In this article, we’re going to be sharing a list of banks in The Bahamas, which includes many of the financial institutions operating in the country. This will include commercial banks as well as banks and trust companies.
Of course, each of these banks cater to different client types, offer different banking services, require different deposit amounts, and have different onboarding processes.
In this article, we’re going to help you navigate how to choose from these banks and start the process of opening a bank account in The Bahamas today.
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
- List of Banks in The Bahamas
- How to Choose Where to Open a Bank Account in The Bahamas
- List of Popular Banks in The Bahamas
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
List of Banks in The Bahamas
The list of banks in The Bahamas includes up to 245 financial institutions, including both commercial banks and bank and trust companies. However, prior to the year 2000, the list of banks in The Bahamas used to include approximately 450 financial institutions. Importantly, only a small number of the banks in The Bahamas are suitable account-opening options for most foreign non-residents. So, it’s important to carefully assess each bank’s preferences and requirements before choosing where to apply for an account.
Needless to say, the bank that is best for you will depend on your residency status, the reason for the account, the type of services you need, and your deposit level. That said, there are many additional factors you need to consider when deciding where to open a bank account in The Bahamas. One additional factor you need to consider is the risks of banking in The Bahamas as a non-resident.
In the following sections of the article, we’ll share how to identify suitable banks for your profile while navigating the long list of possible options.
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How to Choose Where to Open a Bank Account in The Bahamas
To choose where to open a bank account in The Bahamas, you first need to understand your client profile and banking requirements. In other words, whether or not you are looking for private banking, personal banking, or business banking.
This means understanding how banks perceive you, the risks associated with your profile, and how desirable you may (or may not) be as a prospective client.
Of course, you also need to know which banking services you require. This includes which countries you need to send money to and from, which investments you want to access, and which currencies are important to you.
That said, each bank in The Bahamas has its own account opening requirements, onboarding process, and fee structures. For example, if you are looking to open a corporate account in The Bahamas, you will likely need to submit more detailed documentation and a higher deposit than if you were to open a personal bank account.
On the other hand, banks that cater to foreign non-residents here tend to offer international banking, wealth management, and offshore financial services. That said, most banks here do allow foreign non-residents to hold funds in the currency of The Bahamas, and invest locally. In fact, banks will likely have an expectation that you will engage these services when opening personal accounts in The Bahamas. M
To help you determine how to choose where to open a bank account in The Bahamas, let’s take a closer look at the key factors you should consider before choosing a bank.
Factors to Consider When Choosing the Right Bahamian Banks
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- Can you meet the bank’s deposit requirement?
- Does the bank offer the currencies you require?
- What fees will be applied to your account activities?
- Does the bank expect you to grow the balance?
- And more
It’s important to note that even if you find a bank that meets your needs and accepts your client profile, you may still be able to find a wider selection of banking options elsewhere.
Likewise, certain clients may be able to find better banks with more relevant services and lower banking fees in more established banking jurisdictions. But, for a select number of prospective clients, The Bahamas may be an interesting banking hub to consider.
But, like banking anywhere, it’s important to consider the benefits of banking in The Bahamas, before applying to open an account.
Business Banking in The Bahamas
Business banking in The Bahamas is available to foreign, non-resident, and offshore entities. However, most Bahamian banks want to see a sizable deposit and will not open low-deposit transactional accounts.
Likewise, whether you can open business bank accounts depends on the type of business you have, where your business is registered and located, and the reason for wanting to bank in The Bahamas in the first place.
With that in mind, it’s important to choose a bank where you can meet the account opening requirements, offer the banking services you and your business need, and ideally have a team of responsive bankers to assist you.
Personal Banking in The Bahamas
As mentioned, personal banking in The Bahamas is available to non-resident individuals. However, the focus of banking in The Bahamas is offshore, international, and private banking. In other words, if you are just looking for a transactional account, a savings account, or have no interest in growing the balance with a bank, there are probably better options available to you elsewhere.
That said, there is a surprisingly wide range of account opening deposits available in the Bahamas across the bank and trust companies licensed here. This includes deposits starting as low as USD 10,000 with a more common starting deposit of USD 250,000.
List of Popular Banks in The Bahamas
- Commonwealth Bank
- Bank of The Bahamas
- Fidelity Bank
- Royal Bank of Canada
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.
Which Bank Is Best to Bank With in The Bahamas?
Which bank is best to bank with in The Bahamas will depend on your client profile and specific banking needs. Likewise, your deposit amount will play a large role in determining where you can open accounts. With this in mind, it is important to compare all of the available options, before deciding where to apply.
What US Banks Are in The Bahamas?
The US banks that are in The Bahamas include Citibank and J.P. Morgan Trust Co. However, it’s important to know that both Citibank and J.P. Morgan Trust Co. are focused on domestic commercial and investment banking activities. In other words, they carry out limited operations that are available to international clients and focus primarily on supporting the financing needs of the local economy.
Is There a Chase Bank in The Bahamas?
No, there is no Chase Bank in The Bahamas. While Chase does have international operations in a number of countries, the bank does not have branches or operations in The Bahamas. However, there are a wide range of international banks that open accounts for foreign non-residents, including many that have a presence in the United States.
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