Bahamas – Banking

What are the main banks in the Bahamas?

According to the Central Bank of the Bahamas, eight commercial banks operate within the country: Citibank (the sole US-owned commercial bank), First Caribbean International Bank (Bahamas) Ltd. (the largest bank operating locally), Fidelity Bank (Bahamas) Ltd., Bank of The Bahamas Ltd., and Commonwealth Bank Ltd. These institutions are supported by a wider network of trust companies and offshore financial entities.

Fidelity Bank (Bahamas) Ltd. has built a reputation for personalised client service and investment banking offerings. Bank of The Bahamas Ltd. and Commonwealth Bank Ltd. are both government-owned and hold considerable importance within the domestic banking landscape. The Bahamas Development Bank, also state-owned, focuses primarily on development financing rather than everyday retail services.

The table below provides an overview of the principal retail-facing banks along with their contact details. Always verify current information directly with each institution or through the Central Bank of The Bahamas, as contact details and branch networks are subject to change.

For the most current and authoritative listing of licensed financial institutions in the Bahamas, refer to the Central Bank of The Bahamas’ supervised institutions register. The Central Bank can be contacted at Frederick Street, PO Box N-4868, Nassau, New Providence, tel. (242) 322-2193.

Do any major international banks operate in the Bahamas?

The Bahamas is home to eight licensed commercial financial institutions, several of which are prominent international banking brands, including Scotiabank, Royal Bank of Canada, Citibank, and FirstCaribbean. The country has long attracted global financial players thanks to its stable regulatory environment and well-established status as an international financial centre.

Citibank (Bahamas) stands as the only US-owned commercial bank in the country, delivering comprehensive banking services underpinned by a global perspective. RBC Royal Bank (Bahamas) Limited, operating under the umbrella of the Royal Bank of Canada, is a significant force in both personal and corporate banking. Scotiabank (Bahamas) Limited earned recognition as the Bahamas’ Best Bank for 2022 and offers a broad range of banking services alongside investment solutions.

More than 400 banks representing thirty-six countries — among them the United Kingdom, Switzerland, France, the United States, Canada, and Japan — hold licences to conduct business within or from the Bahamas, many operating as branches or subsidiaries. It is worth noting that the majority of these are private, offshore, or wholesale banking operations that do not provide standard retail services to everyday expat customers.

Scotiabank Bahamas has been at the forefront of digital transformation, with over 99% of all banking activities now completed through digital platforms and more than 79,000 clients actively using online and mobile banking services.

The international footprint of any bank may change over time. Always confirm current operations, branch locations, and available services directly with the relevant institution. The Central Bank of The Bahamas maintains a publicly accessible register of all licensed institutions.

Do banks in the Bahamas offer accounts or services specifically for expats?

Most banks in the Bahamas allow expats to initiate account applications remotely, and applicants can generally choose between two broad categories of offshore account: resident accounts intended for those living and working in the Bahamas, and non-resident or external accounts designed for individuals who have not established permanent Bahamian residency.

The Bahamas offers a comprehensive range of banking products catering to both personal and business needs. Savings accounts allow customers to set aside funds while earning interest, though rates on these accounts tend to be modest. Checking or current accounts provide the flexibility to write cheques and conduct routine deposits and withdrawals.

Certificates of deposit (CDs) and other fixed-term instruments offer higher interest rates in exchange for committing funds for periods typically ranging from 3 to 12 months. US dollar accounts are also a common choice, given that the US dollar functions as a primary currency in international commerce throughout the Bahamas, removing the need to contend with foreign exchange charges on many transactions.

Following a policy revision in June 2018, the Central Bank relaxed rules governing Bahamian dollar deposit accounts for non-residents, permitting commercial banks to open such accounts without prior Exchange Control approval where proposed balances do not exceed B$50,000. Expats should always consult the latest Central Bank guidelines, as these policies are subject to revision.

