Banks in Grenada: A Guide to Banking on the Island

There are 18 banks in Grenada comprising regional and international banks. This guide takes a detailed look at the banking system in Grenada, from the system’s governing bodies to banking options and the services they provide.

Overview of Grenada's Banking System

The regulatory framework for Grenada’s banking system involves a joint approach between the Eastern Caribbean Securities Regulatory Commission (ECSRC) and the Eastern Caribbean Central Bank (ECCB), which provides the guidelines for 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.

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:

Members of the Caribbean Association of Banks

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 list of 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 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 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

Bank account types

The table below indicates the types of bank accounts individuals and businesses can open in Grenada.

Online banking services

Many international 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 fees at banks in Grenada

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 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 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.

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

1. Grenada’s Financial Regulatory Commission ensures the country’s robust banking and data protection policies are enforced.
2. Grenada’s official currency (East Caribbean Dollar) is pegged to the US dollar, ensuring stability for international, regional, and national banks in the country.
3. As a member of CARICOM and the Organization of Eastern Caribbean States (OECS), Grenada’s banking services streamline trade with member countries.
4. Reliable 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.
5. Offshore banking in Grenada is personalized for an international clientele, delivering foreign currency account, bespoke wealth management, escrow, and investment solutions.
6. 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.
7. The Grenada citizenship by investment program eases the process of opening a bank account while granting a powerful Grenada passport, enhancing the account holder’s protection while expanding mobility.

Key Takeaways about the Grenada Banks List and its Banking System

Banking in Grenada is safe and 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 or remotely and the option to manage your transactions more easily through online and electronic services, banking in Grenada is hassle-free.

Frequently Asked Questions About Banking in Grenada