Banks in St Kitts and Nevis in 2025 – All You Need to Know!

For global investors looking to diversify their assets, banks in St Kitts and Nevis have emerged as compelling options for offshore banking. Being a tax haven with a tightly regulated financial sector and high-quality banking services, there’s several reasons to open an account in one of the 15 local and internationals banks in the Federation of Saint Christopher and Nevis.

• St Kitts and Nevis banks list
• Best banks in St Kitts and Nevis
• St Kitts and Nevis bank account types
• Document requirements for St Kitts and Nevis banks
• St Kitts and Nevis digital banking
• Steps to open an account in St Kitts and Nevis
• St Kitts and Nevis banks comparison

List of St Kitts and Nevis Banks

International banks

• Eastern Caribbean Central Bank
• Hamilton Reserve Bank
• Scotiabank
• First Federal Credit Union Bank
• International Merchant Bank
• BONI
• First Caribbean Bank

Local banks

• SKNA National Bank
• Development Bank of St Kitts and Nevis
• Bank of Nevis
• Republic Bank
• Government Treasury
• St Kitts Co-operative Credit Union
• Nevis Co-Operative Credit Union
• Police Co-operative Credit Union

Three of these 15 banks are part of the Caribbean Association of Banks, making them the most trustworthy banks in St Kitts and Nevis. Additionally, most St Kitts and Nevis banking services include digital services.

Top Five National Banks in St Kitts and Nevis

1. St Kitts-Nevis-Anguilla-National Bank (SKNA)

Established in 1971, St Kitts-Nevis-Anguilla-National Bank is the oldest national bank in St Kitts and Nevis. The bank has a total of six branches and 18 ATMs. Based on the number of branches and ATM machines, St Kitts Nevis Anguilla National Bank is the largest bank in the country.

This bank has multi-purpose ATM points where customers can deposit their money, make bank transfers, recharge their mobile phone accounts, pay bills, change their pin code, and undertake other payment activities.

Account services:

• Receive online statements of transactions
• Transfer money between accounts
• Pay utility bills
• Enable and disable auto payments
• Activate and block debit cards
• Initiate interbank and international transfers using the SWIFT system
• A dedicated mobile application

2. The Bank of Nevis (BON)

Operating since 1985, the Bank of Nevis (BON) has four branches and four ATMs in St Kitts and Nevis. The Bank of Nevis expanded its operations when it acquired the Royal Bank of Canada in Saint Kitts and Nevis.

Customers can withdraw a maximum amount of 1,500 Eastern Caribbean Dollars (EC) per day from the bank’s ATM network.

Account services:

• Transfer money between accounts
• Pay utility bills
• Initiate auto-payments and transfers
• Request data to monitor the income and expenditure
• Change PIN code
• Create notifications
• Initiate international money transfers

3. St Kitts Co-operative Credit Union

Over the last three decades, St Kitts Co-operative Credit Union has provided various banking solutions, including opening current and savings accounts and issuing debit cards, loans, and credit cards. After opening an account, customers must deposit at least EC $100 to activate retail and business banking services.

This bank has one branch located in Basseterre, St Kitts, but customers can access banking operations online through a mobile app as well as make requests through email or over the phone. Customers can transfer money from one bank account to another, make loan payments, open new regular and foreign currency accounts, or make changes to their profile through the bank’s online services.

4. Nevis Cooperative Credit Union

The Nevis Cooperative Credit Union is one of the country’s primary local banks. It was established around 50 years ago exclusively for citizens and residents of St Kitts and Nevis. Foreigners are not allowed to open an account in this bank.

To open a current account, customers must deposit EC $700. The bank also has maintenance fees of EC $11.70 for individuals and EC $17.55 for legal entities for banking services.

The bank also allows its customers to use the online banking system and mobile application to transfer money between accounts or to client accounts, as well as pay bills. Note that this bank doesn’t allow international transfers to or from the bank.

5. Hamilton Reserve Bank

Popular among foreign nationals, the Hamilton Reserve Bank is an international bank on Nevis that allows customers to hold standard and escrow accounts in ten currencies: US dollar, Euro, British pound sterling, Canadian dollar, Australian dollar, Singapore dollar, Hong Kong dollar, Swiss franc, UAE dirham, and Japanese yen.

As the largest global bank in the Caribbean, its international customer base can access services through eight languages. There is no commission charge to open an account, nor a maintenance or service charge. For a functional bank account, individual customers must deposit $50,000. For a legal entity, the minimum deposit is $100,000. This bank doesn’t accept cash or checks. Clients must use bank transfers when sending money.

As one of the fastest Caribbean banks, it quickly processes international transfers and SWIFT money transfers. Customers can open a bank account remotely through the bank’s official website. The required documents must be notarized and translated into English.

