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 .
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 ;
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.
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 ;
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.
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 .
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.
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.
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 .
