In this article, we’re exploring the banking and financial services that individuals and companies can access when opening a Barbados bank account from abroad.
This will include an overview of the available services offered by banks in Barbados, the services Barbadian banks do not offer, and a comparison of Barbados and other banking jurisdictions.
If you would like access to our free country guide and complete series on banking in Barbados, 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 one of the Caribbean’s most popular banking jurisdictions.
Table of Contents
- Barbados Banking and Financial Services
- What Banking Services Are Available in Barbados?
- What Banking Services Are Not Available in Barbados?
- How Does Barbados Compare to Other Jurisdictions?
- Benefits of Barbados Banks
- Frequently Asked Barbados Banking Questions
- Ready to Open an Offshore Bank Account?
Barbados Banking and Financial Services
Barbados banking and financial services include personal retail banking, local business banking, offshore banking for individuals and entities, corporate banking facilities, banking for trusts and foundations, and private banking and wealth management.
In other words, depending on your client profile, you can access everything from individually managed accounts to personal bank accounts in Barbados and even private banking. That said, depending on which of the 30 banks in Barbados 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 overseas wealth management accounts or offshore banking in Barbados, while the larger banks in Barbados are more likely to serve Barbadian 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 Barbados. Plus, we will also discuss the financial expenditures and costs of banking in Barbados for various account types.
But first, as a quick recap, here is a list of the Barbadian banking and financial services that most customers can unlock when banking in the country.
Barbados Banking and Financial Services
- Barbados retail banking
- Local Barbadian business banking
- Offshore banking for non-resident individuals
- Offshore banking for foreign and offshore entities
- Commercial banking for large cross-border operations
- Banking for domestic and foreign trusts and foundations
- Private banking and wealth management services
- Investment banking
What Banking Services Are Available in Barbados?
Banks in Barbados tend to offer commercial banking and private banking facilities when it comes to foreign non-resident clients. That said, local banks obviously provide support for retail customers and local businesses. With this in mind, foreigners looking to bank in Barbados should be searching for private banking and wealth management services instead of retail banking options.
Of course, for anyone with existing ties to Barbados or who requires transaction support in Barbadian Dollars, the official currency of Barbados, opening an account in the country can make sense. However, account opening as a non-resident with lower deposit levels can be challenging.
Not surprisingly, the specific services that each Barbadian bank offers will vary widely. So, if you are looking to bank in Barbados in order to access specific services, you should confirm whether these services will be available to you before applying for an account. This is especially important if you are looking to access a company treasury account or a business bank account in Barbados, as there are fewer options available.
To help you better understand which banking services you can access in Barbados, we’ll break down the services that non-resident individuals, businesses, and entities can unlock in Barbados below.
We’ll also review a few of the non-banking and financial services that Barbados has to offer, which are important for anyone considering Barbadian residency, Barbados real estate investments, or setting up a wealth management structure in Barbados.
Foreign Non-Resident Banking Services in Barbados
The banking and financial services that foreign non-resident individuals can access in Barbados include:
- Basic Barbados checking accounts
- High-yield Barbados savings accounts
- Fixed-term deposits
- Local transfers to other Barbados banks
- International transfers to and from Barbados banks
- USD savings account with Barbados banks
If you would like to access these personal banking services, you can start by reviewing our guide on opening a personal bank account in Barbados. Alternatively, you can dig into the expected account opening process and the Barbados banking requirements by clicking here.
Barbados Business Banking Services
The banking and financial services that foreign non-resident businesses can access in Barbados include:
- Checking accounts for Barbados and foreign entities
- Fixed-term deposit accounts
- Domestic support for business transfers
- International transfers to and from Barbados
- Payment cards for local and international payments
- Merchant processing for local transactions
If you would like to access these business banking services, you can start by reviewing our guide on opening a business bank account in Barbados.
Barbados Private Banking Services
If you are looking to open a tailored finance account to access private banking in Barbados, you will be able to access the following private banking and wealth management services:
- Sophisticated private banking and wealth management services
- Support for international investments
- Onboarding of a diverse set of clients
- Non-resident borrowing solutions
- Support for Barbados and foreign trusts and foundations
If you would like to access these private banking services, you can start by reviewing our guide on opening a private bank account in Barbados.
Barbados Non-Banking and Financial Services
Barbados is synonymous with offshore banking for large corporations, private banking, wealth management, trust administration, and related services. In large part, this reputation is thanks to the introduction of The Barbados Offshore Banking Act in 1979 and the subsequent changes to licensing and bank regulation. As a result of these changes, an entire ecosystem of non-banking and financial services also emerged in Barbados.
