Manuel Garrido The best St Lucia banks offer a range of services to residents and foreign investors. Whether you’re an investor interested in offshore banking or planning to apply for St Lucia citizenship by investment Program and relocate to the country, banking in St Lucia is more than worthwhile.
This guide lists the top banks in St Lucia and their services to help you choose the right financial institution to meet your needs.
The Top 10 Banks of St Lucia
St Lucia has 12 banks, ten of which are members of the Association of Caribbean Banks and regarded as the most trustworthy financial institutions in the Caribbean region.
The top ten St Lucia Banks are:
- 1st National Bank St Lucia
- Bank of St Lucia Ltd
- Republic Bank
- Arton Bank (St Lucia) Limited
- Corom Bank Limited
- First Citizens (St.Lucia) Limited
- Hermes Bank Limited
- Mayberry West Indies
- Petrus Private Bank Ltd
- Sovereign Bank Inc
Overview of Bank Services in St Lucia
The Financial Sector Control Unit (FSCU) regulates banking operations in the country. The primary currency in St Lucia is the Eastern Caribbean Dollar (EC or XCD). The currency is tied with the US dollar at 2.7 EC to 1 USD.
St Lucia’s banking system offers all regular banking services, including checking accounts for ordinary spending, savings accounts, business and merchant accounts for St Lucia-registered companies and foreign corporations, and brokering accounting for investors. Individuals can choose to bank in St Lucia or remotely with the offshore banking services offered by offshore banks in St Lucia.
Bank customers in Saint Lucia can access online banking operations for free. Bank account holders can monitor their accounts, check balances, make card payments, transfer money, and pay bills and St Lucia taxes. Some St Lucia accounts come with a dedicated financial manager to oversee financial matters.
Besides the Eastern Caribbean Dollar, foreign currency accounts offered by St Lucia banks offer more than 15 currencies, including US dollars, Pound Sterling, Euros, Canadian Dollars, Chinese Yen, and Australian Dollars.
The Largest Commercial Bank in St Lucia
Bank of Saint Lucia Ltd: Bank of Saint Lucia is the largest commercial bank in the country and the most popular among individuals living in St Lucia. It has been operating since 2001 and was the result of a merger between the National Commercial Bank of Saint Lucia and the Saint Lucia Development Bank.
The bank has branches in Castries, Gros Islet, and Vieux Fort in Soufriere, as well as the largest ATM network in the country. The Bank of Saint Lucia provides services to individuals and legal entities and offers private capital management and insurance.
1st National Bank of St Lucia: The oldest national bank in St Lucia, St Lucia Cooperative Bank was founded in 1938 and renamed the 1st National Bank of St Lucia in 2005. There are seven branches across the country, as well as a cash exchange counter at Hewanorra International Airport.
Hermes Bank: Hermes Bank is one of the most popular banks among local and foreign investors in St Lucia. This bank prioritizes the needs of foreigners requiring offshore services. There is one branch north of Castries in Choc, and services are available online and through a mobile app. The bank does not provide debit or credit card services, nor does it have any ATMs.
Republic Bank Ltd: Part of Republic Financial Holdings Limited, Republic Bank is one of the Caribbean’s largest financial institutions. It acquired Scotiabank’s operations in St Lucia and offers three branches and six ATMs nationwide. Republic Bank is a secure banking option with significant financial backing, and its services are extensive, catering to individuals, businesses, and trusts.
A Comparison of Major Banks in St Lucia
Name of Bank | Service Cost | Minimum Amount to Activate Account | Fees |
1st National Bank St Lucia | • Starting at $5 per month for individuals • Starting at $7.5 per month for legal entities | Starting at $100 | • $5 per transaction at the Marigot Bay Branch and GFL Charles Airport Free - deposits at other branches, internet, and mobile banking • $0.75 plus stamp duty per withdrawal from personal chequing accounts • $1 plus stamp duty per withdrawal from business chequing accounts |
Bank of Saint Lucia | • $7.5 per month for personal account • $2 per month for foreign currency accounts (in US Dollars) • €2 per month for foreign currency accounts that are in Euros. | Information not available | $25 one-time transfer to a client of another bank |
Hermes Bank | €15 per month | Starting at €1,000 | • €10 per transfer between bank accounts • 0.15 percent of the transfer amount (international transfers) • €5 to €30 per operation (incoming transfer in euros) |
Republic Bank Limited | $5 per month for foreign currency accounts in US dollars | Starting at $100 for foreign currency accounts that are in US dollars. | • Two percent of the transaction amount • Withdraw cash from ATMs outside St Lucia • $0.75 for requesting an account balance at the ATM • Two percent of the transaction account (for purchasing online) |
Opening a Bank Account in St Lucia
If you plan to open an account in St Lucia, you need to prove your identity by providing supporting documents along with residence and income information. The bank might also require you to give them a letter of recommendation from a lawyer or another bank and documentation of your tax payment history.
