The largest banks in The Bahamas include both local banks and foreign banks, spanning commercial, offshore, and private banking.
These banks cater to both resident individuals and businesses while many also cater to foreign non-residents and international entities.
In this article, we’re going to share the largest financial institutions and help you navigate your options when choosing where to open accounts in The Bahamas.
This article is part of our free series on how to open a bank account in The Bahamas, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Largest Banks in The Bahamas
- Opening Bank Accounts in The Bahamas
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Largest Banks in The Bahamas
The largest banks in The Bahamas include both local and foreign financial institutions. The largest local banks include Bank of The Bahamas, Commonwealth Bank, and Fidelity while the largest foreign banks include FirstCaribbean, Royal Bank of Canada, and Scotiabank. That said, most of these banks have a very specific client profile that they cater to, which means they are not suitable for all clients.
With this in mind, finding the right financial institution needs to be a combination of finding a trustworthy bank in addition to a bank that will accept your client profile. This means you need to understand your client profile, banking needs, desired deposit level, and much more before you start the process of applying for accounts. We discuss the associated fees and costs of banking in The Bahamas in our free guide, which you can access by clicking here. But, for now, let’s take a look at the largest banks in the country.
Not surprisingly, the largest banks play a critical role in The Bahamas economy, providing a wide range of financial features and Bahamas-specific banking services, driving growth across multiple sectors, and supporting the needs of both individuals and businesses. In total, the international banking sector and related services sector contribute roughly 15% to the country’s GDP, making it a very important part of the local economy.
Here’s a look at some of the largest banks in The Bahamas.
Largest Banks in The Bahamas
- Bank of The Bahamas
- Commonwealth Bank
- Fidelity Bank
- CIBC FirstCaribbean
- Scotiabank
- Royal Bank of Canada
How Many Banks Are There in The Bahamas?
Depending on the specific license category that you consider, there are between 8 (commercial banks) and 245 (banks and trust companies) financial institutions licensed in The Bahamas. That said, The Bahamas was once home to many more licensed institutions, approximately 450 at its peak.
Following the introduction of new legislation in 2000, over 200 bank and trust companies had their licenses revoked, resulting in a dramatic decrease in the number of banks in the country.
Opening Bank Accounts in The Bahamas
Importantly, if you’re looking for personal, business, asset management, or private banking in The Bahamas as a foreign non-resident, there are other banks (not listed above) that may be better suited to your needs in other jurisdictions.
With this in mind, it’s important to directly compare all of the account opening options available to you, including the money-related incentives and benefits of banking in The Bahamas, so you can identify the one that will realistically open accounts for you and meet your needs. Of course, depending on your client profile, there could also be money-related concerns and risks of banking in The Bahamas you may need to consider.
This is especially important if you are opening a business bank account in The Bahamas as a foreign (or offshore) company or personal accounts as a foreign non-resident. In these instances, the largest banks in the country are often more difficult to open with. So, instead, foreign non-residents typically need to focus their attention on the inventory of international banks and the list of banks in The Bahamas that actively cater to foreign clients.
If you would like to start directly comparing your options for opening Bahamian bank accounts, whether it’s a personal bank account in The Bahamas, a business bank account, or a private bank account, you can immediately access the available banks in the GlobalBanks IQ Database.
Each bank profile includes detailed account opening approaches, Bahamas banking requirements, preferred clients, important considerations and risks, and much more. You can see everything you receive when you join GlobalBanks IQ below.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the largest banks in The Bahamas. If you have further questions you would like answered, don’t hesitate to get in touch.
How Many Commercial Banks Are in The Bahamas?
There are eight commercial financial institutions in The Bahamas, which include some of the major international banking brands and best banks in The Bahamas like Scotiabank, Royal Bank of Canada, Citibank, and FirstCaribbean. Additionally, there are three Bahamian-owned commercial banks that local residents and businesses can consider opening with as well.
What Is the Best Bank in The Bahamas?
The best bank in The Bahamas depends on the person (or business) opening an account. Likewise, the client profile, expected financial transactions, how you send money to The Bahamas, and specific services that they are interested in will influence the available choices. This is especially true if you are looking to open an account in the Bahamian Dollar (BSD), the currency of The Bahamas. Like banking elsewhere, banks in The Bahamas offer different banking services to different clients. So, it’s important to confirm whether or not the bank meets your offshore banking needs before applying to open an account.
Is There a Citibank in The Bahamas?
Yes, there is a Citibank in The Bahamas. In fact, Citibank has been operating in The Bahamas for over 50 years. That said, the primary focus of Citibank in The Bahamas is on the delivery of Corporate and Trade Finance. In other words, Citibank is not a suitable international account opening option for offshore banking in The Bahamas as a foreign non-resident individual.
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.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
