The Best Caribbean Banks List for 2025

The Caribbean region offers unique opportunities for banking and financial services that attract individuals and investors worldwide. Whether you are a resident, visitor, business owner, or investor, you should know how Caribbean banks work and what you’ll get from banking in the region.

This guides focuses on the list of banks supporting Caribbean economies, including banks in Antigua and Barbuda, Jamaica, Barbados, and St Kitts and Nevis, along with the challenges of banking in the Caribbean.

• Overview of the Caribbean banking system
• Caribbean banks list
• Why bank in the Caribbean?
• Choosing a Caribbean bank
• Comparison the best Caribbean banks
• Types of Caribbean bank accounts
• Opening an account in the Caribbean

The Caribbean Banking System

The Caribbean’s banking system is made up banks operating in 13 sovereign nations and 17 dependent territories in the Caribbean. 11 banks are in the Eastern Caribbean.

The Organization of Eastern Caribbean States (OECS) comprises seven full member states: Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines, and four associate members: Anguilla, the British Virgin Islands, Martinique, and Guadeloupe.

Their banks are made up of retail and commercial banks. Development banks are also a fundamental aspect of the Caribbean’s financial system, offering financial support for projects promoting regional integration and social development.

The Eastern Caribbean Currency Union (ECCU) oversees the Eastern Caribbean Central Bank (ECCB), the largest central bank in the Caribbean. The system includes national and international banks (offshore banks), credit unions, and national development funds.

The ECCB and Eastern Caribbean Currency Union are the monetary authorities for all 11 OECS member countries and manage the organization’s official currency, the Eastern Caribbean Dollar (EC or XCD). The Eastern Caribbean Dollar is pegged at EC 2.70 to US $1.

Foreigners can easily bank in Eastern Caribbean countries due to the stability of the Eastern Caribbean Dollar, free movement, and uniform banking regulations across the region.

List of Banks in the Caribbean

Here is a list of banks in the Caribbean from Caribbean Association of Banks (CAB) members, including the Organization of Eastern Caribbean States.

Services Offered by Caribbean Banks (for Individuals, Businesses, and Specialized Services)

Individuals

• Checking accounts
• Personal loans
• Mortgages
• Debit and credit cards
• Online/mobile banking
• Foreign currency accounts
• Money transfers

Businesses

• Business current accounts
• Commercial loans and credit
• Merchant services
• Trade finance
• Online/mobile banking
• Payroll and cash management
• Corporate debit and credit cards

Specialized/wealth services

• Private banking
• Wealth management
• Trust and estate management
• Offshore banking
• Investment advisory services

Who can open a bank account in the Caribbean?

Caribbean countries have broad eligibility criteria for those who can open regional and offshore bank accounts.

Citizens: Caribbean citizens can easily open personal or business bank accounts per their citizenship rights, provided they meet the bank’s requirements.

Expats: Expat residents and foreign nationals with legal stay can open bank accounts, typically requiring national identification and proof of address.

Legal entities: Companies registered in the Caribbean or those starting a business in Caribbean islands can open corporate bank accounts by submitting business registration documents and director identification.

Foreign nationals: Many Caribbean nations operate offshore bank systems, allowing foreign nationals to open bank accounts, provided they have valid identification, a legitimate source of funds, and make a minimum deposit.

Foreign companies: The best offshore banks in the Caribbean facilitate banks for legal entities registered in foreign jurisdictions. This typically requires business registration documents, director identification, fund source verification, and an initial deposit.

Trusts and foundations: Some Caribbean banks offer account services to trusts or foundations, which typically require documentation related to their purpose and management.

Benefits of Opening Caribbean Bank Accounts

Whether you choose to live in the Caribbean or just bank there, there are many reasons you to bank in the Caribbean.

Residents: If you are a Caribbean resident, you will need the convenience of a local bank account to manage your daily transactions, pay bills, save money, receive salaries, and access credit.

Visitors: If you’re visiting for Caribbean tourism, business, or other purposes, you may want to use national banks to facilitate transactions.

Business owners: If you operate a business in the Caribbean or trade with Caribbean partners, you may open a bank account to support your operations in Caribbean economies.

You can use your bank account to pay suppliers, move capital, receive payments from customers, access loans, and invest in opportunities. You can also benefit from the favorable tax regime and regulatory environment in some of the Caribbean countries.

Investors: Individuals seeking investment opportunities will be pleased to know that the Caribbean is a stable and has a high-yielding economy. If you are interested in investing in the Caribbean or diversifying your portfolio, you may want to open a bank account to access various financial products and services.

You can use your bank account to buy stocks, bonds, mutual funds, or other securities offered by international or local banks. You can also take advantage of the offshore banking options available in some territories.

How to Choose a Bank to Open an Account in the Caribbean

Choosing a quality institution from the best Caribbean banks list will require some due diligence and involve the careful consideration of several factors. Once you have determined your individual and business needs and goals, you will want to consider the following:

Services offered: Do they offer the services you need? This may include international wire transfers, online banking, and mobile banking.

