Banks in St Kitts and Nevis are a useful tool for global investors looking to diversify their assets and safeguard their wealth. The St Kitts and Nevis banking sector is tightly regulated and provides high-quality national and offshore services.
Investors can open an account in one of the 15 local and international banks in the Federation of Saint Christopher and Nevis. Account options include current and savings accounts for retail customers, merchant accounts for businesses, and foreign currency accounts for investors.
This guide provides everything you need to know about St Kitts and Nevis banks, including the top banks, account options, and the requirements to open an account for residents and non-residents.
Key Takeaways about St Kitts and Nevis Banks
- Banks in St Kitts and Nevis are well-established financial institutions, comprising local and international banks.
- The Eastern Caribbean Dollar (EC or XCD) is the main currency used by St Kitts and Nevis banks.
- Non-residents can open accounts in St Kitts and Nevis, provided they fulfill the bank’s know-your-customer requirements.
- Opening a bank account in St Kitts and Nevis typically requires proof of identity, address, source of funds, and banking references.
- St Kitts banks offer a range of services, including personal and business accounts, online banking, loans, and international transfers.
List of St Kitts and Nevis Banks
International banks
- Eastern Caribbean Central Bank
- Hamilton Reserve Bank
- Scotiabank
- First Federal Credit Union Bank
- International Merchant Bank
- BONI
- First Caribbean Bank
Local banks
- SKNA National Bank
- Development Bank of St Kitts and Nevis
- Bank of Nevis
- Republic Bank
- Government Treasury
- St Kitts Co-operative Credit Union
- Nevis Co-Operative Credit Union
- Police Co-operative Credit Union
Three of these 15 banks are part of the Caribbean Association of Banks, making them the most trustworthy local and international banks in St Kitts and Nevis.
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Top Five National Banks in St Kitts and Nevis
01/ St Kitts-Nevis-Anguilla-National Bank (SKNA)
Established in 1971, St Kitts-Nevis-Anguilla-National Bank is the oldest national bank in St Kitts and Nevis and one of the highest-rated Caribbean banks. The bank has a total of six branches and 18 ATMs. Based on the number of branches and ATM machines, St Kitts Nevis Anguilla National Bank is the largest bank in the country.
This bank has multi-purpose ATM points where customers can deposit their money, make bank transfers, recharge their mobile phone accounts, pay bills, change their pin code, and undertake other payment activities.
Client services:
- Receive online statements of transactions
- Transfer money between accounts
- Pay utility bills
- Enable and disable auto payments
- Activate and block debit cards
- Initiate interbank and international transfers using the SWIFT system
- A dedicated mobile application
02/ The Bank of Nevis (BON)
Operating since 1985, the Bank of Nevis (BON) has four branches and four ATMs in St Kitts and Nevis. The Bank of Nevis expanded its operations when it acquired the Royal Bank of Canada in Saint Kitts and Nevis. The bank is a popular choice among investors seeking St Kitts tax residency, as it offers reliable services for high-net-worth tax residents.
Customers can withdraw a maximum amount of 1,500 Eastern Caribbean Dollars (EC) per day from the bank’s ATM network.
Client services:
- Transfer money between accounts
- Pay utility bills
- Initiate auto-payments and transfers
- Request data to monitor the income and expenditure
- Change PIN code
- Create notifications
- Initiate international money transfers
03/ St Kitts Co-operative Credit Union
Over the last three decades, St Kitts Co-operative Credit Union has provided various banking solutions, including opening current and savings accounts and issuing debit cards, loans, and credit cards. After opening an account, customers must deposit at least EC $100 to activate retail and business banking services.
This bank has one branch located in Basseterre, St Kitts, but customers can access banking operations online through a mobile app as well as make requests through email or over the phone.
Client services:
- Transfer money immediately to local accounts
- Access favorable loan rates and dividends
- Make loan payments
- Initiate international transfers using SWIFT
- Enable and disable auto payments
04/ Nevis Cooperative Credit Union
The Nevis Cooperative Credit Union is one of the country’s primary local banks. It was established around 50 years ago exclusively for citizens and residents of St Kitts and Nevis. Foreigners are not allowed to open an account in this bank.