Individual banks retain discretion in setting their own account usage policies for non-resident customers. Certain institutions may cap the number of bank cards available to expats depending on their account type, and conditions governing access rights for an expat’s family members can also vary from one bank to another. These restrictions are institution-specific rather than universal.

Expats with private banking or wealth management requirements will find a well-established ecosystem in place. Private banking, portfolio management, and mutual fund administration have all grown in prominence in recent years, cementing the Bahamas’ international reputation as a secure home for financial assets held by both individuals and corporations. Current eligibility criteria and fee schedules should be confirmed directly with each provider, as terms differ and are regularly updated.

What are typical bank opening hours in the Bahamas?

Bank branches in the Bahamas generally operate Monday to Thursday from 9:30 am to 3:00 pm, and on Fridays from 9:30 am to 5:00 pm. Most branches remain closed on Saturdays, Sundays, and Bahamian public holidays, although select busier branches in Nassau or Freeport may offer extended hours or Saturday morning service. It is advisable to confirm opening times with your specific branch, as hours can differ by location and institution.

The Family Islands — the outer islands beyond New Providence and Grand Bahama — often have more restricted branch access, with some smaller communities served by a single institution or a sub-branch operating on reduced hours. If you intend to relocate to one of these outer islands, it is worth investigating local banking availability before making the move.

Scotiabank Bahamas has spearheaded the shift towards digital banking, with more than 99% of all banking activity now carried out through digital platforms. Other major banks, including RBC Royal Bank and First Caribbean International Bank, also provide online and mobile banking services, enabling customers to handle day-to-day tasks — balance enquiries, fund transfers, and bill payments — without setting foot in a branch. Most major institutions additionally offer telephone banking.

ATMs are accessible in Nassau and Freeport, and US dollars are broadly accepted throughout the country given the 1:1 currency peg. On public holidays, branches will typically be closed, and expats should plan ahead for ATM cash needs, particularly during extended holiday weekends.

What do expats need to know about the banking system in the Bahamas?

Historically, the Bahamas was renowned as an offshore banking hub operating with comparatively light regulation. From the 1990s onwards, however, the country overhauled its legal frameworks to align with international financial standards. The Banks and Trust Companies Regulation Act of 2000 — subsequently updated in 2020 — represented a landmark development in strengthening financial security and underpinning the stability of the banking sector.

As of 2024, the EU removed the Bahamas from its list of non-cooperative jurisdictions. While the country remains committed to robust bank confidentiality practices, the era of unqualified financial secrecy has passed. The Bahamas now participates in international information-sharing arrangements, including FATCA (the US Foreign Account Tax Compliance Act) and the Common Reporting Standard (CRS).

Exchange controls and the currency peg
The Central Bank manages the currency peg, preserving the Bahamian dollar’s one-to-one relationship with the US dollar, and oversees all foreign exchange operations. This peg is a meaningful advantage for those paid in or regularly transacting in US dollars, as it eliminates exchange rate exposure on USD dealings. Nevertheless, exchange controls are a crucial feature of the system that expats must understand before banking in the Bahamas.

Foreign investors wishing to open foreign currency accounts at Bahamian commercial banks must first register with and obtain approval from the Central Bank. The Bahamas enforces strict exchange control rules that apply to foreign currency transactions — a significant departure from banking environments such as Canada or Australia, where no restrictions exist on holding foreign currency accounts. Expats are strongly encouraged to review the Central Bank’s Exchange Control guidelines thoroughly before proceeding with account applications.

Deposit protection
Unlike the FSCS scheme in the UK (which protects deposits up to £85,000 per person per institution) or the FDIC in the US (which covers up to $250,000), the Bahamas does not operate a formal government-backed deposit insurance scheme of comparable scope. Should a bank or trust company be compelled into liquidation, the Supreme Court appoints an official Liquidator to manage all matters arising from the closure, with depositors and trust clients notified and invited to submit their claims in writing. Expats should carefully evaluate the financial soundness of any institution before placing significant sums on deposit. The Central Bank of The Bahamas oversees financial stability and publishes warning notices on its website.

