In this article, we’re looking at the best banks in The Bahamas for expats, foreigners, and foreign entities.
The following information is based on our team’s experience helping members from around the world successfully overcome the onboarding protocols in The Bahamas to open accounts with the best Bahamian banks over the last decade. This includes opening accounts for individuals, companies, and wealth management entities both in person and from abroad.
If you would like to access our free Bahamas banking series, click the link above and unlock our team’s expert take on Bahamian banks, Bahamas banking requirements, personal and business banking in The Bahamas, and much more.
You can also use the table of contents and jump to the section that covers your area of interest in The Bahamas.
Table of Contents
- What Are the Best Banks in The Bahamas?
- Benefits of Opening an Account With Bahamas Banks?
- Frequently Asked Bahamas Banking Questions?
- Alternative Countries to Banking in The Bahamas
- Ready to Open an Offshore Bank Account?
What Are the Best Banks in The Bahamas?
The best banks in The Bahamas include both domestic and foreign banking institutions, like Bank of The Bahamas, Commonwealth Bank, and Fidelity Bank. However, these banks and other top-rated financial institutions in The Bahamas can be difficult to access if you are applying as a foreign or non-resident individual or entity.
With this in mind, most applicants looking for personal banking or corporate banking will choose to apply with one of the international banks in The Bahamas.
Importantly, if you are actively looking to open a bank account in The Bahamas, you should also take time to assess the Bahamian economy, banking regulations, and financial industry more broadly.
Likewise, before applying for accounts with a specific Bahamian bank, you should confirm that they offer the wealth-related support and Bahamas banking services you require, cater to clients with your profile, and accept an initial deposit you can afford.
If you would like to explore a more detailed inventory of institutions and a list of banks in The Bahamas, you can click here to access our free guide. Alternatively, we’ve also compiled details on the major financial organizations and the largest banks in The Bahamas, though these banks are more difficult to access for foreign non-residents.
By taking the time to assess these Bahamas-specific factors, you will be able to confirm whether the Bahamas is a suitable banking jurisdiction for your needs. Likewise, by assessing each Bahamian bank directly, you will end up finding the best bank in The Bahamas for your unique requirements.
With this in mind, we’re going to start by helping you explore Bahamian banking options by looking at which banks in The Bahamas are best for expats.
What Are the Best Banks for Expats in The Bahamas?
Before discussing the best Bahamas banks for expats, it’s important to point out that we are defining “expats” as foreign individuals who have the legal right to work or reside in The Bahamas, either on a visa or with residency status.
Not surprisingly, expats in The Bahamas typically have more options to consider than foreign non-residents who do not reside in the country. That said, even with the legal right to be in the country, Bahamian financial institutions can still be difficult to access.
With this in mind, we typically suggest that expats in The Bahamas look for financial institutions with the following attributes.
Characteristics of the Best Banks in The Bahamas for Expats
- Accepting foreigners with Bahamian residency and work permits
- Flexible requirements for proof of address in The Bahamas
- Minimum deposit requirements for foreigners with clear ties to The Bahamas
- Low-cost domestic transfers between Bahamian banks
- Accepts deposits via transfer services from outside of the Bahamas
- Reasonable hours for in-person services in key cities like Nassau
- Attentive and competent customer support
Again, these are the characteristics that individuals living and working in the Bahamas should consider when deciding which accounts to apply for.
If you fit into this category and would like to take a closer look at opening a customer deposit account or a personal bank account in The Bahamas, you can click this link to access our free guide now. Alternatively, if your objectives are more aligned with international financial affairs or offshore banking in The Bahamas you may find our dedicated offshore banking guide more helpful.
What Are the Best Banks for Foreign Non-Residents in The Bahamas?
Foreign non-residents of The Bahamas, meaning individuals without the legal right to reside or work in The Bahamas, need to consider Bahamian banks that specifically cater to international clients.
Fortunately, as a major offshore banking jurisdiction, The Bahamas does have international options to choose from. However, it’s important to note that these Bahamian financial institutions do require a minimum deposit, usually starting at USD100,000 though it is possible to open with as little as USD 10,000 for certain clients.
When it comes to foreigners opening accounts in The Bahamas, we typically suggest Bahamian financial institutions with the following attributes.
Characteristics of the Best Banks in The Bahamas for Foreign Non-Residents
- Accepting foreign non-residents of The Bahamas
- Accepts your citizenship and residency
- Requires supporting documents you can provide
- Does not require Bahamian documents you don’t have
- Does not require ties to The Bahamas that you don’t have
- Requires a deposit amount you can afford
- Allows transfers to and from the Bahamas and desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Offers international debit and credit cards
- English-speaking customer support
If you are a foreign non-resident of The Bahamas and you would like to explore your options further, you can use the personal guide linked above.
Alternatively, if you’re looking to make a larger deposit, you can explore asset management-related accounts by accessing private banking in The Bahamas using our free guide here.
What Are the Best Banks for Foreign Entities in The Bahamas?
