In Dominican banks, one can open chequing and savings accounts, term deposits, and issue debit and credit cards. Education and car loans, mortgages, and business development loans are also available.
Dominica’s main currency is the East Caribbean dollar, which is referred to as EC$ or XCD. It is pegged to the US dollar at the exchange rate of US$1 = EC$2.70, thus, one East Caribbean dollar is always equal to 37 US cents.
By default, bank accounts in Dominica are opened in East Caribbean dollars. It is also possible to open a currency account in US dollars, euros or British pounds sterling.
The banks of Dominica which are members of the Caribbean Association of Banks
The latter, naimly the AID Bank, provides only lending services. Customers can neither open a chequing account nor issue a debit card there.
Comparison of terms of service in Dominican banks
| Bank | Online services | Maintenance cost | Minimum amount for opening an account | Commission fees |
| National Bank of Dominica | Online banking, mobile banking for iOS and Android | EC$10+ per month for chequing accounts of individuals and companies EC$100 or 150 per year for credit cards Maintenance of debit cards is free of charge | EC$300 for chequing accounts of individuals EC$500 for chequing accounts of companies EC$100 or $1,000 for savings accounts of individuals $1,000, €5,000 or £1,000 for foreign currency savings accounts of companies EC$5,000 for time deposits | EC$10 for issuing a debit card EC$1 for any transaction on the chequing account of individuals |
| Commonwealth Bank and Trust | Only online banking | EC$10 per month for any account | EC$10,000 for accounts of individuals EC$15,000 for accounts of companies | EC$150 for account opening EC$30 for incoming transfer to the account of individuals EC$50 for incoming transfer to the account of companies EC$125 to 700 for outgoing interbank transfer |
| Paxum Bank Limited | Online banking, mobile banking for iOS and Android | Maintenance of accounts is free of charge EC$0 or 50 per month for credit card | EC$10,000 for savings accounts of individuals EC$500,000 for savings accounts of companies | Account opening is free of charge EC$0 or 500 for issuing a credit card EC$0.25 or 1 for an outgoing intra-bank transfer or payment EC$5 + 2.95% of the transfer amount for the transaction to Visa, Mastercard or Unionpay card EC$1, EC$5 or 0.05% of the transfer amount for an incoming interbank transfer EC$5, EC$8.95 or 0.05% of the transfer amount for an outgoing interbank transfer 0.5 or 3% for withdrawing cash from an ATM with a credit card |
Features of online banking
All major banks have designed online and mobile banking applications that allow managing accounts without visiting the bank’s branch. Through mobile banking, it is possible to:
- pay bills;
- transfer money to other customers’ accounts;
- receive account alerts;
- check account balance.
Through online banking, you can also transfer money to customers of other banks, including banks of other countries.
Documents needed for individuals
To open an account for individuals, citizens of Dominica need to submit the following documents:
- proof of identity, such as a passport, social security card, or driver’s license;
- proof of residential address, such as a utility bill, bank statement, driver’s license, or proof of employment;
- an application for opening an account, which indicates personal data and information about sources of income.
A bank reference is to be submitted by:
- Dominican citizens who open an account remotely;
- Dominican citizens who live abroad;
- foreigners.
A cover letter explaining the reason for opening an account in Dominica is to be provided only by foreigners.
Notarized copies of passport and completed account application are required from foreigners and citizens of Dominica who open an account remotely.
Documents needed for companies
To open an account for a company, you are to provide:
- the company constitution;
- the certificate of incorporation;
- a Certificate of Good Standing;
- resolution of the directors to open an account and establishment of account signatories;
- identification for all beneficial owners, directors and signatories;
- proof of address for all beneficial owners, directors and signatories;
- bank references for directors and the company;
- a completed application for opening an account.
The procedure of opening a bank account in Dominica
One can open a bank account in Dominica in person or remotely.
To open an account in person, you need to come to the bank branch with the required documents and fill out an application. All applicants undergo banking Due Diligence, a check on reliability. For citizens of Dominica, it often takes a few minutes, in comparison to a few days for foreigners.
When Due Diligence is passed, customers should activate their accounts by depositing the minimum required amount. Then, they can enroll in online banking.
To open an account remotely, one should first submit an application on the bank's website and pass a preliminary check. Then required documents should be notarized and sent to the bank by mail or courier service. In this very letter customers may also send the amount of money required for activating an account. When the account is opened, clients register for online banking and manage their account without visiting the bank.
Account opening restrictions
- The Dominica Agricultural Industrial & Development (AID) Bank does not provide services to foreigners;
- the National Bank of Dominica do not allow foreigners to open an account remotely, and only companies registered in Dominica can open a corporate account;
- all the banks ask foreigners for more documents to open an account than Dominican citizens.
Dominican banking services without restrictions: how to get a passport
Becoming a citizen of Dominica takes 2 to 6 months. It requires investment of at least $100,000 in the country’s economy. This is a non-refundable contribution to the state fund of the country.
If you double the amount of investment to $200,000, you can buy real estate. Investors purchase a stake in properties approved by the Dominican government. These investments are returnable, and thus the stake can be sold in 3 or 5 years.
Hotel complex in the tropical forest
Alongside the investor, citizenship can also be obtained by members of his family: a spouse, children under 30 years old, brothers and sisters under 25 years old, parents. The cost of obtaining a passport increases when family members are included in the application.
The Dominica passport makes traveling the world easier. Dominica citizens travel without visas to the Schengen countries, the UK, China, Singapore and Hong Kong. A ten-year B-1/B-2 visa to the USA is also granted for citizens of Dominica.
Frequently asked questions
No, you do not. In most cases you can open a bank account in Dominica remotely. To do this, you need to fill in an online application form for opening an account, then send all the necessary documents by mail. However, there are exceptions. For example, only Dominica citizens are allowed to open an account remotely at the National Bank of Dominica. Foreigners have to visit the bank to open an account.
Individuals need a passport, a utility bill to prove their residential address and a completed application. Additionally, a bank reference and a cover letter explaining the reason for opening an account in Dominica may also be required. Companies submit their constitution, certificate of incorporation, Certificate of Good Standing and resolution of the directors to open an account and establishment of account signatories. The identities of all beneficiaries and directors should also be disclosed.
Most Dominica banks charge from EC$10 per month for account maintenance and from EC$100 per year for credit cards. There is a bank, namely the Paxum Bank Limited, where maintenance of standard accounts and credit cards is free of charge.
Through online or mobile banking, customers of Dominica banks pay bills, check balances, receive account alerts, and make intra-bank, interbank and international transfers.
