Foreign investors can utilize banks in Grenada to spread their investments and protect their assets. The banking sector in Grenada is regulated by the Financial Regulatory Commission, and the services banks provide are available to citizens, foreign residents, businesses, and overseas investors.
Ten local banks, international banks, and credit unions offer individuals and legal entities numerous account types, including open current accounts, business accounts, savings accounts, and foreign currency accounts.
This guide covers the essential details about banking in Grenada, including reliable banks, services, and how to open a bank account.
Key takeaways about Grenada banks
- Commecial banks in Grenada operate under the Eastern Caribbean Central Bank and use the Eastern Caribbean Dollar (EC or XCD) as their main currency.
- Opening a bank account in Grenada requires proof of identity, residency, source of funds, and banking references.
- Most Grenadian bank accounts, such as checking and business accounts, require paying a monthly maintenance fee.
- Three banks in Grenada are members of the Caribbean Association of Banks, an appointed council for banks and financial institutions in the Caribbean.
Overview of Grenada’s Banking System
The regulatory framework for Grenada’s banking system is structured jointly by the Eastern Caribbean Securities Regulatory Commission (ECSRC) and the Eastern Caribbean Central Bank (ECCB), which provides the guidelines to the Grenada Financial Regulatory Commission (GFRC).
Alongside the GFRC, the Grenada Authority for the Regulation of Financial Institutions (GARFIN) was established to govern the activities of non-bank financial institutions, such as gaming companies, investment firms, and credit unions.
The Eastern Caribbean Central Bank (ECCB) established the Eastern Caribbean Currency Union (ECCU) to regulate and maintain the stability of the Eastern Caribbean Dollar (EC or XCD), Grenada’s official currency.
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List of Banks in Grenada
Grenada banks provide services for citizens, retirees living in Grenada, international investors, legal entities, trusts, and funds.
The following is a list of banks that operate and have bank branches in Grenada:
Local banks
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.
Republic Bank (Grenada): In 2021, Scotiabank’s Grenadian assets were acquired by Republic Bank Financial Holdings Limited. Republic Bank offers savings and checking accounts, electronic banking through a mobile app and online services, credit cards, loans, mortgages, and investment options. The institution has the largest ATM network of all commercial banks operating in Grenada, with 12 ATM locations and six bank branches across the island, including St George’s and Grand Anse.
ACB Grenada Bank: ACB offers business and personal banking options, mobile banking, and online banking, with three branches on the island. Clients can obtain debit and credit cards, loans, mortgages, and investment options.
Grenada Co-Operative Bank Ltd: Grenada Co-operative Bank Limited offers its clients a number of products and services, including loans (mortgage, student, consumer, business), savings options, credit cards, debit cards, eBanking, wire transfers, merchant services, and more. The bank has six branches across the island.
International banks
Bank of Asia: Headquartered in the British Virgin Islands, the Bank of Asia has a branch located in Lance Aux Epines, St George’s. It is an all-in-one digital bank providing corporate and personal account services to local and international clients.
CIBC Caribbean: CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, headquartered in the Bahamas. It is a large regional bank with personal commercial, and investment accounts services, digital banking options, and wealth management solutions.
RBC Bank: RBC Bank is an international bank with a presence in ten Caribbean countries and territories. It is one of the region’s leading financial services institutions, delivering personal and commercial accounts, corporate and investment banking, and asset management solutions for individuals and trusts.
Credit unions
Grenville Co-operative Credit Union: Greenville Co-operative Credit Union is a member-owned financial institution offering affordable and accessible financial products. Through savings and personal loans, the institution promotes economic independence and community development.
River Sallee Co-Operative Credit Union: River Sallee Co-Operative Credit Union is a financial institution owned by employees and workers in Grenada. It provides savings accounts, loans, and affordable credit solutions targeted to the island’s working community.
Members of the Caribbean Association of Banks
The Caribbean Association of Banks (CAB) is the representative body for financial institutions in the Caribbean. The body participates in the global network of similar institutions and advocates on behalf of its members. The following banks in Grenada are members of the CAB:
- Grenada Co-operative Bank Ltd.
- Republic Bank (Grenada) Ltd.
- ACB Grenada Bank
Who can open a bank account in Grenada?
Grenada has inclusive criteria for who can open personal and corporate accounts.
Citizens: As part of their rights as citizens, Grenadians can easily open a savings or checking account or become members of Grenada credit unions.
Foreign residents: Retirees or foreigners with a Grenada work visa or other relevant residency visa can open bank accounts, which typically require national identification, proof of residency, and proof of address.
Businesses: Grenada-registered corporations can open a corporate bank account by providing incorporation and director identification documents.
International investors: Offshore accounts are available to international investors, provided they have valid identification, a legal source of funds, and fulfill minimum deposit requirements.
Foreign companies: Foreign businesses can open accounts in Grenada offshore banks. Opening an offshore bank account as a foreign business typically requires incorporation documents, director ID, proof of funds, and a minimum deposit.
Trusts and foundations: Asset management, philanthropic solutions, and administrative support services are available to trusts or foundations in Grenada, generally requiring formal documentation related to their purpose and administration.
