Quick Answer

Top 5 banks in St Kitts and Nevis for investors

The banks operating in St Kitts and Nevis offer their clients current, settlement, savings, trading and escrow accounts, as well as term deposits . Clients can also apply for mortgages, as well as educational, automobile, business development, and other types of loans.

All the main banks offer clients online banking and mobile applications to manage their accounts.

The Eastern Caribbean Central Bank controls the banks in St Kitts and Nevis. The East Caribbean dollar (EC$ or XCD) is the main currency in St Kitts and Nevis and five other Caribbean countries.

The East Caribbean dollar is pegged to the US dollar at 37 US cents, which reduces the currency risk for the local currency. Bank accounts in St Kitts and Nevis can be opened not only in East Caribbean dollars but also in 10 other currencies: US dollars, euros, pounds sterling and other currencies.

EC$1 = USD$0.37

Both St Kitts and Nevis citizens and foreigners can open an account at most banks.

National banks of St Kitts and Nevis

St Kitts-Nevis-Anguilla National Bank (SKNA), founded in 1971, is the oldest national bank. It has 6 branches and 18 SKNA ATMs, making it the largest bank in the country in terms of branches and ATMs.

At ATMs clients can deposit money, make a transfer, pay utility bills, top up their mobile phone accounts, and change their PIN code, as well as carry out other transactions.

Clients can carry out the following activities through online banking:

  • receive statements;
  • transfer money between their accounts and accounts of the bank’s other clients; 
  • make interbank and international transfers via the SWIFT system;
  • pay bills; 
  • turn on and disable auto payments;
  • activate and block debit cards.

The same services are available in the mobile application, except for receiving statements, SWIFT transfers, management of auto payments, and card activation or blocking. It also allows clients to set up transaction alerts.

The Bank of Nevis (BON) has been in operation for 37 years. It has 4 branches and 4 ATMs in the country. The Bank of Nevis bought out all the branches of the Canadian Royal Bank of Canada in St Kitts and Nevis in September 2021. 

Clients can withdraw up to EC$1,500 daily from ATMs, make a payment to their credit card, transfer money between their accounts and change their  PIN code.

$40.95
fee for international transfer at the Bank of Nevis

Clients can carry out the following operations online: 

  • transfer money between their accounts;
  • pay bills;
  • create regular auto payments and transfers;
  • send transaction data to applications to account for income and expenses;
  • change their PIN code;
  • set up notifications;
  • send international money transfers, which are processed by the bank within 24 hours for a fee of $40.95.

St Kitts-Nevis-Anguilla National Bank and the Bank of Nevis are members of the Caribbean Association of Banks, an association of the most reliable banks in the Caribbean countries.

St Kitts Co-operative Credit Union has been in business for over 30 years. The bank specializes in issuing loans and credit cards, but it also offers its clients current and savings accounts, and issues debit cards. When opening an account, the client needs to transfer EC$100 to activate the account.

The bank has only one branch. Most services are available through online banking, mobile applications, sending a request by e-mail or calling. Through online banking clients can transfer money between accounts, edit their profile, open new accounts and pay loans.

Nevis Cooperative Credit Union was founded 50 years ago. The bank serves only citizens and residents of St Kitts and Nevis: foreigners cannot open an account at this bank. 

Clients need to transfer EC$700 into the account in order to activate a current account, which has a maintenance fee of  EC$11.70 for individuals and  EC$17.55 for legal entities.

Online banking and mobile applications are available. Clients can pay utility bills, transfer money between their accounts or to the bank’s other clients online.

The bank does not carry out either incoming or outgoing international money transfers.

Individual cost calculation of the St Kitts and Nevis citizenship

Hamilton Reserve Bank is a popular bank among foreigners. The bank can communicate with its clients in 8 languages and accounts can be opened in 10 currencies: US Dollar, euro, British pound sterling, Canadian dollar, Australian dollar, Singapore dollar, Hong Kong dollar, Swiss franc, UAE dirham and Japanese yen.

There is no commission charged for opening an account and there is also no fee for maintaining and servicing an account. To activate an account, individual clients need to transfer $50,000 and legal entities $100,000 into their account. Cash and checks are not accepted at the bank: clients must make a bank transfer from another bank.

Incoming and outgoing SWIFT money transfers, including international transfers, are processed within a few hours, faster than at any other bank in St Kitts and Nevis.

$50,000
must be transferred to an individual's account to activate it at Hamilton Reserve Bank

Accounts can be opened remotely by filling out an online application on the bank's official website and sending scans of the required documents. The documents must be notarized copies in English or translated into English and notarized. The bank does not require original documents to be sent by mail. The account opening procedure takes up to 10 days.

All banking services are available online. Internet banking is automatically connected upon activation of the account and is available round the clock.

Hamilton Reserve Bank is the only bank in St Kitts and Nevis that is licensed directly by the government to open escrow accounts and provide real estate escrow services for the citizenship by investment program

An escrow account is used to secure transactions for purchasing real estate during the construction phase. After the developer and the buyer sign the sale-purchase agreement, the buyer deposits money into the escrow account. This money is transferred to the developer only after the fulfillment of the developer’s obligations under the contract, and until then it is kept in the bank’s escrow account.

St Kitts and Nevis citizenship by investment in real estate

St Kitts and Nevis citizenship by investment may be obtained in return for a real estate investment of $200,000, which can then be sold after 7 years or after 5 years when the initial investment exceeds $400,000.

St Kitts and Nevis citizenship by investment can be obtained not only by the investor but also by members of their family included in the application: 

  • spouse; 
  • parents over 55 years old;
  • children;
  • brothers and sisters under 30 years old.