To open a current account, customers must deposit EC $700. The bank also has maintenance fees of EC $11.70 for individuals and EC $17.55 for legal entities for banking services.
Client services:
- Transfer money immediately to local accounts
- Access favorable loan rates and dividends
- Make loan and bill payments
- Set up standing orders
- Manage account online
- Initiate international transfers using SWIFT
05/ Hamilton Reserve Bank
Popular among foreign nationals, the Hamilton Reserve Bank is an international bank in Nevis that allows customers to hold the Eastern Caribbean Dollar and standard and escrow accounts in ten other currencies: US dollar, Euro, British pound sterling, Canadian dollar, Australian dollar, Singapore dollar, Hong Kong dollar, Swiss franc, UAE dirham, and Japanese yen.
As the largest global bank in the Caribbean, its international customer base can access services through eight languages. There is no commission charge to open an account, nor a maintenance or service charge. For a functional bank account, individual customers must deposit $50,000. For a legal entity, the minimum deposit is $100,000.
As one of the fastest Caribbean banks, it quickly processes international transfers and SWIFT money transfers. Customers can open a bank account remotely through the bank’s official website. Hamilton Reserve Bank is the only bank in Saint Kitts and Nevis with a government-approved license to offer escrow accounts to make transfers for St Kitts and Nevis real estate citizenship.
Client services:
- Manage retail and business accounts
- Transfer money immediately to local accounts
- Online account access
- Access trade finance support
- Manage regular and foreign currency accounts
- Initiate fast international transfers using SWIFT
- Employ a trust administrator or wealth management service
St Kitts and Nevis Bank Account Types
There are several types of bank accounts in St Kitts and Nevis. Consumers can apply for a mortgage, car loan, educational loans, and business development loans through St Kitts and Nevis banks. Legal entities can open current and trading accounts at the top banks in St Kitts and Nevis.
Current account: A regular bank account for frequent transactions such as deposits, withdrawals, and bill payments. Banks issue current account holders debit cards to facilitate easy transfers and card payments.
Foreign currency account: A multi-currency account for managing and holding foreign currency alongside the East Caribbean Dollar and making multi-currency deposits.
Savings account: A term or fixed deposit account. These types of accounts can be opened for a period of three, six, or twelve months. A target savings account automatically transfers a specific amount from the consumer’s current account weekly, monthly, or every two months.
Merchant account: Organizations can accept and make payment transfers through a merchant account. This account also allows businesses to accept payments from credit cards or other electronic payment methods.
Escrow account: To purchase St Kitts and Nevis real estate during its construction phase, investors must transfer the funds to an escrow account. The buyer makes a wire transfer into an escrow account after signing a share agreement with the real estate developer. The transfer is finalized only after the developer fulfills the requirements and responsibilities according to the sales contract.
Who can open a bank account in St Kitts and Nevis?
- Residents: Lawful residents, whether citizens or foreign nationals, can open bank accounts in St Kitts and Nevis. Standard checking and savings accounts are designed for them, which typically require a national ID card or other proof of residency.
- Companies: Legal entities registered in St Kitts and Nevis can open a corporate bank account and a merchant account by providing proof of incorporation or other documents validating trade activities in the country.
- Investors: Offshore accounts in St Kitts and Nevis are designed for investors and high-net-worth individuals. They can be opened with a valid passport, a legal source of funds, banking references, and a minimum deposit.
- International corporations: Multinational companies can open accounts with offshore banks in St Kitts and Nevis. International businesses must provide incorporation documents, director identification, beneficiary identification, proof of funds, and a minimum bank deposit.
- Trusts and foundations: St Kitts and Nevis banks offer asset management and administrative services to trusts and foundations. They require formal documentation of the trust or foundation’s purpose and administration.
Documents Required to Open an Account
To open a bank account in St Kitts and Nevis, the following documents are required:
- Valid St Kitts and Nevis passport or government-issued photo identification.
