Bahamas is a beautiful country located in the northwestern edge of the West Indies. It has beautiful island and it is a famous tourist destination for many celebrities and corporate affluent people. The official currency of Bahamas is Bahamian Dollar and English is the official communication language. If you are some one looking for a long term stay in Bahamas, it is good to open a local bank account in Bahamas for your daily financial transactions.
What are the banks available in Bahamas?
Since Bahamas also attracts lots of off shore accounts due to tax leniency there are more than 200 registered banks in Bahamas. So finding a bank on the island wont be any problem. See if you have the home country bank operating in Bahamas which will make the account opening process easy.
Open the bank account based on your requirement, whether for day to day transaction or for investment purpose which attracts a large deposit upfront.
Some of the bank you can prefer to open a account are ;
- Citi Bank Bahamas
- First Caribbean International Bank – Largest local bank which deals with ofshore accounts and welcomes expat
- RBC Royal Bank Bahamas
- Scotiabank Bahamas
- Fidelity Bank Bahamas
- Common Wealth Bank Bahamas
Consider opening a bank account If you are serious on settling in Bahamas or creating a business entity there . Sometimes opening a account in Bahamas comes with tedious paper work and high fees so be ready to know everything before you open an account.
Some banks in Bahamas only accepts clients who will buy their bonds or make huge deposits, so choose your bank wisely and analyze their fees for services and yearly maintenance cost.
Choose your bank on below conditions;
- Are there any account opening charges .
- Any monthly account charges .
- Interest rate on saving bank account
- ATM coverage along the region.
- Is there any phone banking, mobile banking and internet banking facility.
- Is there an option to open the account online.
Taking money out of Bahamas can become restrictive , you have to get proper documents to transfer money out of Bahamas.
If you are a tourist or a freelancer it is best to open a borderless multicurrency account in Wise and use their master card for your travel which comes with hassle free process.
What are the documents required to open a bank account in Bahamas ?
Once you choose your bank , obtain the account opening application and submit the duly filled application with all supporting documents mentioned below ;
- Passport
- Resident card
- Proof of address – utility bills
- Citizenship status
- Work Visa
- Local guardian – If required
- Local mobile number
- Proof of income or Source of fund
- FACTA compliance – For US resident
- Tax returns paper
- Tax number -For business
- Certificate of incorporation
- Directors / Partners – ID
Once you make all the documents ready, book an appointment with your bank to continue the bank opening process.
Additional documents must be required for corporate entity, which may vary from bank to bank. Some times you need a good law firm to open a bank account smoothly.
How long does it take to open a bank account in Bahamas ?
If you submit all the documents and have all the clearance proper it will take less than 2 -3 weeks to have your bank account in Bahamas.
What are the banking hours in Bahamas ?
The banks in Bahamas works on Monday to Friday from 9 am to 5 Pm following all the national and public holidays in that region.
The banking hours are less for the banks which are located in the smaller island , so check the timing before visiting .
How to transfer funds to your Bahamas bank account ?
Once you open a bank account in Bahamas, you have to transfer your funds from your home country, this you can do either by a SWIFT bank transfer or through a money exchange . Both attracts heavy exchange rates and time consuming.
You can transfer using Wise or you can compare the best exchange rates on Monito to save money on your fund transfer .