St Kitts and Nevis citizens can travel without a visa to the UK, the Schengen countries, Singapore, Hong Kong, and numerous other countries throughout the world.

A comparison of services offered by banks in St Kitts and Nevis

BankOnline
services
Cost of serviceActivation amountFee
St Kitts-Nevis-Anguilla National Bank (SKNA)Online
banking and mobile banking through apps for iOS and Android
No monthly service fee
for a current account held by an individual
EC$100 or $200 
for a current account opened by an individual

EC$500 or $200 
for a current account opened by a  legal entity

EC$25 or $200 
for a savings account

EC$500 or $1,000
for a term deposit
No information available
The Bank of NevisOnline bankingEC$11.70 per annum
for current, settlement and deposit accounts for an individual

EC$23.40 per annum
for current or settlement accounts for legal entities

$23.40 or EC$58.50 per annum
for credit cards
No information available$2.34
for an online transfer to another bank and online bill payment

$1.76 per transaction
At SKNA ATM


$11.70 per transaction
Up to $500 at another bank's ATM 

2% of transaction
above $500 at another bank’s ATM
Hamilton Reserve BankOnline
banking and mobile banking through iOS and Android apps
No monthly service fee$50,000
for individuals

$100,000
for legal entities
No commission for opening an account
Nevis Cooperative Credit Union Online
banking and mobile banking through iOS and Android apps
EC$11.70 
for accounts held by individuals

EC$17.55
for accounts held by legal entities
EC$500
for savings account


EC$700
for current account
EC$1 per transaction
for cash  withdrawal at branch office ATM

EC$3 per transaction
for cash withdrawal at other ATMs
St Kitts Co-operative Credit UnionOnline
banking and mobile banking through iOS and Android apps
No information availableEC$100 
for current account

EC$10 and purchase of 20 shares at EC$5/share
for a savings account

$500
for a savings account in US dollars
No information available

Foreign bank branches in St Kitts and Nevis

  • FirstCaribbean International Bank (CIBC), registered in Barbados, has a branch in St Kitts and Nevis. The bank has branches in 16 Caribbean countries.
  • Republic Bank is the holding bank of Republic Financial Holdings Limited (RFHL). The headquarters of the holding is located in Trinidad and Tobago. In 2019, Republic Bank bought all the branches of the Canadian Scotiabank in St Kitts and Nevis. There are 3 bank branches and 7 ATMs in St Kitts and Nevis.

Documents required for opening an account

Individuals must provide the following documents:

  • a passport and another identity document, i.e., any valid government document with a photograph;
  • a document issued in the previous three months confirming the applicant’s registered residential address. This could be a utility bill, a letter from another bank or landlord, a postmarked envelope;
  • a completed bank opening form, including information about the purpose and use of the account.

The bank may also additionally request the following information: 

  • certificate of employment on the letterhead of the company, which indicates the applicant's position, date of employment and annual income;
  • bank statement confirming the source of income;
  • a letter of recommendation from another bank or from a highly qualified professional such as a lawyer or doctor.

Foreigners opening an account must provide the following additional information:

  • certificate of citizenship;
  • passport of their country of origin;
  • information on the selected investment option when a foreigner applies to open a bank account in the process of obtaining St Kitts and Nevis citizenship by investment.

To open an account for a company, the beneficiary or their authorized representative must provide the following information:

  • a passport and another identity document;
  • recent utility bill to verify their registered residential address;
  • certificate of registration of the company or its articles of association;
  • bank statements, contracts or invoices to confirm the legality of the source of their income;
  • a letter of recommendation from another bank, at which the applicant has been a client for more than a year;
  • a letter of recommendation from a highly qualified specialist who has known the applicant for more than two years;
  • decision of the board of directors to open an account and appoint a proxy;
  • Proof of shareholder structure;
  • Certificate of Good Standing or its equivalent.

If original documents are not sent to the bank, they must be translated into English and notarized.

Frequently asked questions

How do I open a bank account in St Kitts and Nevis?

To open a bank account in St Kitts and Nevis, you can apply online, in person at the bank, or through a representative by proxy. If you open an account remotely, the documents required must be translated into English, notarized and sent to the bank by mail. The average processing time for an application is 10 business days. When the application is approved, the initial amount required to activate the account must be transferred to the account. This also automatically enables online banking.

How can I find a reliable bank in St Kitts and Nevis?

The Caribbean Association of Banks, an association of the most reliable banks in 35 Caribbean countries, includes two banks in St Kitts and Nevis: St Kitts-Nevis-Anguilla National Bank and the Bank of Nevis.

Which bank has the lowest service fees?

At some banks in St Kitts and Nevis, accounts are maintained free of charge, for example, at Hamilton Reserve Bank. However, to activate an account at this bank, you need to transfer at least $50,000 to it. In other banks, account maintenance fees can be EC$11.70 per annum. However, usually a much smaller amount, for example EC$700, is required to activate an account.

A comparison of services offered by the largest and most secure international banks in St Kitts and Nevis

What banks are in St Kitts?

The banks operating in St Kitts and Nevis offer their clients current, settlement, savings, trading and escrow accounts, as well as term deposits. Clients can also apply for mortgages, as well as educational, automobile, business development, and other types of loans.

All the main banks offer clients online banking and mobile applications to manage their accounts.

A comparison of services offered by the largest and most secure international banks in St Kitts and Nevis

Can I open a bank account in St Kitts and Nevis?

Yes, you can. To open a bank account in St Kitts and Nevis, you can apply online, in person at the bank, or through a representative by proxy. If you open an account remotely, the documents required must be translated into English, notarized and sent to the bank by mail.

Top 5 banks in St Kitts and Nevis for investors

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