The Caribbean Association of Banks, an association of the most reliable financial institutions, includes three banks in Grenada:
- Republic Bank (Grenada).
- Grenada Co-operative Bank.
- ACB Grenada Bank.
Grenada also has two branches of a large bank in Barbados, the FirstCaribbean International Bank. Bank branches are open in 16 Caribbean countries.
Currency. The main currency of Grenada and five other Caribbean countries is the East Caribbean dollar, which is denoted by EC$ or XCD. The East Caribbean dollar is pegged to the US dollar and is always equal to 37 US cents, so the holders of such accounts bear low currency risks.
Account types. Individuals have access to settlement, savings and currency accounts, as well as term deposits. Legal entities open settlement accounts, including currency ones. Foreign currency accounts are opened in US dollars, euros, British sterling pounds and Canadian dollars.
Online banking. Through mobile or online banking, you can get an account statement, transfer money between your accounts and pay utility bills. It is also possible to request an international transfer: the bank operator will process the request within a business day.
You can manage your online at any time, regardless of bank opening hours and time zone differences.
Comparison of service terms at Grenadian banks
| Bank | Availability | Cost of service | Commission | Amount to activate an account |
| ACB Grenada Bank | 4 ATMs Online banking Mobile banking for iOS and Android | EC$21.74 per month for settlement accounts of individuals and legal entities EC$3 per month for savings accounts EC$100+ per year for a credit card Debit card service is free of charge | EC$86.96+ for outgoing international transfer | EC$200 for settlement accounts of individuals and legal entities EC$100 for savings accounts EC$5,000 for term deposits |
| Republic Bank (Grenada) | 6 branches 8 ATMs Online banking | EC$14.95 per month for current account of individuals EC$28.75 per month for a current account of legal entities $3.45 per month for a foreign currency account in US dollars €2.30 per month for a foreign currency account in euro EC$103.50+ per year for a debit card $23+ per year for a credit card | EC$6.33 for cash withdrawal from an ATM of another bank EC$23+ for incoming international transfer EC$46+ for outgoing international transfer | No data |
| Grenada Co-operative Bank | 5 branches Online banking Mobile banking for iOS and Android | EC$2.50 per month for settlement and savings accounts of individuals EC$24.56 per year for a debit card EC$115+ per year for a credit card | EC$9.05 per transaction at an ATM of another bank $23 for an incoming international transfer in US dollars €11.50 for an incoming international transfer in euros EC$51.75+ for outgoing international transfer | No data |
Documents for opening a bank account in Grenada
Individuals are required to present three main documents:
- A passport or other identification document with a photo such as driver's license, resident card, NIS — a Grenadian social security card, birth certificate or ID card. In some cases, two such documents are required.
- A utility bill to prove residency. Instead of an invoice, you can provide an envelope from a letter sent to the name of the applicant, an account statement from another bank or credit card.
- An income statement. For those who work for hire, this is an employment contract or a certificate of employment indicating the position and salary. For entrepreneurs and the self-employed, an account statement for the last year or a declaration of income is suitable.
In addition, bank employees may request:
- A letter of recommendation from another bank, which indicates when the applicant opened an account with this bank and confirms that the bank is satisfied with the cooperation with the applicant.
- TIN, a taxpayer identification number. Usually required from non-resident applicants.
Legal entities provide documents that confirm the existence of the company, the composition of directors and shareholders. Among them:
- a certificate of company registration;
- a company charter or memorandum of association;
- a Certificate of Good Standing or equivalent;
- a certificate of appointment of directors and executive secretary;
- a certificate of the composition of shareholders;
- a register and resolution on the issue of shares;
- a power of attorney for the account manager, that he has the authority to open accounts and manage them on behalf of the company.
In addition to documents for the company, you will need to provide information about all its beneficiaries. For each, you need to collect a set of documents for individuals: for example, a passport, a utility bill and a certificate of income. If the beneficiary is not a shareholder, you must provide a declaration of trust from the shareholder in his favor.
If the documents are sent to the bank by mail, they must be translated into English, apostilled and certified by a notary.
Most banks in Grenada require more documents from foreigners than from citizens and residents of the country. For example, it may be necessary not only to confirm the amount of income, but also to disclose all sources of income. To make it easier to use the services of banks in Grenada, you can become a citizen of this country.
How to obtain Grenada citizenship
Grenada citizenship can be obtained quickly, up to six months. To do this, you need to invest in the country's economy. Investors have two options. The first is irrevocable, the second investment can be returned after 5 years.
In addition to the investor, a spouse, children under 30, brothers and sisters from 18 years old, parents, grandparents receive a Grenada passport. When family members are included in the application, the costs of the citizenship program increase.
Citizens of Grenada travel without visas to the Schengen countries, Great Britain, China, Singapore and other countries, in total 144 each. You can not enter the USA without a visa, but you can get a tourist visa immediately for 10 years or an E-2 business visa for 5 years.
If you spend more than 183 days a year in the country, you can optimize the taxes of individuals. Grenadians are not taxed on worldwide income, salaries, capital gains, inheritance and gifts.
Frequently asked questions
To open a bank account in Grenada, you need to apply online, in person at a bank branch, or through a representative by proxy. If you open an account remotely, the necessary documents must be translated into English, notarized and sent to the bank by mail. The average processing time for an application is 10 days. When the application is approved, the amount necessary to activate it must be transferred to the account.
In the list of all banks in Grenada, three of the most reliable can be distinguished: Republic Bank (Grenada), Grenada Co-operative Bank and ACB Grenada Bank. They are members of the Association of Caribbean Banks, which is an association of the best banks of 35 Caribbean countries.
At Grenada Co-operative Bank, maintenance of current and savings accounts costs EC$2.50 per month, at other banks it is more expensive, EC$15-20 per month. At ACB Grenada Bank, you can use a debit card for free, at other banks the card service costs from EC$25 per year. It is also more profitable to issue a credit card at ACB Grenada Bank and pay a maintenance fee of EC$100 per year.
