Banks in Dominica are a useful tool for foreign investors looking to spread their investments and protect their assets. The banking sector in Dominica is regulated by the Financial Services Unit (FSU), and services provided by banks are available to nationals, foreign residents, and foreign investors through offshore services.
Investors can open an account in one of the over a dozen local and international banks. Account options include individual current accounts, business accounts for legal entities, and foreign currency accounts for investors.
This guide lays out everything you should know about banking in Dominica, including the best banks, account types, and the requirements to open a bank account.
Key takeaways about Dominica banks
- Banks in Dominica use the Eastern Caribbean Dollar (EC or XCD) as their main currency.
- Opening a bank account in Dominica requires proof of identity, residency, source of funds, and banking references.
- Individuals and businesses can access Dominica banking services, such as mobile banking, loans, international transfers, and fixed-term deposits.
- Four Dominica banks are members of the Caribbean Association of Banks, a representative body for banks and financial institutions in the Caribbean.
Overview of the Dominica Banking Sector
Several banks in Dominica offer various products and services for personal and corporate accounts. Four of them are members of the Caribbean Association of Banks, which reinforces their reputation as reliable financial institutions.
Dominica banks allow their customers to open cheque bank accounts, savings accounts, and term deposits and will issue credit and debit cards. You can also take out car and education loans, mortgage loans, and business development loans. The main currency used in Dominica and the rest of the Caribbean is the East Caribbean dollar (EC $), with USD $1.00 equal to EC $2.70.
The Eastern Caribbean Central Bank (ECCB) is the monetary regulator for banks in Dominica. Its objective is to maintain the integrity of the banking system and the stability of the Eastern Caribbean Currency.
When opening a bank account in Dominica, the default currency will be the EC $, which is pegged to the United States dollar. Options also include a foreign currency account in euros, GBP, or USD.
The Financial Services Unit (FSU) is a department of the Dominica Ministry of Finance. It regulates all financial services in Dominica. The FSU oversees the activities of offshore banks, buildings and loans societies, credit unions, development banks, gaming companies, insurance companies, and money service businesses.
Add Your Heading Text Here
List of Banks in Dominica
Local banks in Dominica
National Bank of Dominica Ltd: The National Bank of Dominica (NBD) is the largest financial institution in the nation and has been recognized as an outstanding corporate body by the East Caribbean Central Bank (ECCB). NBD has a network of ATMs and four branches across Dominica. Its website offers up-to-date information on its products and services, such as mobile banking, online banking, loans available for personal and business banking, insurance activities, and more.
Republic Bank (EC) Limited: A leading financial institution and one of the major banks in the Caribbean, Republic Bank provides services related to personal, commercial, and corporate banking. The Dominica branch is located in Roseau, with customers able to open different accounts, obtain debit and credit cards, and make use of online banking services.
Dominica Agricultural Industrial and Development (AID) Bank: As a subsidiary of NBD, this bank provides loans for agriculture, education, housing, tourism, and startup businesses, as well as energy-efficient and development-related funding.
International banks in Dominica
EQIBank: Launched in 2015, EQIBank is located in Roseau. It is an offshore bank that caters to individuals and businesses. Digital banking, personal and corporate banking services, investment services, OTC trading, and wealth planning solutions are available to clients.
Ferz Global Bank: Ferz Global Bank is an international financial institution that offers banking services to individuals and legal entities. The bank is adapted to the supervisory rules of the East Caribbean Central Bank (ECCB) and offers products and services to international clients, including money market accounts, savings accounts, credit cards, and personal and corporate loans.
CBIC First Caribbean International Bank: The bank offers digital, personal, and business banking, credit and debit cards, corporate and investment banking, and wealth management services. CBIC no longer has a branch in Dominica, but you will find branches in 12 locations across the Caribbean.
Bank of Nova Scotia: Scotiabank Dominica is a branch of The Bank of Nova Scotia that offers comprehensive retail and commercial services. A leading financial service provider in the region, the bank also offers electronic cash management services through its extensive network of branches across the country.
Paxum Bank Limited: Paxum Bank is an international bank headquartered in Dominica. The bank provides services to international businesses and non-resident corporate and personal clients. Services include traditional personal and business banking services, including online banking, loans, current and savings accounts, and mobile banking.
Caribbean Association of Banks
The Caribbean Association of Banks, Inc. (CAB) is the representative body for Caribbean banks. The organization supports its members by engaging in the worldwide network of similar financial establishments and endeavoring to shape policies and laws that affect the industry.
Four Dominica banks members of the CAB:
- National Bank of Dominica
- Commonwealth Bank and Trust
- Paxum Bank Limited
- Dominica Agricultural Industrial and Development (AID) Bank
Banking Services in Dominica
- Retail banking: Also known as personal banking, this allows customers to manage their money, have access to credit, and deposit their money securely through a combination of physical branches and online services.
- Corporate banking: Aimed at businesses, business accounts facilitate corporate financing, raising capital, asset management, merchant services, and commercial loans.
- Investment banking: This service helps individuals and organizations raise capital and allocate funds into investments, such as stocks, bonds, private equity, real estate projects, and other structured financial instruments.
- Digital banking services: With online banking, account holders can pay bills, check balances, receive account alerts, transfer money, and make international transfers.
