citizenship by investment
- St Kitts and Nevis citizenship by investment
- St Lucia citizenship by investment
These countries offer CBI programs that allow you to acquire citizenship and a Caribbean passport in exchange for a qualifying donation or investment. Citizenship can provide benefits such as visa free travel to numerous destinations, including EU countries and the UK, favorable Caribbean taxes, and enhanced financial privacy.Â
International Banks
Scotiabank, the Royal Bank of Canada, and BNP Paribas Bank are three international banks in the Caribbean. These banks provide a range of services like those available in their other global branches. Until 2021, Scotiabank and the Royal Bank of Canada operated in Antigua, but ACB Caribbean acquired the Royal Bank of Canada’s banking operations in Antigua and Barbuda and other Caribbean countries, and Scotiabank was sold to Eastern Caribbean Amalgamated Bank.Â
Offshore BankingÂ
Offshore banking allows foreign nationals, investors, and businesses to open accounts in countries where they do not reside or operate. It offers enhanced privacy, potential tax advantages, asset protection, and access to diverse investments.Â
Countries like Antigua and Barbuda, the Cayman Islands, and St Kitts and Nevis offer offshore banking services through banks with international licenses that support transactions in various currencies. Nevis is one of the Caribbean’s most prominent offshore banking destinations due to a range of company formation services and strong confidentiality protections, shielding assets from litigation and creditors.
CurrenciesÂ
The primary currency traded at businesses and banks in Grenada, Antigua and Barbuda, Dominica, St Kitts and Nevis, and St Lucia is the Eastern Caribbean Dollar (XCD), pegged at a fixed rate of XCD 2.70 to US$1. This fixed rate provides a stable and predictable framework for transactions and investments. You might consider opening accounts in other currencies, such as CAD, USD, EUR, GBP, or JPY, for greater flexibility.Â
Cryptocurrency: While some Caribbean governments and central banks are exploring cryptocurrency, most banks in the Caribbean do not accept cryptocurrency for traditional banking transactions. Nevertheless, Antigua and Barbuda has proven to be among the best countries to invest in the Caribbean due to its progressive stance towards digital currencies through favorable crypto legislation and blockchain partnerships with companies like Dex Algo Technologies Pte Ltd and Token Recovery.Â
Comparing Caribbean BanksÂ
Bank Name | Country | Services Offered | Year Established | Key Features |
Antigua Commercial Bank | Antigua and Barbuda | Personal banking, corporate banking, investments | 1955 | Largest bank in Antigua and Barbuda |
Eastern Caribbean Amalgamated Bank | Antigua and Barbuda | Personal, corporate, investments | 1974 | Operates in multiple Caribbean countries |
Scotiabank | Antigua and Barbuda | Personal, corporate, investments | 1956 | Part of the global Scotiabank Group |
Royal Bank of Canada | Antigua and Barbuda | Personal, corporate, investments | 1996 | Part of the Royal Bank of Canada |
BOI Bank Antigua | Antigua and Barbuda | Offshore banking, wealth management, investment services | – | International bank only |
BRS Banque | Antigua and Barbuda | Offshore banking, wealth management, investment services | – | International bank only |
Davos International Bank | Antigua and Barbuda | Offshore banking, wealth management, investment services | – | International bank only |
Cayman National Bank | Cayman Islands | Offshore banking, wealth management, investment services | 1973 | National and international bank |
National Bank of Dominica | Dominica | Personal, corporate, investments | 1978 | Focuses on development-oriented banking |
Banco Popular Dominicano | Dominican Republic | Personal, corporate, investments | 1963 | Private bank for retail and commercial services |
Republic Bank | Dominica | Personal, corporate, investments | 1964 | Part of the Republic Financial Holdings Limited |
Grenada Cooperative Bank | Grenada | Personal, corporate, investments | 1932 | Emphasis on cooperative and community-based banking |
Republic Bank | Grenada | Personal, corporate, investments | 1960 | Part of RFHL |
Eastern Caribbean Amalgamated Bank | Grenada | Personal, corporate, investments | 2004 | Operates in multiple Caribbean countries |
St Kitts-Nevis-Anguilla National Bank | St Kitts and Nevis | Personal, corporate, investments | 1971 | Focuses on national development |
Bank of Nevis | St Kitts and Nevis | Personal, corporate, investments | 1985 | Community-oriented banking |
First Citizens Bank | St Lucia | Personal, corporate, investments | 1917 | Part of First Citizens Group |
Bank of Saint Lucia | St Lucia | Personal corporate, investments | 1968 | Government-owned, focuses on national development |
CIBC FirstCaribbean Bank | St Lucia | Personal, corporate, investments | 2002 | Part of the CIBC Group |
National Commercial Bank Jamaica Limited (NCB) | Jamaica | Personal, corporate, investments | 1837 | Fast personal and commercial services |
RBC Royal Bank | Barbados | Personal, corporate, investments | 1864 | Part of the Royal Bank of Canada Group |
Banreservas | Dominican Republic | Personal, corporate, investments | 1941 | Focuses on development-oriented banking |
National Bank of Virgin Islands | British Virgin Islands | Personal, corporate, investments | 1976 | National and offshore banking services |
The Caribbean Association of Banks (CAB)
The Caribbean Association of Banks (CAB) has over 80 members across the Caribbean, with combined assets exceeding $41 billion. The CAB serves as the collective voice for banking in 20 Caribbean nations. The organization promotes best practices and collaboration and addresses common challenges faced by banks in the region.Â
Membership in the CAB is divided into three categories: General, Service, and Associate members, along with honorary membership, which includes the Caribbean Development Bank. One St Lucia bank has general membership, whereas Grenada has three.
