Terms of bank services in Saint Lucia
All banks in Saint Lucia are regulated by the Financial Sector Control Unit of the Government of Saint Lucia (FSSU) and controlled by the Eastern Caribbean Central Bank. It sets the financial policy in the region, keeps the general foreign exchange reserve of the participating countries and issues new banknotes and coins.
Currency. The East Caribbean dollar, or EC$, is the main currency in Saint Lucia and five other Caribbean countries that are members of the Eastern Caribbean States. The East Caribbean dollar is pegged to the US dollar at a ratio of 2.7 to one, which means that EC$1 is always equal to $0.37.
Bank accounts in Saint Lucia can be opened not only in East Caribbean dollars, but also in 15 other currencies: in US dollars, euros, pounds sterling, Canadian dollars, Chinese yuan and others.
Online banking is free and works in all major banks in the country. Online, you can monitor your account balance and history of transactions, receive account statements, transfer money and pay bills. Some banks not only have a web service, but also mobile applications for iOS and Android.
Banks of Saint Lucia which are members of the Association of Caribbean Banks
1st National Bank St. Lucia Hermes Bank Bank of Saint Lucia Republic Bank (EC) Berkeley Bank & Trust, a branch of the English bank Capita Financial Services Euro Exim Bank Financial Investment and Consultancy Services Proven Investments Limited Sagicor Finance Inc.
The largest commercial bank is theBank of St Lucia. It has been operating since 2001, formed as a result of the merger of two other banks with a twenty-year history.
The bank has branches in Castries, the capital of Saint Lucia, in the regions of Gros Islet and Vieux Fort, in the city of Soufriere. The Bank of Saint Lucia also has the largest ATM network on the island.
The bank provides services to both individuals and legal entities, is engaged in private capital management and insurance. Servicing foreign currency accounts in dollars and euros in the Bank of St Lucia is cheaper than in other banks - $2 or €2 per month, respectively.
In 2020, Bank of Saint Lucia received the ECCU Bank of the Year Awards. It was recognized as the best bank in the Caribbean region in two categories: “technological innovation” and “financial literacy and empowerment of the population.”
The oldest national bank was formed in 1938 under the name St Lucia Cooperative Bank, and in 2005 it was renamed 1st National Bank of St. Lucia. It was twice named Bank of the Year by the Financial Times.
There are seven branches of the bank in Saint Lucia, four of which are located in Castries. There is a currency exchange department at the country's airport.
Popular among investors is Hermes Bank. It is focused on serving foreigners: there is only one bank branch in Saint Lucia.
Both individuals and legal entities can open an account with Hermes Bank. This can be a personal or current account, a deposit and a term deposit. At the same time, the bank does not issue any debit or credit cards and it does not have ATMs. Account management is completely done through online banking.
Comparison of conditions in major banks of Saint Lucia
|Bank||Service cost||Sum to activate an account||Commission|
|1st National Bank St. Lucia||From $5 per month|
From $7.5 per month
for legal entities
transactions up to $300 at ATM
2% of the transaction
transactions from $300 at ATM
|Bank of Saint Lucia||$7.5 per month|
for personal accounts
$2 per month
for foreign currency accounts in US dollars
€2 per month
for foreign currency accounts in euros
one-time transfer to a client of another bank
|Hermes Bank||€15 per month||From €1,000||€10 for an operation|
transfers between bank accounts
0.15% of the transfer amount
From €5 to €30
incoming transfers in euros
|Republic Bank (EC) Limited||$5 per month|
for foreign currency accounts in US dollars
for foreign currency accounts in US dollars
|2% of the transaction amount|
cash withdrawals from ATMs outside Saint Lucia
request for an account balance at an ATM
2% of the transaction amount
for purchases online
Documents required to open an account in a bank of Saint Lucia
To open a bank account in Saint Lucia, individuals provide documentary proof of identity with residence and income information. Additionally, they may require a letter of recommendation from a lawyer or another bank, as well as information about the taxes paid.
To open an account for an individual
|Identity document||Passport, resident card, driver's license, ID-card or other documents|
|A document confirming the address of residence||Invoice for payment of utilities in the name of the applicant, letter from the employer confirming the address of residence or account statement from another financial institution in the name and address of the applicant|
|Document confirming information on income||Bank statement for the last year or certificate from the employer indicating the position, length of service and salary|
|Document confirming tax information||TIN, the taxpayer identification number|
|Reference letter from another bank||The letter must indicate when the applicant opened an account with this bank and that the bank is satisfied with the cooperation with the applicant. In many cases, it is important that the terms of cooperation with the bank is at least two years.|
To open a current account for a company, you need to confirm the fact of its existence, the composition of directors and shareholders, and disclose information about the beneficiaries. You will also need a power of attorney to the account manager stating that he has the authority to open and manage accounts on behalf of the company.
To open an account for a legal entity
|Documents confirming the existence of the company||Registration Certificate of the company, articles of association or company charter and Certificate of Good Standing or its equivalent|
|Documents confirming the composition of directors and shareholders||Appointment Certificate of directors and executive secretary, composition certificate of shareholders, register and resolution on the issue of shares|
|Documents disclosing information about the beneficiary of the company||Set of documents for individuals: passport, utility bills, statement of personal account, tax return|
If the beneficiary is not a shareholder - a trust declaration from the shareholder to his Benefit
How to obtain citizenship of Saint Lucia
Not only citizens and residents of Saint Lucia can open bank accounts in Saint Lucia, but limited banking functionality will be available to foreign clients. To access all the services of banks in Saint Lucia, you need to obtain the citizenship of the country.
To become a citizen of Saint Lucia, you do not need to move to the country: you can obtain a passport completely remote within a period of 3 to 6 months. This will require investing in the country's economy: from $100,000 in a government fund, from $300,000 in real estate or from $250,000 in government bonds. Investments in real estate and securities are returnable: money can be returned after 5 years.
Family members can obtain citizenship together with the investor:
- children under 30;
- parents over 55;
- brothers and sisters under the age of 18.
The Saint Lucia passport is a lifetime alternative to the Schengen visa and the UK visa. Citizens of Saint Lucia spend up to 90 days every six months in the Schengen countries, and up to 180 days in a row in the UK. They also visit popular business destinations – Singapore and Hong Kong without visas.
Frequently Asked Questions
The most reliable financial institutions in the country are members of the Association of Caribbean Banks. There are ten of them in Saint Lucia:
- 1st National Bank St. Lucia.
- Berkeley Bank & Trust.
- Capita Financial Services.
- Bank of Saint Lucia.
- Euro Exim Bank.
- Financial Investment and Consultancy Services.
- Hermes Bank.
- Proven Investments Limited.
- Republic Bank (EC).
- Sagicor Finance.
To open an account, you first need to submit an application in person, through a representative, by mail or online. The documents must be attached to the application. Within a few days, the bank will conduct a due diligence check on the applicant and make a decision. To pass the check, the applicant confirms the legality of income, the absence of debts and convictions. After opening an account, you can transfer money to it and connect to online banking. Account management web services and mobile apps are available at all major banks in Saint Lucia.
Maintaining foreign currency accounts costs the least at the Bank of Saint Lucia: $2 per month for an account in US dollars and €2 for an account in euros, respectively. The cost of servicing a personal account for individuals is the lowest at 1st National Bank St. Lucia and is $5 per month.