Due diligence and pace of transactions
Due diligence procedures are thorough and time-consuming, and account approval typically takes several weeks. Some Bahamian banks may not yet match the technological sophistication of institutions in more advanced jurisdictions, which can translate into slower transaction processing and a more involved in-branch experience. Expats accustomed to near-instant international transfers through major EU or North American banks may find certain local processes comparatively cumbersome.

With over two hundred licensed banks and trust companies, the Bahamas’ financial sector ranks second only to tourism in its contribution to GNP. This depth of choice is an advantage, but careful navigation is essential. Always turn to the Central Bank of The Bahamas for the most authoritative and current regulatory guidance.

How do I open a bank account in the Bahamas as an expat?

Opening a bank account in the Bahamas requires submitting a standard set of documents covering identification, references, financial background, and a minimum opening deposit, along with fulfilling certain requirements specific to the Bahamian jurisdiction. The process is achievable for most applicants, including non-residents, foreign residents, and foreign entities based outside the Bahamas.

Accounts can be opened remotely, with banks facilitating the onboarding process through video calls and email correspondence. This is particularly convenient for expats who have not yet arrived in the country. That said, account opening in the Bahamas — especially for offshore accounts — is a lengthy procedure, and applicants should budget several weeks for approval.

1. Choose your bank and account type. Determine whether you require a resident account (for those holding a work permit or residency), a non-resident external account, or an offshore or private banking account. Major local banks include Bank of The Bahamas, Commonwealth Bank, and Fidelity, while prominent foreign-owned options include FirstCaribbean, Royal Bank of Canada, and Scotiabank. Each institution typically caters to a specific client profile, so not every bank will suit every applicant.
2. Gather your identification documents. The application involves comprehensive documentation requirements, including proof of identity, proof of residence, and evidence of the source of your funds. At a minimum, a valid passport is required. Most banks will also ask for a second government-issued photo ID.
3. Prepare proof of address. Banks typically require a recent utility bill, bank statement, or formal correspondence displaying your current home address — covering both your country-of-origin address and, where applicable, your Bahamian address.
4. Provide proof of income and source of funds. Applications must include evidence of income and source of wealth. Supporting documents such as bank statements, employment contracts, or business financial records are commonly requested.
5. Complete the Know Your Customer (KYC) and AML process. Every applicant must complete a Know Your Customer (KYC) assessment, submit documentation satisfying Anti-Money Laundering (AML) requirements, and comply with Bahamian banking procedures. Depending on your nationality and country of residence, additional tax reporting obligations may apply; banks in the Bahamas typically provide standardised forms to help meet these requirements.
6. Submit your immigration documentation. A temporary resident is defined under Bahamian rules as a foreign national residing in the country under a work visa, employment contract, or resident spouse permit issued by the Bahamas Immigration Department. Your immigration status determines which account types are available to you, so make sure relevant permits and visas are included in your application.
7. Apply for Central Bank approval if opening a foreign currency account. Foreign investors are required to register with and secure approval from the Central Bank before opening foreign currency accounts. Your bank can provide guidance on this step, but allow additional time for the approval process.
8. Meet any minimum deposit requirement. Minimum opening deposits differ by bank and account type, ranging from several hundred to several thousand US dollars. Confirm the current requirements with your chosen institution before submitting your application.
9. Await approval and activate your account. Given the thoroughness of the due diligence involved, account approval may take a number of weeks. Upon approval, your debit card and online banking access details will typically be sent by post or made available for collection at a branch.

For authoritative guidance, consult the Central Bank of The Bahamas’ Exchange Control guidelines and verify all current requirements with your chosen bank’s official website or branch prior to applying.

What banking and payment apps are widely used in the Bahamas?

