Banks in St Kitts and Nevis in 2024 – All You Need to Know!

Officially called the Federation of Saint Christopher and Nevis, St Kitts and Nevis offer high-quality banking services to international investors. There are 15 local and international banks in St Kitts and Nevis.

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

Of these 15 banks, three are part of the Caribbean Association of Banks. This means that these are 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.

Below are online operations for clients:

• 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

The bank also has a mobile-friendly app that customers can navigate for smooth transactions. The app also notifies customers when any transaction is carried out through alerts.

2. The Bank of Nevis (BON)

Functioning for the last 37 years, the Bank of Nevis (BON) has four branches and four ATMs in St Kitts and Nevis. The Bank of Nevis expanded by acquiring the Royal Bank of Canada in Saint Kitts and Nevis.

Customers can withdraw a maximum amount of 1,500 Eastern Caribbean Dollars per day from the bank’s ATM to pay their credit card bills, and transfer money between accounts.

Online operations for customers:

• 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

Operational for more than 30 years now, St Kitts Co-operative Credit Union provides various banking solutions, including opening current and savings accounts and issuing debit cards, loans, and credit cards. Customers must deposit an at least EC$100 to activate retail and business banking services after opening an account.

This bank has one branch in St Kitts and Nevis, but customers can access banking operations online – mobile app, online banking, and conveying a request through email or call. Customers can also 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 countries primary local banks, 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 levies maintenance fees of EC$11.70 for individuals and EC$17.55 for legal institutions to maintain banking services.

The bank also allows its customers to use the online banking system and mobile application to transfer money between their accounts or to to client accounts, and to pay bills. Note that this bank doesn’t allow international bank 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. The bank also has steady communications with all its customers 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 transfer when sending money.

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

There are banking operations online, and online banking is automatically activated once the bank account is opened. Online services are available for customers 24/7.

This is the only bank in Saint Kitts and Nevis that the country’s government has given a license to initiate the opening of escrow accounts facilitating real estate purchases to obtain St Kitts and Nevis citizenship.

 

St Kitts and Nevis Bank Account Types

There are three types of bank accounts that a person can open in St Kitts and Nevis – a current account, a savings account and a foreign currency account. Consumers can apply for a mortgage, car, and educational loans through banks. A legal entity can apply for current and trading accounts. Individuals can also apply for business development loans.

Accounts in St Kitts and Nevis are opened in accordance with the primary currency used in the country – the East Caribbean dollar (EC$).

Foreign currency account – You can open a Foreign Currency account in banks across St Kitts and Nevis in the following currencies – US dollar, Euro, British pound sterling, Canadian dollar, Australian dollar, Singapore dollar, Hong Kong dollar, Swiss franc, UAE dirham, and Japanese yen.

Savings account – A savings account in a bank in St Kitts and Nevis includes a term deposit or a fixed deposit. These types of accounts can be opened for a period of three, six, or 12 months. If you have a target savings account, a fixed amount of money will be automatically transferred from the consumer’s current account to them weekly, monthly, or every two months. If you have a regular savings account, you must refill your account to earn quarterly interest payments.

Merchant account – Organizations can both accept and make payment transfers through a merchant account. This account also allows merchants to accept payments from credit cards or any other electronic payment method.

Escrow account – To purchase St Kitts and Nevis real estate during its construction phase, you can do so by creating an escrow account. After signing a share agreement with the developer of the real estate project, the buyer deposits money into an escrow account. Only after the developers fulfills all the requirements and responsibilities according to the sales contract is the amount transferred to the developer.

Documents Required to Open Bank Account in St Kitts and Nevis

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

• Current passport, or any Government issued photo identification.
• Proof of residential address proof. This can be a utility bill, a a bank statement, or owner of your property to a postmarked envelope.
• 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 your employment details mentioned on the letterhead of your company.
• Bank statements indicating your source of income.
• A letter of recommendation from a reputed bank or from a reputed professional.

To open a bank account in St Kitts and Nevis as a foreign national, you must submit additional documents:

• Citizenship certificate
• Passport of the country of origin
• Detailed information about your investment route if you wish to open a bank account to obtain citizenship in St Kitts and Nevis.

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

• Valid passport
• Additional identity document
• Recent utility bill verifying registered residential 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)

Online Banking Solutions in St Kitts and Nevis

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

Mobile banking vs online banking

Procedure of 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 representative, or online.
3. Share the documents with your bank via mail if your application was submitted from a remote location.
4. 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 the St Kitts and Nevis’ largest bank and the largest financial institution in the Eastern Caribbean Currency Union.

Are banks in Nevis safe?

The country is very stable, and as such, Nevis has emerged as one of the safest offshore centers across the entire Caribbean region. Therefore a Nevis bank account is relatively safe and secure.

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 present in St Kitts and Nevis. You will also find a FirstCaribbean International Bank branch and a Republic Bank branch.

Can a foreigner open a bank account in St Kitts?

Yes, foreigners can open a bank account in St Kitts and Nevis. You must provide documents including your certificate of citizenship and the passport from your country of origin.

What are the bank laws in St Kitts?

St Kitts and Nevis’ bank secrecy laws strictly prevent governmental entities from accessing any financial information held by institutions regarding their customers’ identities and transactions.