- Escrow services: This service holds funds required for investments such as a Dominica real estate purchase to get citizenship by investment by guarding funds safely until all transaction terms are finalized.
- Offshore banking: Individuals, companies, investors, and trusts can hold accounts in Dominica to manage international transactions, diversify assets, and benefit from enhanced financial privacy.
Opening a Bank Account in Dominica
Requirements
Dominica residents, citizens, foreigners, and businesses can open a bank account in Dominica. You will need to provide documents proving the source of your funds, your identity, proof of residence, and the minimum required deposit. Some banks require an activation fee and maintenance fees.
Documents required from individuals
As an individual opening a Dominica bank account, the documents required vary depending on whether you are a citizen or a Dominica visa holder with residency or a foreign national, and whether you open an account remotely.
Citizens and residents must produce the following documents:
- Identity document (e.g., passport, social security card, driver’s license)
- Proof of residential address (e.g., utility bill, bank statement, driver’s license, proof of employment)
- Application for opening an account
In addition to the above, a bank reference must be submitted by Dominica citizens living abroad, Dominica citizens opening an account remotely, and foreigners.
A cover letter detailing the reason for opening the account must be provided by foreigners. However, this step can be avoided by foreign nationals who acquire a Dominica passport through the country’s citizenship program.
Documents required from companies
As a company intending to open a bank account in Dominica, you must provide the following documents:
- Company constitution
- Certificate of incorporation
- Certificate of Good Standing
- Resolution of the directors to open an account
- Establishment of account signatories
- Identification for all beneficial directors, owners, and signatories
- Bank references for directors
- Bank references for the company
- Completed application to open the account
How to Open a Bank Account in Dominica
Opening a Dominica bank is straightforward. The top banks in banks in Dominica require three years of banking history and a credit reference (in cases where you have no Dominica banking history).
A personal and corporate account can be opened both in person and remotely:
Opening an account in person: At Dominica banks, applicants must visit the branch with the required documents and a completed application form. All applicants undergo a banking due diligence check. Once checks are complete, applicants can activate their account by making a minimum deposit determined by the bank. Once these steps are complete, online and mobile banking services are available.
Opening an account remotely: Applicants must submit an application through the bank’s website. Once the required documents may need to include a sworn translation or notarization. Remote opening often requires more extensive proof of banking history. An minimum deposit by international transfer is usually required to activate the account. Once these steps are complete, online and mobile banking services are available.
Comparison of fees to activate a bank account in Dominica
| Account Type | National Bank of Dominica | Commonwealth Bank and Trust | Paxum Bank Limited | Republic Bank (EC) Limited |
|---|---|---|---|---|
| Individual Checking Account | EC $300 | EC $10,000 | – | EC $25 |
| Individual Savings Account | EC $100 | – | – | No fee |
| Company Checking Account | EC $500 | EC $15,000 | No fee | EC $20 |
| Company Saving Account | – | – | EC $50,000 | – |
| Foreign Currency Savings Account | USD $1,000 or EUR €5,000 | – | – | – |
Comparison of service fees
| Account Type | National Bank of Dominica | Commonwealth Bank and Trust | Paxum Bank Limited | Republic Bank (EC) Limited |
|---|---|---|---|---|
| Individual Checking Account | EC $10 monthly | EC $4 monthly (No fee for accounts with a balance over EC $2,000) | No fee | EC $13 |
| Company Checking Account | EC $10 monthly | EC $0 -$10 monthly | No fee | EC $20 |
| Debit Card | No fee | No fee | EC $3.75 (physical card) EC $2.95 (virtual card) | No fee |
| Credit Card | EC $100 – $150 annually | EC $0 – $25 monthly | – | EC $80 – $125 annually |
Restrictions on opening an account: Some banks may restrict client services. For example, the Dominica Agricultural Industrial and Development Bank do not provide services for foreigners, while the National Bank of Dominica does not allow foreigners to open accounts remotely. NBD also allows corporate accounts to be opened only by companies registered in Dominica.
All banks in Dominica request supporting documents from foreign applicants. Investing in Dominica to obtain citizenship reduces the paperwork required for opening a bank account. The Dominica Citizenship by Investment Program allows foreign nationals to obtain citizenship through an investment of at least $200,000.
Deposit Insurance in Dominica
Although the Dominica government and banks in Dominica don’t have a comprehensive deposit guarantee scheme, the Dominica Bank Act and regulatory bodies such as the Financial Services Unit (FSU) and the Eastern Caribbean Central Bank (ECCB) have established stringent licensing and operational standards for Dominica banks. These regulations ensure the banking sector’s stability and outline procedures for handling bank insolvency, including the appointment of a receiver.
Why use Global Citizen Solutions?
Global Citizen Solutions is a multidisciplinary firm offering bespoke residence and citizenship solutions in Europe and the Caribbean. In a world where the economy and politics are unpredictable, having a second citizenship opens up opportunities and creates flexibility for you and your family.
So, why work with Global Citizen Solutions to obtain Caribbean citizenship?
- Global approach by local experts: We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
- 100 percent approval rate: We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
- Independent service and full transparency: We will present to you all the investment options available, and all expenses will be discussed in advance, with no hidden fees.
- An all-encompassing solution: A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family's mobility, tax, and lifestyle needs.
- Confidential service and secure data management: All private data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