Grenada Bank Account Tpes
The table below indicates the types of bank accounts individuals and businesses can open in Grenada.
| Account Type | Individual | Corporation | Function |
|---|---|---|---|
| Checking Account | Yes | Yes | Day-to-day transactions |
| Savings Account | Yes | Storing and increasing savings. Deposits and withdrawals can be made at any time. | |
| Company Account | No | Yes | Enables businesses to make payments and accept payments from credit cards and other electronic methods. |
| Merchent Account | No | Yes | Enables companies to accept and process card payments, including credit and debit transactions, in-store and online. |
| Escrow Account | Yes | Secures a property purchase during the construction phase. The buyer deposits money into the escrow account, which is held until the developer has fulfilled their contractual obligations. | |
| Trading Account | Yes | Allows individuals or companies to buy and sell financial assets, such as shares, stocks, bonds, and commodities. | |
| Investment Account | Yes | Allows holding and managing stocks, bonds, mutual funds, or other securities for investment. | |
| Foreign Currency Account | Yes | Foreign currency accounts allow account holders to hold foreign currencies. | |
| Term Deposit | Yes | No | Opened for a fixed term of as little as one month up to five years. Fixed deposit funds withdrawn ahead of schedule result in cancellation of profits and a penalty. |
Grenada Banking Products and Services
The best banks in Grenada serve both individuals and companies. These services include opening different types of accounts (in person and remotely), providing access to mobile and online banking, maintaining settlement accounts, providing a platform to pay utility bills and transfer money, and providing debit and credit cards for client use.
The following currencies can be held in accounts at international banks in Grenada:
- Japanese Yen
- US Dollar
- UAE Dirham
- Swiss Franc
- Hong Kong Dollar
- Australian Dollar
- Singapore Dollar
- Canadian Dollar
- British Pound Sterling
Online banking services
Major commecial banks in Grenada provide online or mobile banking services that allow you to access account statements, transfer money between your checking and savings accounts, pay utility bills, and request international transfers. Additionally, online banking can be utilized at any time of day, regardless of banking hours or time zones.
Online services provided by banks in Grenada
| Service | Grenada Co-operative Bank | Republic Bank (Grenada) | ACB Grenada Bank | RCB Bank |
|---|---|---|---|---|
| Online Banking | Yes | |||
| Mobile Banking | Yes | |||
Service fees at banks in Grenada
| Service | Grenada Co-operative Bank | Republic Bank (Grenada) | RCB Royal Bank |
|---|---|---|---|
| Checking Account (Individual) | EC $5 monthly | USD $14.95 monthly | EC $25 monthly |
| Checking Account (Legal Entity) | EC $115 annually | USD $28.75 monthly | EC $30 monthly |
| Debit Card | EC$ 24.56 annually | No fee | USD $34.50+ annually |
| Credit Card | EC $115+ annually | USD $23 plus annually | USD $34.50+ annually |
| Safe Deposit Box (Small) | EC $163.75 annually | EC $172.50 annually | EC $184.50 annually |
How to Open a Bank Account in Grenada
Opening a bank account in Grenada is a straightforward process once you have collected the necessary documents. You can apply to open an account online, in person at a branch, or through a representative by proxy. If you choose to do so remotely, the required documents must be sent to the financial institution by mail once they’re apostilled and certified by a notary.
Documents required:
Individual
- Identification (Photo identification, e.g., valid foreign or Grenada passport, driver’s license, ID card, resident card, or NIS – Grenadian social security card)
- Proof of residence (utility bill or bank account statement from a different bank)
- Income statement, depending on your type of employment:
- Work for hire – provide an employment contract or certificate of employment indicating your position and salary.
- Entrepreneur/self-employed – provide an account statement for the last year or a declaration of income.
In addition to these documents, the bank may request a letter from a different bank indicating when you opened your account with them. If you are not a resident of Grenada, you must also provide your foreign taxpayer identification number (TIN); however, securing Grenada Citizenship by Investment streamlines the account opening process by reducing documentation requirements.
Legal entity
- Certificate of company registration
- Company charter or memorandum of association
- Certificate of Good Standing (or equivalent)
- Certificate of appointment of directors and executive secretary
- Certificate of the composition of shareholders
- Power of attorney for the account manager, indicating their authority to open accounts remotely and manage them on the company’s behalf
It is important to note that many Caribbean banks operating in Grenada will ask for more documents than those indicated for foreigners looking to open a bank account. For example, they may ask you to confirm the amount of income you earn as well as all sources of income.
Investing in Grenada through the country’s citizenship program simplifies the KYC (Know Your Customer) process, providing access to more financial services and with fewer barriers.
Seven Reasons to Open a Bank Account in Grenada
- Grenada’s Financial Regulatory Commission ensures the country’s robust banking and data protection policies are enforced.
- Grenada’s official currency (East Caribbean Dollar) is pegged to the US dollar, ensuring stability for international, regional, and national banks in the country.
- As a member of CARICOM and the Organization of Eastern Caribbean States (OECS), Grenada’s banking services streamline trade with member countries.
- The top banks in Grenada provide modern online and mobile banking services, including frequently updated mobile services and 24-hour account access for interbank and international transfers.
- Offshore banking in Grenada is personalized for an international clientele, delivering foreign currency account, bespoke wealth management, escrow, and investment solutions.
- Money held in current and savings accounts in St Kitts and Nevis is not subject to worldwide income tax, capital gains, wealth, or inheritance taxes.
- Grenada allows investors to obtain citizenship with a contribution of just $235,000 to the Grenada National Transformation Fund, facilitating an easier account-opening process.
Most Reliable Banks in Grenada
- Republic Bank (Grenada) Limited: A big bank in the Caribbean with a good reputation for its diverse financial services and stability for individuals and businesses.
- RBC Royal Bank: RBC Royal Bank is secure and has a large presence in the Caribbean. Its services include savings and checking accounts, loans, and investments.
- Grenada Co-operative Bank (GCB): A local bank in the heart of Grenada’s community banking services. GCB is trusted for reliable service and good customer relations. Services include mortgages and loans with a focus on local development.
- FirstCaribbean International Bank (CIBC): Another big bank in Grenada. Banking and wealth management services for personal and business clientele focus on reliability and security.
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