Barbados is a island country located in the Caribbean region , it is an independent British commonwealth nation . The official currency is Barbados Dollar . Barbados attracts people who like to have a beachside vacation and spend a relaxed life. It also offers many offshore accounting advantages, so many corporates trusts and business people flock around this island nation. If you are planning to live or work on a long term basis it is better to open a bank account in Barbados to carry out your day to day financial transactions .
What are the banks available in Barbados ?
Since Barbados attracts many expats and business people all large banks are present in Barbados , choose your bank according to your requirements. See if the banks have a good ATM coverage, internet banking facility and check their transaction charges for every service you ask for, make sure to choose the bank satisfying all your requirements .
Some of the best banks are ;
- Canadian Imperial Bank of Commerce ( CIBC)
- Republic Bank.
- Scotiabank.
- Sagicor Bank.
- RBC Royal.
- First Citizens.
- FirstCaribbean International.
- Current account – for your day to day usage , these accounts don’t earn any interest for the money in the account and have a account maintenance cost.
- Personal Account – These are the accounts comes with withdrawal restriction and you will get interest on the money saved.
- Corporate Account – These accounts used by business entity and commercial establishments.
- Salary Account – Expats who come here for work get to open this account to receive salary and this account comes with lot of leniency on transactional charges.
- Investment Accounts -These are the accounts which are made only for investment purposes opened by large corporates and High net worth individuals.
You have to deposit a minimum of $10000 to $100000 to open a bank account and this amount varies from bank to bank. Kindly ask the bank before you proceed .
If you had any earlier bank account with top international banks , enquire with them to have the same in the island .
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 Barbados ?
Once you choose the right bank you can fill the application form and submit all the required documents. Some banks allows to open the accounts 100% remote , which will let you to open the account before you come to the island .
Some of the documents required are ;
- Passport
- Resident card
- Proof of address – utility bills , you have to have a local address to register the account.
- Citizenship status
- Work permit or Welcome stamp
- 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.
You should have right reason to open a bank account in Barbados, Tourist and short term visiting people are not engaged well to open a bank account.
More than 85% of Barbados banking assets are from the corporate clients across the world .
Additional documents must be required for corporate entity, which may vary from bank to bank.
Some times its better to have a consultant or a good law firm to open a bank account smoothly.
How long does it take to open a bank account in Barbados ?
If you submit all the documents and have all the proper clearance it will take 1 -3 months to have your bank account in Barbados.
You can use all major Visa and Master credit card in the island. Amex cards are not supported for business in the island .
What are the banking hours in Barbados ?
The banks in Barbados works on Monday to Thursday from 8 am to 2 pm and on Friday 8 am to 4pm. The banks follow all the national and public holidays in that region.
Can Non Residents open a bank account in Barbados ?
Non – Residents cannot open a bank account in Barbados unless they have all the supporting documents to prove that they have business or resident in the island . Some banks accepts money from Non resident for investment account and wealth management service after getting proper certificate for the source of funds.
How to transfer funds to your Barbados bank account ?
Once you open a bank account in Barbados, 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 .