Banks in Grenada: A Detailed Overview

There are 18 banks in Grenada, three of which are considered the top banks on the island. In this article, we will have a detailed look at the financial system of Grenada, from the governing bodies to the different banks and the services they provide.

Background of Grenada's Banking System

The regulatory framework in the Caribbean involves a balanced approach to the supervision of the financial system by the national regulators, the Eastern Caribbean Securities Regulatory Commission (ECSRC) and the Eastern Caribbean Central Bank (ECCB). Together, these two bodies form the Regulatory Oversight Committee (ROC).

The ROC aids information sharing among these regulatory bodies, especially regarding the effects of global and local changes on the financial system of the Eastern Caribbean Currency Union (ECCU), and discussion on policy measures to counteract risks to the stability of the financial sector. The national regulators supervise and regulate all financial institutions, except those that are licensed under the Banking Act, 2015.

Organization of Eastern Caribbean States

The Organization of Eastern Caribbean States (OECS) is an international inter-governmental organization comprising seven member states: Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. It also has four associate members: Anguilla, the British Virgin Islands, Guadeloupe, and Martinique.

The countries that make up this economic union have a common approach to education, the environment, health, trade, and the sustainable development of sectors, including agriculture, energy, and tourism. In 2001, the OECS created the Eastern Caribbean Currency Union, the financial activities of which are regulated by the Eastern Caribbean Central Bank. These member states share a common currency – the Eastern Caribbean dollar.

Central Bank of Grenada

The Eastern Caribbean Central Bank (ECCB) is the Monetary Authority that regulates and maintains the stability of the East Caribbean dollar, as well as the integrity of the banking systems of its members. The ECCB is the central banking authority for Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

Banks Operating in Grenada

Banks in Grenada provide services for individuals and legal entities both from Grenada and abroad. The following is a list of banks that operate and have branches in Grenada:

• ACB Grenada Bank
• BancorpSouth Bank
• Bank of Asia
• CIBC Bank
• Development Bank
• Fincor Bank
• FirstCaribbean International Bank (two bank branches)
• Grenada Co-operative Bank
• RBC Bank
• Regions Bank
• Renasant Bank
• Republic Bank (Grenada)
• Woodforest Bank

The process of opening a bank account in Grenada is straightforward, but it is generally faster for a resident than for a non-resident.

Reliable banks in Grenada

The Caribbean Association of Banks, Inc. (CAB) is the representative body and voice 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.

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.

Republic Bank (Grenada) Ltd.

In 2021, Scotiabank – a member of the Bank of Nova Scotia group – was 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 financial institution has the largest ATM network of all commercial banks that operate in Grenada, boasting 12 ATM locations and six branches.

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.

Banking Products and Services

As mentioned previously, 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.

Account types

As an individual, you can open a settlement, savings, or currency account and term deposit in Grenada. Companies can open settlement accounts (including currency ones). Foreign currency accounts can be opened in US dollars, British pound sterling, and Canadian dollars.

Online banking services

Banks in Grenada provide online or mobile banking services that allow you to access account statements, transfer money between your 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 fees at banks in Grenada

Commission in banks of Grenada

Activation amounts at banks in Grenada

Opening a Bank Account in Grenada

Opening a bank account in Grenada is a straightforward process once you have collected the necessary documents and translated them into English (if necessary). 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 bank by mail once they have been translated into English (if necessary), apostilled, and certified by a notary.

Documents required for an individual

• Passport (or an identity document with a photo, e.g., birth certificate, driver’s license, ID card, resident card, or NIS – Grenadian social security card. In some cases, two identity documents may be required.)
• Utility bill proving your residence. You can also provide an envelope from a letter sent to the applicant’s name, a credit card, or an 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 taxpayer identification number (TIN).

Documents required for legal entities

• 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
• Register and resolution on the issue of shares
• Power of attorney for the account manager, indicating their authority to open accounts and manage them on the company’s behalf

In addition to the above, you must provide information about each of the company’s beneficiaries. For each beneficiary, you must provide:

• Passport
• Utility bill
• Certificate of income
• Declaration of trust from the shareholder (if the beneficiary is not a shareholder)

On average, it takes around ten days for your application to be processed. Once your application has been approved, you must transfer the required activation amount into the account in order to activate it.

It is important to note that many banks in Grenada will ask for more documents than those indicated above from 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. To overcome this, you may apply to become a citizen of Grenada through the country’s Citizenship by Investment Program.

How to Obtain Grenada Citizenship by Investment

You can become a Grenada citizen by making an economic contribution to the country. Investors can choose between two options:

• A non-refundable contribution of at least $150,000 to a government fund
• A minimum purchase of $220,000 worth of real estate

As the main applicant, you can include your spouse, children under 30, siblings, parents, and grandparents in your application to obtain a Grenada passport. Of course, including dependents in your application will increase the overall cost.

The benefit of becoming a citizen of Grenada is greater than being able to open an account easily. Citizens enjoy visa-free travel to over 140 countries, such as the UK, the Schengen Zone, China, and Singapore, and can benefit from a favorable tax environment where worldwide income, salaries, capital gains, inheritance, and gifts are not taxed.

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As you can see, banking in Grenada is straightforward for citizens, residents, and foreigners. The banks provide a variety of products and services that cater to the needs of individuals and legal entities, meaning you are sure to find a bank that works for you. With the ability to open accounts in person and remotely and the option to manage your transactions and more through online and electronic services, banking in Grenada is hassle-free.

Frequently Asked Questions About Banking in Grenada