The Bahamas is known primarily for offshore banking, but there is a range of banks and facilities for those that live on the islands that need every day current and savings accounts. While offshore accounts can be opened online, for a current account in the Bahamas you will need to make a visit to the bank. You will also need a certain amount of documentation.

As an expat, you should be sure to take some form of identification with you and the best document for this is your passport. You will also need to have proof of your address, which usually means a copy of your tenancy agreement or a utility bill. Some banks may ask you to provide proof of income, which may mean copies of existing bank statements, pension payment statements or a copy of your contract of employment, if you have moved to the Bahamas for work.

There are several types of accounts that an expat may choose to have. The first of these is a current account for every day transactions. On a current account, a debit or cash card and cheque book are issued as a matter of course. Some banks may charge if the cash card is used in the ATM of another bank, so it is worth finding out about possible charges in advance.

Credit facilities are available on current accounts, but it is unlikely that expats new to the islands will be granted an overdraft. Once you have a good relationship with your bank and you have begun to build your credit rating in the country then an application for an overdraft facility can be considered. There are fees involved for going over overdraft limits or bouncing cheques and these will vary from bank to bank so should be checked in advance.

Payments can be made into current accounts in the form of cheques, cash or bank transfers from other accounts. Bills can be paid over the counter or by standing order or direct debit. Most banks will have online banking facilities which mean that customers can pay bills and transfer moneys on the internet.

Savings accounts may also be required and these come in several forms. A basic savings account will offer a reasonable rate of interest and will allow you to access your money regularly. A fixed term savings account means that you can only access funds on a limited number of occasions for the term of the account, but you may get a slightly higher rate of interest. Other savings options that the banks will offer include pensions and investments. These are products which need to be geared to your individual needs and all banks will have advisors who can point you in the right direction.

With both types of account it may be necessary to make a deposit when you open the account and some will require a minimum balance to be maintained. This will vary from bank to bank so it is worth shopping around and looking for one that requires only small deposits.

Most banks will open from Monday to Thursday from 9.30 am until 3 or 4 pm. Fridays are a longer working day with the banks opening from 9 am to 5 pm. Most banks will have customer service departments that are contactable by telephone and some will work outside normal working hours but this does vary from bank to bank. Funds can be accessed by using an ATM, and in the main towns and shopping areas there are usually plenty to be found. Most ATM will pay out in Bahamian dollars although there are a few machines which pay out US dollars. If visiting one of the out-lying islands you may find that ATMs are rare.

UK banks that have a presence in the Bahamas include HSBC and Barclays. US banks in the country include Citibank. Those that have an existing account with one of these banks may find it easier to open their Bahamas account in advance, although they would still be subject to the same checks as if they are actually in the country. Local banks on the islands include Scotiabank and First Caribbean International Bank. Local banks are just as welcoming to expats as international banks.