According to Immigrant Invest specialists, there are 18 registered banks in Grenada today.
However, only 3 of them are proven and reliable. They are members of the Caribbean Banking Association, an association of the 35 best financial institutions in the region, and can be recommended to foreign citizens.
They serve both legal entities and individuals, remotely open accounts, and provide their clients with access to online services. One has to get Grenada citizenship or just collect a serious package of documents to become a client of such a bank.
Let’s consider the top best banks in Grenada, which people can trust their money:
- Grenada Co-operative Bank.
- Republic Bank (Grenada).
- ACB Grenada Bank.
The main currency is the Eastern Caribbean dollar, which is pegged to the U.S. dollar and always equals 37 U.S. cents. When using online banking or a mobile app on a smartphone, one can transfer funds between their accounts, get a statement of their finances, and even pay utility bills.
Types of bank accounts that can be opened in Grenada
Individuals can open a foreign currency account (a number of the world’s most common currencies are available: euro, American or Canadian dollar, British pound sterling, and others), checking or savings account.
Legal entities often open current or trading accounts, including foreign currency accounts.
A savings account usually includes a term or fixed deposit. It can be opened for 3, 6, or 12 months. If one has a target savings account, a fixed amount will automatically be transferred from their current account weekly, monthly, or every two months.
With a merchant bank account, organizations can send and receive payment transfers. In addition, it can be used to make payments with cards or other electronic payment methods. Grenadian banks for foreigners offer quite loyal service conditions.
As noted by the expert Svetlana Gorchakova (company Immigrant Invest), another account is available to those wishing to purchase real estate under construction – escrow. The potential buyer signs a contract and pays the money into this account.
When the developer fulfills all his obligations, the investor’s amount will be transferred to him.
How to become a client of a Caribbean bank remotely
It is unnecessary to fly to the islands to open a bank account in Grenada – everything can be done remotely.
To do so, follow a few simple steps on the list:
- choose a financial institution that inspires your confidence;
- send them an email requesting an account opening form;
- send a package of necessary documents.
But you should understand that banks in the Eastern Caribbean, including Grenada, have begun to take a strict approach to select their clients and carefully screening them.
Therefore, it is not enough to fly to a tropical island with a suitcase of dollars and show it to the staff of a financial institution to immediately become a VIP client.
You will need to undergo checks to provide documents on the legality of the origin of your capital and recommendations from other banks.
However, first, you will have to find a trusted intermediary who will represent your interests and who has the bank’s trust. The advantages of working with an intermediary are as follows:
- banks’ risks are reduced;
- there will be no problems with the preparation of documents and filling out standard forms;
- you will be able to clearly understand all the processes and therefore speed up the procedure;
- the intermediary can certify the documents himself, reducing your expenses for the notary, translator, and other specialists.
Now, let’s consider the package of documents that you will have to provide to Grenada banks to register a foreign currency account.
Documents for opening an account in Grenada
If you become a client of the bank as an individual, you need to provide the following:
- Passport, ID card, or any other document confirming your identity;
- Copy of proof of residency (e.g., utility bill);
- A certificate or declaration of income.
The bank may also ask for your taxpayer identification number, proof of legal income (indicate their sources), or a letter from a financial institution in your country that you are a serious client and can do business with you.
Legal entities must provide several documents regarding the status of the company and its employees with a translation into English, apostilled and notarized.
As a rule, it is more difficult for a foreigner to open an account in a Caribbean bank than a citizen of Grenada, so you can consider getting a second passport and just moving to the tropical islands for a comfortable life and work.
Grenadian banks for expats offer the best conditions, which will provide some benefits and please each client.