Antigua and Barbuda is a tropical island nation located between the Atlantic ocean and the Eastern Caribbean sea. The nation is surrounded by many other small islands with little or no human population. Eastern Caribbean Dollar ( EC$ or XCD) is the currency of Antigua and Barbuda . Antigua and Barbuda is a happening tourist location and also have a good off shore banking facility. If you are looking to move to Antigua your retirement or start a tourists based business or work as a freelancer it is important to open a bank account in Antigua for your daily financial transaction.
Not all local shops accept credit card so it is better to have some cash in EC$ or US$, US dollars are widely accepted in Antigua. Antigua is an English speaking country, so all banking communication and documentation can be a hassle free process.
There are 4 major banks which are reliable in Antigua which are part of Caribbean Association of Banks .
There are also few international banks which are available and operating in the island , if any of your home country banks are operating, it is easy to open an account with few documentation and also helps you to complete a overseas transaction faster.
You can check with your home bank if they have any presence in Antigua and Barbuda, to make the account opening smooth for you. Many expats like to maintain accounts in USD,EURO or in GBP, so ask if your banks are providing foreign currency accounts.
Choose the bank based on the below conditions,
You can either open a savings bank account, current account or joint account according to your transaction needs.
Depending on your bank’s choice you can upload the documents or send it via email to your bank. It takes almost 2 weeks to open a bank account.
Minimum amount to open a savings bank account is 100 $ and 500$ for business account with and there is a monthly service charge around 20$ for business accounts . This varies from bank to bank , it better to check in your bank website before opening an account. Some banks charges for online bank transaction from 1$ to 15 $ .
You will get a 2% interest per annum on your money for savings bank account and banks charge 25$ incase you want to close the account .
All these charges can be altered yearly , it is better to check on the banks website before opening an account with them.
The bank operates from 8 Am to 2 Pm on Monday to Thursdays and 8 Am to 4 Pm on Friday’s and follows all public holidays in that region.
Most of the banks in Antigua has online banking and phone banking , so it wont be necessary to visit the bank unless you have to submit any paper work and the customer service executive can be reached on phone to solve any queries.
Most digital nomads and expat freelancer flock to Antigua to have a laid back life and tropical life style with beaches around . Antigua allows expats and digital nomads to open a bank account so that they can receive the money into their local bank accounts to pay utility bills and rental advances. Once you open a bank account, you can transfer the money directly via direct deposit or paypal or paysera.