Scotiabank Bahamas has been instrumental in driving digital adoption across the sector, with over 99% of all banking transactions now completed through digital channels and more than 79,000 customers actively using online and mobile banking. RBC Royal Bank and First Caribbean International Bank also provide dedicated mobile banking apps, making routine financial management increasingly straightforward via smartphone.

A defining feature of the Bahamian digital payments landscape is the Sand Dollar, the world’s first fully deployed central bank digital currency (CBDC), introduced by the Central Bank of The Bahamas. The Sand Dollar is a digital representation of the Bahamian dollar, maintaining the same 1:1 parity with the US dollar, and has been designed to advance financial inclusion across the island chain. It can be accessed through authorised mobile wallets and is accepted by a growing base of merchants. For the latest details on supported wallets and participating merchants, visit the Central Bank of The Bahamas website.

International fintech platforms such as Wise (formerly TransferWise) and PayPal are available in the Bahamas. PayPal can be used for online purchases and sending money internationally, though the range of features may differ from those available to users in the US or EU. Wise supports international transfers to and from the Bahamas at competitive exchange rates with clearly disclosed fees — a practical solution for expats managing finances across multiple countries.

Revolut offers only limited functionality in the Bahamas and does not currently provide local accounts with Bahamian IBANs or a full suite of in-country services. Expats who depend heavily on Revolut should verify current capabilities directly with the provider before relocating. The neobank market in the Bahamas remains in its early stages, and the digital landscape is likely to evolve. Keep up to date by checking with the Central Bank of The Bahamas and the Securities Commission of The Bahamas for lists of regulated digital financial service providers.

How can expats manage money between the Bahamas and their home country?

Moving money across borders from the Bahamas requires a clear understanding of the country’s exchange control framework. To transfer funds out of the country, Bahamian dollars must first be converted into US dollars. Each year, this requires a visit to the Central Bank of the Bahamas to apply for the necessary conversion approval, demonstrating your status as a foreign national. The Central Bank will then authorise a specific amount, generally aligned with your declared income. The bank levies specific fees for this process, meaning that despite the one-to-one peg, a small difference will be apparent after the conversion has been completed.

International wire transfers are offered by most major banks in the Bahamas, though some institutions may not yet match the transactional speed of banks in more technologically advanced markets. Fees for international wire transfers vary by institution — typically falling in the range of USD $25 to $50 or more per transaction (as of 2024; verify current charges directly with your bank). Always confirm fees and anticipated processing times before initiating a transfer.

Services such as Wise present an alternative to conventional bank wires for cross-border transfers. Wise facilitates transfers between Bahamian and international bank accounts using mid-market exchange rates with transparent, low-cost fee structures. This can represent a significantly more economical option compared to a standard bank wire, especially for regular remittances. However, expats should confirm that their Bahamian bank will accept incoming transfers initiated via third-party platforms and check for any associated receiving fees.

Expats should also be mindful of reporting obligations in their country of origin. Many jurisdictions require residents or citizens to declare foreign bank accounts above a defined threshold — for example, US persons must file an FBAR (FinCEN Form 114) if the combined balance of their foreign accounts exceeds USD $10,000 at any point during the year (as of 2025). Similar obligations exist in numerous other countries. Banks in the Bahamas and across the Caribbean adhere to international compliance frameworks including FATCA and CRS, meaning your Bahamian bank may automatically disclose account information to your home country’s tax authority. Independent tax advice should be sought to ensure full compliance with both Bahamian and home-country requirements.

For authoritative guidance on exchange controls and permissible transfers, refer directly to the Central Bank of The Bahamas’ Exchange Control section.

Frequently Asked Questions

Can I open a bank account in the Bahamas as a non-resident?

It is possible to open an international bank account in the Bahamas without holding residency. Bahamian law classifies a non-resident as someone who does not live in the country on a permanent basis, and there is no obligation to maintain a local address. However, due diligence requirements are extensive and the process can stretch across several weeks. Check eligibility criteria with your chosen bank before submitting an application.