How to Open a Caribbean Bank Account
Both foreign nationals and residents can open accounts with the best banks in the Caribbean. The process for foreign nationals, especially non-CARICOM citizens, may take longer and involve additional steps. Many Caribbean banks accept online documentation, but foreign applicants may be required to provide supporting documents.Â
Bank account activation timeline and service fee in USDÂ
Country | Time to Account Activation | Service Fee | Minimum Deposit |
Antigua and Barbuda | At least two weeks | $7 monthly | $400 plus |
Cayman Islands | At least one week | $12 monthly | $500 plus |
Dominica | At least ten days | $4 monthly | $100 plus |
Grenada | At least two weeks | $3 monthly | $200 plus |
St Kitts and Nevis | At least two weeks | No charge | $200 plus |
St Lucia | At least two weeks | No charge | $100 plus |
Explore the Benefits of a Caribbean Passport
Challenges of Banking in the Caribbean
- Speed: Banking processes in the Caribbean can be slower than those in larger financial hubs.
- Bureaucracy: Regulatory and compliance requirements can lead to bureaucratic hurdles.
- Cost: Some specialized services may incur higher fees than other regions.
- Product offerings: Caribbean banks may offer a narrower range of financial products compared to larger international institutions, limiting options for specialized services.
- Access to international markets: Caribbean commercial banks may have limited options to trade in global financial markets, affecting their ability to provide services internationally.
- Economic stability and risk: Many Caribbean economies are more vulnerable to events, such as natural disasters, global economic crises, or disruptions in tourism, impacting the stability of the banking sector.
Frequently Asked Questions about the List of Banks in the Caribbean
The Caribbean’s best bank varies depending on individual needs, preferences, and business goals. To find the most suitable bank, conduct thorough research on banking options and seek professional advice.Â
Several currencies are used across multiple Caribbean territories, with the most prevalent being the East Caribbean Dollar (XCD), serving eight countries and territories, the United States dollar (USD) in five, and the euro (EUR) in four. Some single-country currencies include the Cuban peso (CUP), the Jamaican dollar (JMD), and the Aruban florin (AWG). XCD is used to pay Dominica taxes and Grenada taxes.
Recently, some Canadian banks have left Caribbean markets due to several factors, including regulatory changes by the Caribbean Association of Banks and global economic shifts that make their exit more financially viable.
Yes, opening a bank account with a Caribbean bank is possible. Caribbean economies welcome foreign investors, and many have streamlined the process for opening accounts. In fact, from the list of all Caribbean countries, many reward bankers with residency. Montserrat grants a renewal permanent residence permit to foreign nationals who deposit at least EC$ 400,000 ($150,000) into a local bank. You can open a bank in St Lucia, provided you pay St Lucia taxes if liable.
The Global Finance Magazine awarded Banreservas the title of the best Caribbean bank. Scotiabank (Bank of Nova Scotia) also received high ratings among the region’s top banks.Â
The Cayman Islands is the most renowned Caribbean country for banking due to its status as a tax haven and significant offshore financial center. It offers favorable tax regulations, political stability, investor confidentiality, and various services from the best Caribbean offshore banks.Â
The Colonial Bank of Trinidad and Tobago, founded in 1836, is the Caribbean’s oldest financial institution.Â
Many people choose Caribbean banks due to many being in countries with a history of political stability and low taxes. There is no Antigua and Barbuda tax on personal income, capital gains, or wealth, allowing international investors to optimize their taxes.
