The largest banks in Barbados include a combination of local banks and foreign banks.
In most cases, these large banks cater to resident individuals, companies, and large commercial clients from abroad. However, there are a few exceptions, including one US bank that caters to the public sector, government, and other financial institutions.
In this article, we’re going to share the largest banks in Barbados and help you navigate your options when choosing where to open accounts.
This article is part of our free series on how to open a bank account in Barbados, 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 Barbados
- Opening a Bank Account in Barbados
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Largest Banks in Barbados
The largest banks in Barbados include both local and foreign financial institutions. The largest local bank in Barbados is First Citizens Bank and the largest foreign bank in Barbados is FirstCaribbean. That said, both First Citizens and FirstCaribbean 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 banks in Barbados to consider applying to needs to be a combination of finding a trustworthy bank in addition to a bank that will accept your client profile.
In other words, applicants need to understand their own client profile, banking needs, desired deposit level, the cost of banking in Barbados, and much more before they start the process of applying for accounts. We’ll discuss these variables in greater detail below. But, for now, let’s take a look at the largest banks in Barbados.
Not surprisingly, the largest banks in Barbados play a critical role in the Barbados economy, providing a wide range of banking services, driving growth across multiple sectors, and supporting the needs of both individuals and businesses.
Here’s a look at the largest banks in Barbados.
Largest Banks in Barbados
- Republic Bank
- Sagicor Bank
- RBC Royal
- First Citizens
- FirstCaribbean International
How Many Banks Are in Barbados?
There are 30 banks in Barbados, which include major international banking brands like RBC, Scotiabank, and FirstCaribbean. In addition to these banks, there are several other financial institutions local residents and foreign non-residents can choose from.
Of course, not all 30 banks are suitable banking options for foreign non-residents, foreign businesses, or wealth management structures.
In fact, the banks available to each client will depend on residency status, the type of bank account they require, jurisdictions that they plan to send and receive money to and from, the banking services they need, and more.
Opening a Bank Account in Barbados
Importantly, if you are looking to open a personal bank account in Barbados as a foreign non-resident, there are other banks (in other jurisdictions) that are typically better suited to your needs.
With this in mind, it’s important to directly compare all of the account opening options available to you, including the benefits of banking in Barbados, so you can find the one that will realistically open accounts for you or your entity. Of course, depending on your client profile, there could be risks of banking in Barbados you may need to consider.
This is especially important if you are looking to open an account in the Barbados currency, the Barbados Dollar, or as a foreign non-resident individual or company. In these instances, the largest banks in the country are often more difficult to open with, not to mention getting them to respond to your account opening requests.
If you would like to start directly comparing your account opening options in Barbados, you can immediately access hundreds of banks in the GlobalBanks IQ Database. Each bank profile includes detailed account opening requirements, preferred clients, important considerations and risks, and much more. You can see everything you get instant access to 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 Barbados. If you have further questions you would like answered, don’t hesitate to get in touch.
What Is the Most Popular Bank in Barbados?
The most popular bank in Barbados depends on the person (or business) opening an account. Likewise, the client profile and specific services they are interested in will influence the choices available. Fortunately, for many foreign non-residents, there are a variety of offshore banking options available that offer diverse non-resident financial services. That said, it’s important to confirm whether or not the bank meets your banking needs before applying to open an account.
Are There Any American Banks in Barbados?
No, there are no American banks in Barbados offering retail and commercial banking services. That said, Citibank does have a merchant banking division active in the country that services the needs of public enterprise, government, and other financial institutions.
What International Banks Are Licensed in Barbados?
There are seven international banks that are licensed to operate in Barbados, including regional and Canadian banks. The banks available to you or your business will depend on the type of banking services you require. This is because not all international banks offer retail banking services in Barbados. In fact, non-resident banking in Barbados typically caters to individuals needing private banking, investing, and wealth management activities.
Do You Want Help Opening Bank Accounts?
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+ Plus, get YOUR most pressing bank account opening questions answered by our team!
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To learn more about opening accounts with GlobalBanks IQ, just click here now. Or, contact us directly with any questions!