Requirements to open an account for an individual:
Proof of Identity | Passport, resident card, driver’s license, ID card, or any other similar document. |
Proof of Residence | Invoice for payment of utilities like electricity, gas, etc., under the name of the applicant, a letter from their employer verifying the address of residence, or a statement from another financial institution with the name and address of the applicant. |
Proof of Income | Complete bank statement of the previous year or a certificate from the employer stating the applicant's position, service time period, and salary. |
Tax Details | Taxpayer identification number. |
Reference Letter from Another Bank | This letter must include the time of opening of the applicant's account and that the bank is satisfied with the customer's cooperation. In most cases, the bank requires the applicant to have been associated with another bank for at least two years. |
If you are planning to open a current account for your company based in St Lucia, you need to prove its existence and verify the structure of its directors, shareholders, and beneficiaries. You will also need to provide a power of attorney to the company’s account manager that will allow the individual to open and manage accounts on behalf of the company.
Requirements to open an account for a legal entity:
Documents verifying the existence of the company | The registration certificate of your company, articles of association or company charter, and certificate of good standing (or equivalent to the certificate of good standing). |
Documents verifying the composition of directors and shareholders | Certificate of appointment of directors and executive secretary, register and resolution on the issue of shares, composition certificate of shareholders. |
Documents verifying information about the beneficiaries of the company | Passport, utility bills, statement of personal account, and tax returns for each of the relevant individuals. A trust declaration from the shareholder to their benefit, in case the beneficiary of the company is not a shareholder. |
Opening a St Lucia Offshore Account
St Lucia banks like Hermes Bank and the Bank of St Lucia allow foreigners to open offshore accounts. The requirements to open bank accounts at offshore banks in St Lucia differ by bank but generally follow uniform criteria enforced by Eastern Caribbean Central Bank (ECCB) and the International Banks Act.
The required documents will include a valid passport, proof of citizenship or residency, a taxpayer identification number, and proof of income. Potential offshore account holders may also need to prove a legitimate source of earnings and submit references from other banks.
Citizenship by Investment in St Lucia
Foreigners who invest in St Lucia can qualify for St Lucia citizenship. The St Lucia citizenship by investment program grants foreign investors dual citizenship in exchange for an economic investment in the country, starting from $240,000.
The Government of St Lucia allows establishing a business to get a St Lucia passport, which is beneficial for CBI investors tying their business operations to St Lucia corporate banking services.
Take a look at our St Lucia Citizenship by Investment Ultimate Guide
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Frequently Asked Questions about St Lucia Banks
Can a foreigner open a bank account in Saint Lucia?
Yes, a foreigner can open an account in St Lucia. To open an account, they need to provide their passport, income, proof of residency and tax residency, and supporting documentation or references of their financial history.
How to choose a reliable bank in Saint Lucia?
Banks that are members of the Association of Caribbean Banks are the most reliable financial institutions in the Caribbean. Choosing a St Lucia bank that is a member of the association ensures you’re using the services of a proven, secure, and honest financial institution.
How many banks are there in Saint Lucia?
St Lucia has about 12 banks, with ten being members of the Association of Caribbean Banks.
How to open a bank account in Saint Lucia?
If you are opening a personal account in Saint Lucia, you will need to show proof of identity (national ID card, driver’s license, or passport), proof of residence (utility bills, a letter from your employer, or rental agreement), proof of income, tax details, and a reference letter from another bank.
Can I open a bank account without residency?
As a non-resident of St Lucia, you can open an offshore bank account, provided you fulfill the bank’s requirements, including providing a valid passport, proof of residency, tax residence status, banking history documents, and references.
Does St Lucia have ATM machines?
ATMs are located across St Lucia, with 30 alone belonging to the Bank of Saint Lucia.
Can I open a bank account without a passport or driving license?
St Lucia residents can open a bank account with their passport or a driver’s license issued in St Lucia. Non-residents need a valid passport to open a bank account in St Lucia.
Can I use ATMs in St Lucia?
Yes, you can use ATMs in St Lucia located in Castries, Soufrière, Rodney Bay, and Vieux Fort.
Can you use American money in St Lucia?
Saint Lucia uses the Eastern Caribbean dollar (EC) as its official currency. US dollars may be accepted in certain tourist areas, major hotels, and other businesses catering to international visitors.