What documents do I need to open a bank account in the Bahamas?

Account opening requirements in the Bahamas centre on identity verification, confirmation of address, and evidence of the source of funds, all governed by banking regulations. In practice, this usually means a valid passport, a second photo ID issued by a government authority, proof of residential address (such as a utility bill or bank statement), documentation of income or source of wealth, and — for foreign currency accounts — the paperwork required to obtain Central Bank approval. Requirements differ between banks and account types; always consult your chosen institution directly for precise details.

Is there deposit protection in the Bahamas?

The Bahamas does not have a formal deposit insurance scheme equivalent to the FDIC in the US (which covers up to $250,000) or the FSCS in the UK (which covers up to £85,000). In the event a bank is forced into liquidation, the Supreme Court appoints an official Liquidator to oversee all aspects of the closure, with depositors notified and invited to submit their claims in writing. Expats should thoroughly assess the financial health of any institution before depositing substantial funds. The Central Bank of The Bahamas publishes warning notices and supervised institution information at centralbankbahamas.com.

Is the Bahamian dollar freely exchangeable with the US dollar?

The Central Bank of The Bahamas maintains the one-to-one parity between the Bahamian dollar and the US dollar and governs all foreign exchange activity. While this peg simplifies the mechanics of USD/BSD conversion from a rate perspective, the Bahamas enforces strict exchange control rules over foreign currency transactions. Converting and transferring Bahamian dollars overseas involves administrative steps and associated fees, and non-residents must obtain Central Bank approval before opening foreign currency accounts.

Can I do my banking digitally without visiting a branch in the Bahamas?

Bank accounts in the Bahamas can be opened remotely, with institutions facilitating the process through video calls and email. Scotiabank Bahamas has channelled over 99% of all banking activity through digital platforms. The majority of major banks offer mobile and online banking for everyday use. That said, certain administrative procedures — particularly those involving exchange control applications or sizeable international transfers — may still require in-person attendance or submission of additional documentation.

Are international money transfer apps like Wise or PayPal available in the Bahamas?

Yes, services including Wise and PayPal are accessible in the Bahamas and are regularly used by expats for international transfers and online transactions. Wise offers cost-effective cross-border transfers at the mid-market exchange rate. PayPal supports online purchases and certain person-to-person payments. Revolut’s complete service offering is not currently available in the Bahamas. Always confirm the current availability and terms of any third-party application directly with the provider before depending on it for critical financial transactions.

Does the Bahamas have a central bank digital currency?

Yes. The Bahamas introduced the Sand Dollar, a central bank digital currency (CBDC) issued by the Central Bank of The Bahamas, positioning the country among the first in the world to launch such a currency at a national level. The Sand Dollar is pegged 1:1 with both the Bahamian dollar and the US dollar, is accessible via authorised digital wallets, and has been designed to broaden financial inclusion across the archipelago. For current information on supported wallets and merchant acceptance, visit centralbankbahamas.com.

Will my Bahamian bank report my account to my home country’s tax authority?

Banks operating in the Bahamas comply with international reporting standards including FATCA and CRS. Under these frameworks, your Bahamian bank may automatically share account balances and income data with your home country’s tax authority. US nationals are additionally required to file an FBAR if the combined balance of their foreign accounts exceeds USD $10,000 at any point in a given year (as of 2025). If you maintain accounts in the Bahamas, seek qualified tax advice in both jurisdictions to ensure full compliance with all applicable obligations.

Which regulator oversees banks in the Bahamas?

The Central Bank of The Bahamas was established on 1 June 1974 to carry out independent monetary policy and exercise supervisory authority over the financial sector. It oversees all licensed banks and trust companies, striving to maintain a regulatory environment that supports investment while upholding high standards of conduct. The Central Bank can be reached at centralbankbahamas.com or by telephone at (242) 322-2193. The Securities Commission of The Bahamas (scb.gov.bs) is responsible for regulating investment funds and securities.