Types of accounts: Do they have the types of accounts you are looking for? Some banks in Grenada and other Caribbean countries specialize in certain types of accounts, so choose one that aligns with your needs, whether it is savings, checking, business, or investment.

Reputation and financial stability: Seek out well-established, reputable banks. Look for banks that have a history of stability, are in good financial standing, and have a high level of customer service. Online customer reviews and recommendations from those who have experience with the bank are particularly helpful.

Regulatory compliance: Ensure that the bank is licensed to operate. In the case of Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, the bank would have to be licensed by the Caribbean Association of Banks. An ECCB license ensures strict compliance and ethical standards are met.

Currencies: Check the currency options available at the bank. If you plan to deal with different currencies, you will need a bank that offers multi-currency accounts.

Fees and charges: Review the fee structure of the bank and compare it with other banks. Maintenance fees, transaction charges, ATM fees, and other applicable costs can add up depending on your activity.

Interest rates: Shop around for the best interest rates since these can vary significantly from bank to bank, and other institutions like credit unions may offer better interest rates on savings and loans.

Accessibility, security, and privacy: Consider the availability of ATM machines, branch locations for in-person services, and online and mobile banking services. Convenience may be a top priority, especially if you spend limited time in the country. Accessibility and user-friendliness of online platforms are crucial, as is security and the peace of mind that comes from knowing your financial information is protected.

Can foreigners bank in the Caribbean?

Foreigners can open accounts in Caribbean banks, subject to certain requirements and procedures set by the Eastern Caribbean Central Bank. Depending on the country and the bank, you need to provide documents such as your passport, proof of address, proof of income, reference letter from your home bank, and other information.

You may also need to make a minimum deposit or maintain a minimum balance in your account. Some banks may allow you to open an account online or remotely, while others will require you to visit a branch in person.

One of the ways to facilitate your banking experience in the Caribbean is to obtain citizenship by investment (CBI) in Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, or St Lucia. These countries offer attractive CBI programs governed by a Caribbean CBI regulator that allow foreigners to acquire citizenship and travel to visa free countries for Caribbean passport holders in exchange for a qualifying donation or investment.

International banks

There are two international institutions with operations in multiple countries around the world that currently operate in the Eastern Caribbean countries of Dominica, Grenada, St Kitts and Nevis, and St Lucia. They are Scotiabank and the Royal Bank of Canada.

Both banks have branches in these four territories and offer a range of services similar to those offered in their other global branches. Up until 2021, both banks also had operations in Antigua, but ACB Caribbean took over Royal Bank of Canada’s operations while Scotiabank was sold to Eastern Amalgamated Bank.

Offshore banking

Offshore banking allows individuals and businesses to open bank accounts in countries in which they do not reside or conduct business. It offers a high level of privacy, low Caribbean taxes, asset protection, and access to a range of investments.

Countries offering Caribbean citizenship by investment programs, including Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, offer offshore banking services through various banks that have international banking licenses and can perform transactions in various currencies. For example, the Global Bank of Commerce in Antigua and Barbuda, and Hermes Bank in St Lucia.

Currencies

The main currency used by banks in Antigua, Dominica, Grenada, St Kitts and Nevis, and St Lucia is the Eastern Caribbean Dollar, which, as mentioned above, is pegged to the US dollar at a fixed rate of XCD 2.70 to US $1. This provides a high level of stability and predictability for transactions and investments. For more flexibility and diversity, you might opt to open accounts in other currencies such as USD, EUR, GBP, or CAD.

Cryptocurrency: While some Caribbean governments and central banks have expressed interest in exploring the use of cryptocurrency, and some countries have exchanges that will buy Bitcoin and other cryptocurrencies, neither of the smallest or largest banks in the Caribbean currently accept cryptocurrency for bank transactions.

Implications of choosing the wrong Caribbean bank

Choosing the wrong bank in the Caribbean can have many negative consequences for both personal and business account holders.

• High fees and hidden charges will eat into your savings.
• Poor customer service will make resolving issues a nightmare.
• Limited services and unreliable technology will make it hard or time-consuming to complete transactions.
• Banks with bad foreign exchange rates and high fees for international transactions will reduce foreign client profit margins.
• Compliance risks with poorly rated banks will put your funds or Caribbean real estate at risk.

Ultimately, opening an account at the wrong bank will impact your overall finances and possibly your reputation, so research a bank’s fee structure, customer service reputation, compliance record, and foreign exchange rate before committing to it.

Besides the bank itself, unstable economies present the likelihood of insolvency due to the inability to maintain consistent, reliable services and access to funds, jeopardizing bank deposits. Instability also causes inflation and rapid currency devaluation, which can erode the value of savings.

Best Caribbean Banks Comparison

The International Monetary Fund estimates that the Caribbean economy will grow by 9.8 percent compared to the global rate of 3.1 percent. Banreservas in the Dominican Republic posted a net income growth of 11 percent in 2023.