Here is a look at the non-banking and financial services that you can access through Barbadian service providers.
- Corporate structuring of Barbados commercial entities
- Structuring of Barbados wealth management entities
- Nominee director services in Barbados
- Accounting and professional services in Barbados
- Barbados residency and citizenship services
Importantly, the level of service, communication, and competency can vary widely in Barbados when it comes to Barbadian service providers. So, it’s important to seek out Barbadian firms that specialize in your area of interest and have reviews from trusted sources.
Which Banking Services Are Not Available in Barbados?
As mentioned, Barbados is an offshore banking hub that primarily caters to large corporates and private banking clients. As a result, there are fewer retail banking options available for individuals looking to access basic foreign currency accounts, international transfers, and low balances. With this in mind, individuals seeking these “basic offshore accounts” should consider opening in other jurisdictions, such as Panama, Curaçao, and elsewhere.
Support for Cross-Border Transactions
One additional factor that prospective account holders should consider is whether they will be able to make an international transfer from their existing accounts. Likewise, prior to applying for accounts, prospective applicants should confirm whether their existing banks will accept transfers from Barbados. This is important because Barbados is listed on the FATF greylist. Therefore, any transfers to and from Barbados are likely to attract additional scrutiny. While this does not necessarily impact opening Barbadian bank accounts, it does mean that you should confirm whether banking in Barbados meets your transaction needs before opening accounts.
How Does Barbados Compare to Other Jurisdictions?
Compared to other international banking jurisdictions, Barbados is best suited to applicants who are seeking private banking and wealth management services. Of course, large corporations looking to benefit from double tax agreements may also be interested in opening bank accounts here. With this in mind, Barbadian 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 financial concerns and risks to banking in Barbados that you should consider.
How Does Barbados Compare Regionally?
Barbados is significantly better placed to serve foreign non-resident individuals and entities that are looking for private banking and wealth management services than several other offshore jurisdictions in the Caribbean. This is especially true when you consider the safety of the Barbados banks that cater to foreign non-resident individuals.
Which Services Should You Consider in Barbados?
Barbados is well-positioned to offer banking and financial services to individuals who can make qualifying deposits and to large corporations with a regional presence or who are looking to manage free cash through the investment arms of banks in Barbados. With this in mind, individuals and corporations should carefully assess the services being offered by each bank and determine the specific services that best match their needs prior to opening.
Benefits of Barbados Banks?
In short, the financial advantages and benefits of banking in Barbados will depend on your client profile, desired deposit, expected transactions, your reasons for banking in Barbados, and the Barbadian (or foreign) bank you decide to open with.
That said, there are general benefits that most people can expect when banking in Barbados, which include the following.
Benefits of Opening With Banks in Barbados?
- Reasonable opening deposits ranging from USD 10,000 to 1,000,000
- Remote account opening for all client profiles
- Accepting of most citizenships and residencies
Benefits of Banking in Barbados?
- Strong international banks with good reputations
- Stable correspondent bank relationships
- Stable political and economic environment
These are just a few of the general benefits that you can access when banking with some of the top-notch financial parties and the best banks in Barbados. Of course, if you would like to start exploring your options you can use the free Barbados banking guides linked above. Alternatively, if you would like to explore a schedule of operating financial institutions and a list of the banks in Barbados that might be worth considering, you can click here now. These lists include some of the major global financial organizations and the largest banks in Barbados, including both domestic and international financial institutions.
Frequently Asked Barbados Banking Questions
Below are a few questions we receive from people exploring banking and financial services in Barbados. If you have further questions you would like answered about banking in Barbados don’t hesitate to get in touch with us directly.
What Are the Major Banks in Barbados?
The major banks in Barbados include both local and foreign institutions, including several major banking brands from Canada. The largest local bank in Barbados is First Citizens Bank and the largest foreign bank in Barbados is CIBC FirstCaribbean. That said, both of these banks cater to specific client types. This means they are not a suitable option for all clients and their opening requirements may be difficult for certain prospects to meet. With this in mind, it’s important to choose a bank that meets your banking needs and client profile.
How Are Banks Regulated in Barbados?
Banks in Barbados are regulated by The Central Bank of Barbados (CBB). The Central Bank of Barbados is responsible for regulating and supervising all banking licenses in Barbados.
Can a Non-Resident Open a Bank Account in Barbados?
Yes, a non-resident can open a bank account in Barbados. In fact, it is possible for non-resident foreigners to open bank accounts in Barbados 100% remotely. That said, not all banks in Barbados accept non-residents. With this in mind, before applying for accounts, it’s important to choose a bank that accepts your client profile, offers the services you require, and has account opening requirements you can meet.
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