There are banking operations online, and online banking is automatically activated once the account is opened. Online services are available for customers 24/7. This is the only bank in Saint Kitts and Nevis with a government-approved license to offer escrow accounts to make transfers for St Kitts and Nevis real estate citizenship.

St Kitts and Nevis Bank Account Types

There are several types of bank accounts that a person can open in St Kitts and Nevis. Consumers can apply for a mortgage, car loan, and educational loans, and business development loans through St Kitts and Nevis banks. A legal entity can open current and trading accounts.

Current account: A current account is a regular bank account for frequent transactions such as deposits, withdrawals, and bill payments. Banks issue current account holders debit cards to facilitate easy transfers and card payments.

Foreign currency account: You can open a foreign currency account in banks across St Kitts and Nevis.

Savings account: A savings account in a bank in St Kitts and Nevis includes a term or fixed deposit. These types of accounts can be opened for a period of three, six, or twelve months. If you have a target savings account, a fixed amount of money will be automatically transferred from the consumer’s current account weekly, monthly, or every two months. If you have a regular savings account, you must transfer funds manually to earn quarterly interest payments.

Merchant account: Organizations can accept and make payment transfers through a merchant account. This account also allows businesses to accept payments from credit cards or other electronic payment methods.

Escrow account: To purchase St Kitts and Nevis real estate during its construction phase, you must transfer the funds to an escrow account. The buyer makes a wire transfer into an escrow account after signing a share agreement with the real estate developer. The transfer is finalized only after the developer fulfills the requirements and responsibilities according to the sales contract.

Documents Required to Open a Bank Account in St Kitts and Nevis

To open a bank account in St Kitts and Nevis, you must provide the following documents:

• Valid St Kitts and Nevis passport or government-issued photo identification.
• Proof of residential address proof. This can be a utility bill, a bank statement, or a rental agreement.
• Completed application and your statement of purpose regarding the opening of the account.

You should also collect the following documents to accelerate the procedure.

• An employment certificate or employment details stated on the letterhead of your company.
• Bank statements indicating your source of income.

Opening a business account

To open an account for a company, you must provide the following documents:

• Valid passport or national ID card
• Recent utility bill verifying registered business address
• Company’s certificate of registration or articles of association
• Bank statements, contracts, or invoices confirming legal sources of income
• Letter of recommendation from a bank at which the applicant has been a client for over a year
• Letter of recommendation from a specialist who has known the applicant for over two years
• Proof of decision of the board of directors to open an account and appoint a proxy
• Proof of shareholder structure
• Certificate of Good Standing (or equivalent)

Requirements to open an offshore account

Documents to open an offshore in Nevis or St Kitts include:

• Valid passport
• Proof of residency and a residential address
• Completed application and your statement of purpose regarding the opening of the account.
• Bank statements indicating your source of income.
• A letter of recommendation from a reputed bank or from a reputed professional.

Obtaining St Kitts and Nevis citizenship by investment eases the document requirements to open a bank account in the country and access credit services.

Online Banking Solutions in St Kitts and Nevis

Almost all popular banks in the country provide online and mobile banking services.

Mobile banking vs online banking

Procedure for Opening a Bank Account

Here’s a step-by-step process of how to open a bank account in St Kitts and Nevis:

1. Collect all the required documents.
2. Submit your application to open the bank account. You can do this in person at your bank’s branch, through a proxy, or online.
3. Share the documents with your bank via mail if your application was submitted remotely.
4. Await approval. The bank takes around ten business days to assess your application and process it.

Best Banks in St Kitts and Nevis: A Comparative Study

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Frequently Asked Questions about Banks in St Kitts and Nevis

What is the largest bank in St Kitts?

The St Kitts-Nevis-Anguilla National Bank Limited is St Kitts and Nevis’s largest bank and the largest financial institution in the Eastern Caribbean Currency Union.

Are banks in Nevis safe?

Nevis’s stability, safety, and reputable offshore banks have transformed the island into one of the safest locations for offshore banking in the Caribbean region.

What international banks are in St Kitts and Nevis?

St Kitts-Nevis-Anguilla National Bank, The Bank of Nevis, St Kitts Cooperative Credit Union, Nevis Cooperative Credit Union, and Hamilton Reserve Bank are a few of the international banks operating in St Kitts and Nevis. You will also find a branch for FirstCaribbean International Bank and Republic Bank.

Can a foreigner open a bank account in St Kitts?

Yes, foreigners can open bank accounts in St Kitts and Nevis. You must provide documents, including your passport, proof of residency, and a reference letter.

What are the bank laws in St Kitts?

St Kitts bank laws are outlined in the St Christopher and Nevis Banking Act as well as regulations enforced by the Eastern Caribbean Central Bank (ECCB).

Can I open a bank account in Nevis?

The International Banking Act and Nevis’s offshore banking regulations allow foreigners to open bank accounts in Nevis.