- Proof of residential address proof. This can be a utility bill, a bank statement, or a rental agreement.
- Completed application and your statement of purpose regarding the opening of the account.
You should also collect the following documents to accelerate the procedure.
- An employment certificate or employment details stated on the letterhead of your company.
- Bank statements indicating your source of income.
Business account
To open an account for a company, the following documents are required:
- Valid passport or national ID card
- Recent utility bill verifying registered business address
- Company’s certificate of registration or articles of association
- Bank statements, contracts, or invoices confirming legal sources of income
- Letter of recommendation from a bank at which the applicant has been a client for over a year
- Letter of recommendation from a specialist who has known the applicant for over two years
- Proof of decision of the board of directors to open an account and appoint a proxy
- Proof of shareholder structure
- Certificate of Good Standing (or equivalent)
Offshore account
Documents to open an offshore account in Nevis or St Kitts include:
- Valid passport
- Proof of residency and a residential address
- Completed application and your statement of purpose regarding the opening of the account.
- Bank statements indicating your source of income.
- A letter of recommendation from a reputed bank or from a reputed professional.
Obtaining St Kitts and Nevis Citizenship by Investment reduces the document requirements to open a bank account in the country and access credit services.
Take a look at our
St Kitts and Nevis Citizenship by Investment Ultimate Guide by Experts
Online Banking Solutions in St Kitts and Nevis
Most financial institutions on the list of banks in St Kitts and Nevis provide online and mobile banking services.
Mobile banking vs online banking
| Service | Online Banking | Mobile Banking |
|---|---|---|
| Check account balance | Yes | |
| See transaction history and current activity | Yes | |
| Get bank statements | Yes | No |
| Initiate bank transfers | Yes | No |
| Transfer money between accounts | Yes | No |
| Pay bills | Yes | |
| Activate or stop automatic payments | Yes | No |
| Activate/block debit cards | Yes | No |
| Set up transaction alerts | No | Yes |
Procedure for Opening a Bank Account
How to open a bank account in St Kitts and Nevis:
- Collect all the required documents.
- Submit your application to open the bank account. You can do this in person at your bank’s branch, through a proxy, or online.
- Share the documents with your bank via mail if your application was submitted remotely.
- Await approval. The bank takes around ten business days to assess your application and process it.
Comparing the Best Banks in St Kitts and Nevis
| Bank | Online services | Maintenance fees | Funds needed | Fees |
|---|---|---|---|---|
| St Kitts Nevis Anguilla National Bank | Online + mobile banking | – | -EC $100 or US $200 for current account per individual -EC $500 or US $200 for current account for legal entity -EC $25 or US $200 for savings account -EC $500 or US $1,000 in case of term deposit | – |
| The Bank of Nevis | Online + mobile banking | -EC $11.70/annum for current and savings accounts for individuals -EC $23.40/annum for current corporate account -EC $58.50/ annum for credit cards -US $23.40/month for wire transfer | – | -US $2.34 for online transfer to other bank accounts and bill payments -US $1.76/transaction at a SKNA ATM -US $11.70/transaction up to US $ 500 at other bank ATMs -2 percent of transaction on amount over US $500 at any other bank’s ATM |
| Hamilton Reserve Bank | Online banking | – | -US $50,000 for an individual -US $100,000 for a legal entity | – |
| Nevis Cooperative Credit Union | Online banking | -US $11.70 for an individual -US $17.55 for a legal entity | -US $500 for a savings account -US $700 for a current account | -US $1/transaction from an ATM at the bank’s office -US $3/transaction from other ATMs |
Common reasons for account rejections in St Kitts and Nevis
As St Kitts and Nevis banks operate within a well-regulated banking system, account applications are subject to strict due diligence checks.
Account applicants are commonly rejected due to the following:
- Unclear source of funds documentation
- Weak or unverifiable professional or bank references
- Applicants linked to high-risk jurisdictions
- Poorly structured offshore arrangements
- Political exposure
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