In this article, we’re exploring the banking and financial services that individuals and companies can access when opening bank accounts abroad in The Bahamas.
This will include an overview of the available services offered by Bahamian banks, the services Bahamian banks do not offer, and a comparison of Bahamas and other banking jurisdictions.
If you would like access to our free country guide and complete series on banking in the Bahamas, use the link above to unlock access now.
Alternatively, keep reading to learn more about the banking and financial services that you can access as a foreign non-resident when banking in the Bahamas below.
Table of Contents
- Bahamas Banking Services
- What Banking Services Are Available in the Bahamas?
- What Banking Services Are Not Available in the Bahamas?
- How Does Bahamas Compare to Other Jurisdictions?
- Benefits of Bahamas Banks
- Frequently Asked Bahamas Banking Questions
- Ready to Open an Offshore Bank Account?
Bahamas Banking and Financial Services
The banking and financial services available in the Bahamas include retail banking, business banking, offshore banking, payment cards, credit facilities, and support for trusts and foundations. Of course, the Bahamas is also home to sophisticated private banking and wealth management solutions.
In other words, depending on your client profile, you can access everything from private banking, portfolio management, and personal bank accounts in The Bahamas to private banking. That said, depending on which of the 245 banks in the Bahamas you decide to open an account with, the specific services you’ll be able to access will vary.
Not surprisingly, those banks with an International License will offer services tailored to non-residents looking for offshore banking, specifically in The Bahamas, while the larger banks in The Bahamas are more likely to serve Bahamian residents, citizens, and local businesses.
In the following sections, we will take a closer look at the specific services foreigners, non-residents, and foreign entities can access in The Bahamas. Plus, we’ll also discuss the expected account fees and costs of banking in The Bahamas for various account types.
But first, as a quick recap, here is a list of the Bahamian banking and financial services that most customers can unlock when banking in the country.
Bahamas Banking and Financial Services
- Bahamas retail banking
- Local Bahamian business banking
- Offshore banking for non-residents of the Bahamas
- Offshore banking for non-Bahamian entities
- Payment cards tied to Bahamian bank accounts
- Credit facilities for investments in The Bahamas
- Banking for Bahamian and foreign trusts and foundations
- Private banking and wealth management solutions
- Investment banking for large corporates
What Banking Services Are Available in the Bahamas?
As mentioned, banks in The Bahamas offer banking and investment services that range from retail banking to sophisticated wealth management. With this in mind, the determining factors on whether the services offered by banks in The Bahamas are suitable for a given client often come down to the available deposit and existing local ties.
Not surprisingly, Bahamian banks are also a suitable option for anyone seeking exposure to the Bahamian Dollar, the currency of The Bahamas, as well as local transactional support. This can include individuals who intend to purchase local real estate or businesses with local suppliers or customers.
It’s also important to note that the specific services that each bank in The Bahamas offers will vary. So, if you are looking to bank in The Bahamas to access specific services, you should confirm whether your desired services are available to you before applying for an account.
This is especially important if you are looking for corporate banking features and a business bank account in The Bahamas, as the available services and costs can vary widely. Likewise, private banking and wealth management expertise can vary between banks, so be sure to explore all of the available options prior to applying.
To help you better understand which banking services you can access in The Bahamas, we’ll break down the services that non-resident individuals, businesses, and entities can unlock in The Bahamas below.
We’ll also review a few of the non-banking and financial services that The Bahamas has to offer, which are important for anyone considering Bahamian residency, Bahamas real estate investments, or using The Bahamas for wealth management structuring.
Foreign Non-Resident Banking Services in The Bahamas
The banking and financial services that foreign non-resident individuals can access in The Bahamas include:
- Basic Bahamian checking accounts
- High-yield Bahamian savings accounts
- Fixed-term deposits
- Domestic Bahamian transfers
- International transfers
- International debit cards
- International credit cards
- Non-resident mortgages for Bahamian real estate
- Safe deposit boxes located in The Bahamas
If you would like to access these personal banking services, you can start by reviewing our guide on opening a personal bank account in The Bahamas. Alternatively, you can dig into the account opening qualifications and banking requirements in The Bahamas by clicking here.
Bahamas Business Banking Services
The banking and financial services that foreign non-resident businesses can access in The Bahamas include:
- Checking accounts for Bahamian and foreign entities
- Fixed-term deposits
- Domestic transfers
- International transfers
- International debit cards
- International credit cards
- Safe deposit boxes located in The Bahamas
If you would like to access these business banking services, you can start by reviewing our guide on opening a business bank account in The Bahamas.
Bahamas Private Banking Services
If you are looking to open a private bank account in The Bahamas, you will be able to access the following private banking and wealth management services:
- International investment accounts
- Accounts for Bahamian trusts and entities
- Accounts for foreign trusts, foundations, and entities
- Sophisticated wealth management solutions
- Tax advisory services
- Structuring services
- And more
If you would like to access these private banking services, you can start by reviewing our guide on asset management, wealth management, financial planning, and private banking in The Bahamas by clicking here.