Foreign entities refer to legal entities registered as holding companies, operating businesses, and foreign trusts and foundations outside of The Bahamas.
Importantly, while these entities often struggle to bank elsewhere, The Bahamas is a stable jurisdiction that these entities can usually access.
Of course, in order to open accounts with a Bahamian bank, these entities need to pass compliance protocols, meet Bahamas banking requirements, and make a qualifying deposit.
While the deposits to open in The Bahamas for holding companies and certain operating businesses are considered reasonable, foreign trusts and foundations should expect to deposit considerably more when opening Bahamian bank accounts.
With this in mind, we typically suggest Bahamas financial institutions with the following attributes for foreign entities
Characteristics of the Best Banks in The Bahamas for Foreign Entities
- Accepting of entities from outside of The Bahamas
- Accepts your entity’s specific country of registration
- Accepts the citizenship and residency of the shareholder and directors
- Supports the specific industry or purpose of the entity
- Does not require Bahamian documents your entity doesn’t have
- Does not require ties to The Bahamas that your entity doesn’t have
- Requires a deposit amount your entity can provide
- Allows transfers to and from The Bahamas and desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- English-speaking customer support
If you’re interested in corporate services as a foreign entity and want to open a business bank account in The Bahamas, you can click this link to access our free guide now.
Benefits of Opening an Account With Bahamas Banks?
When compared to other offshore jurisdictions, the potential financial advantages and benefits of banking in The Bahamas include easy access, country stability, strength of correspondents, and available services.
More specifically, a Bahamian bank account can be opened remotely, is available to a wide range of citizenships and nationalities, and is also accessible to both foreign and offshore entities.
Here is a full list of the benefits you can receive when you open accounts in The Bahamas.
Benefits of Opening a Bank Account in The Bahamas
- Remote account opening
- Multicurrency accounts
- Online account management
- Relatively low deposit amounts
- Accepting individuals who can demonstrate sufficient ties
- English speaking support
Lastly, Bahamas financial institutions also offer access to a wide range of foreign account services, ranging from investment products to multi-currency accounts. Of course, this is in addition to offering direct access to the Bahamian Dollar, the official currency of The Bahamas.
Foreign Bank Account Services in The Bahamas
- Multi-currency accounts
- Online account management
- International debit cards
- International credit cards
- International transfers
- Domestic transfers
- Fixed deposit accounts
- Investment products
Of course, many of these benefits can be obtained when opening accounts outside of The Bahamas as well. With this in mind, let’s take a look at the alternative countries to The Bahamas that you may want to consider.
Alternative Countries to Banking in The Bahamas
There are a number of alternative countries you may want to consider instead of banking in The Bahamas. However, each Bahamas alternative has its own unique considerations. Likewise, similar to The Bahamas, they tend to cater to specific client profiles.
In the case of The Bahamas, applicants typically include individuals who have a specific connection or tie to The Bahamas or foreign non-residents seeking private banking and wealth management services offshore.
With this in mind, here are a few alternative banking hubs to The Bahamas that you might want to consider. The first three alternatives were selected because they are home to institutions with similar onboarding processes and deposit requirements as The Bahamas. However, the last two typically cater to a different clientele than banks in The Bahamas.
Alternatives to Banking in The Bahamas
- Cayman Islands
- Jersey
- Bermuda
- Singapore
- United States
Of course, it’s important to keep in mind that there are monetary-related fees and costs to banking in The Bahamas just like there are in other jurisdictions. So, you should always directly compare fee lists prior to applying for accounts.
Likewise, depending on where you are located, you may have difficulties in how you transmit funds and send money to The Bahamas from your existing accounts.
Additionally, there are concerns and risks to banking in any of these countries just as there are concerns in the financial sector and risks to banking in The Bahamas as a foreign non-resident.
So, before deciding where to apply, don’t forget to do your research. This includes understanding the risks, costs, and restrictions involved in each jurisdiction. Then, you’ll be in a position to choose an option that best matches your profile and needs.
Frequently Asked Bahamas Banking Questions
Below are a few of the most common questions we receive from people looking into banking in the Bahamas. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Most Popular Bank in The Bahamas?
The most popular bank in the Bahamas differs across banking categories, such as personal, business, and private banking. Not to mention, there is a clear difference in the banks that are popular for non-residents over residents. That said, some of the most popular banks in the Bahamas include Bank of The Bahamas, Commonwealth Bank, and Fidelity Bank.
How Many Commercial Banks Are in The Bahamas?
There are eight (8) commercial banks in the Bahamas. These eight commercial banks include major international banking brands like Scotiabank, Royal Bank of Canada, FirstCaribbean, and Citibank. Additionally, there are three (3) Bahamian-owned commercial banks that local residents and businesses can consider opening accounts with.
Can I Open a Bank Account in The Bahamas as a Tourist?
Yes, you can open a bank account in the Bahamas as a tourist. Of course, not all banks in the Bahamas accept foreign non-resident applicants. So, before applying, it’s important to know which banks in the Bahamas to approach. In other words, identify banks with requirements you can meet and services you need.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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