Scotiabank led the way in five Caribbean countries, reporting a 46 percent increase in earnings from 2022 to 2023 in the Bahamas. Following its acquisition of Santander’s $5.5 billion in Caribbean assets located in Puerto Rico and the US Virgin Islands in 2020, FirstBank boosted it’s loan portfolio by 11.8 percent.

Top Caribbean banks for international clients

Antigua and Barbuda

• ACB Caribbean (Antigua Commercial Bank): One of Antigua and Barbuda’s primary and most stable banks. It offers retail and corporate services with a strong regional presence for international clientele
• Global Bank of Commerce Ltd: The go-to offshore bank in Antigua and Barbuda, providing services for digital assets, escrow, and international transfers.

Dominica

• EQIBank: A dedicated offshore bank in Roseau that offers private banking services and global access to locals and overseas investors.
• CBIC First Caribbean International Bank: One of the biggest Caribbean banks, it offers digital, personal, and business banking, credit and debit cards, corporate and investment banking, and wealth management services.

Grenada

• Republic Bank: Rated highly by expat investors for efficient onboarding, dedicated account management, and well-structured services accommodating non-residents.
• ACB Grenada Bank: Offers multi-currency and offshore account options to investors worldwide and is a main provider of banking services for investors obtaining Grenadian citizenship through buying property in the Caribbean.

St Kitts and Nevis

• St Kitts-Nevis-Anguilla National Bank: A contributor to the number one ranking for investment in the Global Residency and Citizenship by Investment Report, St Kitts-Nevis-Anguilla National Bank is the oldest and largest bank in St Kitts and Nevis. It offers offshore solutions for international corporate and individual clients.
• Hamilton Reserve Bank: An offshore banking specialist located in Nevis. It offers online account opening, multi-currency, crypto, and private and corporate services.

St Lucia

• Bank of St Lucia: Largest local bank in St Lucia, with the widest branch network alongside full offshore banking, providing personal, corporate, and wealth management solutions.
• Hermes Bank: St Lucia’s Class A international bank, favored by foreign investors for its efficient multi-currency, digital asset, and business banking services.

The Caribbean Association of Banks

The Caribbean Association of Banks (CAB) represents over 80 Caribbean member institutions with assets totaling over $41 billion. The CAB advocate for the interests of its member institutions across the 20 Caribbean states. As a collective voice for the banking sector, the CAB works to promote best practices, and collaboration, and address common challenges faced by members in the region.

Membership encompasses three primary categories: General, Service, and Associate members, in addition to honorary membership, which includes the Caribbean Development Bank.

What account can be opened in Caribbean banks?

The Caribbean’s extensive banking system allows Caribbean citizens and foreign investors to open several types of bank accounts at Antigua and Barbuda, Grenada, Dominica, St Kitts and Nevis, and St Lucia banks. The following are the account types available to open in the Caribbean:

• Checking account
• Savings account
• Fixed deposit account
• Business account
• Merchant account
• Trust account
• Student account
• Foreign currency account
• Investment/brokerage account
• Retirement account

Caribbean banks also offer various account variations, such as joint checking accounts or business savings accounts.

How to Open a Caribbean Bank Account

Foreign nationals and residents can open accounts to use the services of the top banks in the Caribbean. Obtaining Caribbean citizenship by investment simplifies Caribbean island banking, as the process of opening an account for a foreign national and non-CARICOM citizen typically takes longer.

A list of Caribbean banks usually accept online documents. However, a foreigner may need to use a Caribbean immigration service to provide additional documentation, depending on the bank.

Bank account activation time and service fee in USD

Opening a Caribbean bank account remotely

The Antigua Commercial Bank, Eastern Caribbean Amalgamated Bank, CIBC First Caribbean Bank, Bank of Nevis, and Bank of Saint Lucia are some Caribbean banks that allow foreign nationals to open accounts remotely.

The typical requirements to option an account remotely include:

• Valid passport and a notarized copy
• Proof of residency in the country of primary residence
• Bank statements and proof of a legal source of funds
• Initial deposit

Beyond these requirements, some banks may request a second form of ID, additional documentation regarding financial history, or a bank reference letter.

Challenges of Banking with Caribbean Banks

• Pace: Processes may be slower compared to larger financial hubs.
• Bureaucracy: Some bureaucratic hurdles may be encountered due to regulatory and compliance requirements.
• Cost: Certain specialized services may come with higher associated costs.
• Product offerings: Some of the best banks in the Caribbean may have a narrower range of financial products on offer compared to larger international institutions. This could limit options for specialized financial products and services that may be available elsewhere.
• Access to international markets: Caribbean commercial banks may have limited access to international financial markets, which can impact their ability to offer certain services like international trade financing, currency hedging, or access to a wide range of investment products.
• Economic stability and risk: Caribbean economies can be more susceptible to external shocks, such as hurricanes, global economic volatility, or disruptions in tourism, which may affect the stability of the banking sector.