Bahamas Non-Banking and Financial Services
Bahamas is synonymous with offshore banking and offshore financial services, thanks in large part to the huge presence of international banks in the country. With this in mind, it should be no surprise that The Bahamas is home to a wide range of service providers specializing in adjacent non-banking and financial services.
Here is a look at the non-banking and financial services that you can access through Bahamian service providers.
- Corporate structuring of Bahamian companies
- Structuring of Bahamian wealth management entities
- Nominee director services
- Accounting and professional services in the Bahamas
- Bahamas residency and citizenship services
Importantly, the level of service, communication, and competency can vary widely in The Bahamas when it comes to local service providers. So, it’s important to seek out Bahamian firms that specialize in your area of interest and have reviews from trusted sources.
Which Banking Services Are Available in The Bahamas?
While The Bahamas is an offshore banking hub, there are limits on the services that you can access in the country. Also, as mentioned above, The Bahamas is best placed to serve anyone who has a specific connection or tie to The Bahamas.
With this in mind, Bahamian banks and the services they offer, are aimed at individuals, institutions, and wealth management entities seeking offshore banking services like foreign currency accounts, investment accounts, and related services.
Sophisticated Banking and Financial Services
As mentioned, The Bahamas typically caters to individuals who have a specific connection or tie to The Bahamas. However, it’s possible for foreign non-residents to access sophisticated banking and financial services to support their offshore and wealth management needs.
Support for Cross-Border Transactions
Like all jurisdictions, the ability of banks in The Bahamas to support cross-border transaction activity will depend on where you plan to send money. However, as an offshore banking hub, The Bahamas is well-placed to support your cross-border transaction requirements.
That said, if you’re looking to deliver funds and send money to the Bahamas, the country of origin will impact your options. Also, like elsewhere, Bahamian banks are required to conduct due diligence on transactions being sent to and from certain jurisdictions.
While this does not necessarily impact opening Bahamian bank accounts, it does mean that you should confirm whether banking in The Bahamas meets your transaction needs before opening accounts.
How Does Bahamas Compare to Other Jurisdictions?
Compared to other international banking jurisdictions, The Bahamas is best suited to individuals who have a specific connection or tie to The Bahamas. That said, the cost of banking in The Bahamas is reasonable when compared to other jurisdictions. So, it is a suitable alternative that should be considered when opening offshore and private banking accounts.
That said, depending on your profile, Bahamian banks may not be the best fit for you as there could be better-suited banking jurisdictions elsewhere. And, like all jurisdictions, there are specific compliance threats and risks to banking in The Bahamas that you should consider.
How Does The Bahamas Compare Regionally?
The Bahamas is significantly better placed to serve foreign non-resident individuals and entities than several other offshore jurisdictions in Latin America and the Caribbean. This is especially true when you consider the safety of Bahamian banks and the stability of Bahamas’s correspondent bank relationships.
Which Services Should You Consider in The Bahamas?
With this in mind, The Bahamas is well-positioned to offer banking and financial services to individuals who can demonstrate sufficient ties or have specific needs that Bahamian banks can meet. Likewise, local companies and businesses with sufficient local connections such as employees, contractors, suppliers, customers, or a local office can benefit from banking here.
Benefits of Bahamas Banks?
In short, the financing incentives and benefits of banking in The Bahamas will depend on your client profile, desired deposit, expected transactions, your reasons for banking in The Bahamas, and the Bahamian bank you decide to open with.
That said, there are general benefits that most people can expect to unlock when banking in The Bahamas, which include the following.
Benefits of Opening With Banks in The Bahamas?
- Reputable international banks to choose from
- Low initial deposits (Certain clients can open with USD 10,000)
- Remote account opening for all prospective clients
- Accepting of most citizenships and residencies
- Supportive of international structures and entities
Benefits of Banking in Bahamas?
- Strong correspondent bank relationships
- Stable political environment
- Stable economic environment
- Respected offshore jurisdiction
These are just a few of the general benefits that you can access when banking with some of the highly-rated banking organizations and the best banks in The Bahamas. Of course, if you would like to start exploring your other options you can use the free Bahamas banking guides linked above.
Alternatively, if you would like to explore the schedule of operating institutions or the list of the banks in The Bahamas that might be worth considering, you can use this link now. This list includes some of the major active banking groups and largest banks in The Bahamas, including both domestic and international financial institutions.
Frequently Asked Bahamas Banking Questions
Below are a few questions we receive from people exploring banking and financial services in The Bahamas. If you have further questions you would like answered about banking in The Bahamas don’t hesitate to get in touch with us directly.
Which Bank Is Best to Bank With in The Bahamas?
The best bank in The Bahamas ultimately depends on the person applying to open an account. In other words, their residency, banking objectives, and deposit level are all factors that need to be considered before choosing a bank to open an account with. This is because not all banks accept the same client types or offer the same benefits. This is especially true when it comes to foreign non-residents.
Can Anyone Open a Bank Account in the Bahamas?
Yes, anyone can open a bank account in The Bahamas. However, opening an account requires applicants to pass onboarding and bank due diligence. Additionally, minimum deposits need to be made and applicants need to apply to the right banks. In short, account opening in The Bahamas can be challenging if you don’t know which banks to approach and how to navigate account opening.
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