Top 5 Caribbean Banks 2022
The countries of the Caribbean region form a community of 35 states with a single currency. As in the Schengen area, the borders are conditional, there is freedom of movement, no duties for importing goods, etc. Many countries are considered offshore, opening an account in one of them allows to work without problems not only in the region, but also in other countries. Therefore, it is prestigious to have an account opened in the top best Caribbean bank.
What you should know about banks in the Caribbean
Banks in the 8 island nations are monitored and licensed by the Eastern Caribbean Central Bank. On the list:
- St. Vincent and the Grenadines;
- St. Kitts and Nevis;
- Antigua and Barbuda;
- St. Lucia.
Eastern Caribbean Central Bank controls all financial activity on these islands, is responsible for the stability of the local currency. Commercial banks regularly send reports on their financial condition in the ECCB.
The best Caribbean banks: TOP-5
Most financial institutions offer the opportunity to open an account online. To choose the banking institution that best suits your business, pay attention to the following points:
- Availability of an ECCB license, if the country is on the list of states whose work it controls.
- Customer reviews.
- Membership in the Caribbean Bankers Association, which indicates that the institution presents quality services.
- Many Caribbean banks work with non-residents, but require more documentation to open an account than with locals. For example, in Antigua and Barbuda you must provide two references from other banks.
Banco Popular Dominicano
Banco Popular Dominicano received the award for Best Caribbean Bank 2022 from the British magazine World Finance in the categories:
- best banking group in the Dominican Republic;
- most innovative bank in Latin America in 2022.
One of the reasons customers seek to open a bank account with Banco Popular Dominicano is its advanced digital technology. It offered customers Cuenta Digital Libre, a digital account that offers easy online money sending, other transactions.
Just last year, the bank increased its market share in the Dominican Republic to 24.9%, increasing profits by 40%. In 2021, the number of customers exceeded 1 million, 52% more than in 2020.
Scotiabank (Bahamas) Ltd.
The Bahamas is part of the Caribbean Community, though technically north of the Caribbean Sea. That is why experts often mention Scotiabank (Bahamas) Ltd. with Canadian roots when evaluating the region's banking system. It is considered to be the best bank in the Bahamas, as its net profit for the year increased by 157%.
Among the reasons why users want to open an bank account with Scotiabank (Bahamas) Ltd:
- high economic activity;
- active implementation of digital technology;
Canada-based Scotiabank recorded a return on its capital of 9.3% in the Bahamas. It is also active in the neighboring territories of the Cayman Islands and Trinidad and Tobago. In Turks and Caicos, Scotiabank increased its digital operations by 36% in 18 months.
Royal Bank of Canada in Barbados
The Royal Bank of Canada, which has offices in Barbados, was declared the best bank for the domestic market. It has reduced its operations in the Caribbean in recent years, but experts still recommend opening an account with Royal Bank of Canada. All indicators of 2021 show that it is steadily growing and profitable.
National Commercial Bank in Jamaica
The National Commercial Bank is the undisputed leader in Jamaica. Revenue growth in 2021 was 15.9%, which is 37% of the country's market share in total assets. Other reasons to open an account with National Commercial Bank include high net income, favorable loans and deposits.
FirstBank is the best banking institution in the Virgin Islands and Puerto Rico. Among the reasons they recommend opening an account with FirstBank is a net profit of $281 million in 2021, a 175% increase over 2020.
How to open an account in the Caribbean
To open a Caribbean account quickly, contact IT-OFFSHORE experts.