Open Bank Account

Opening a bank account in Saint Kitts and Nevis is made easy with the help of our professionals. Here we have provided all the details you need to know about opening a bank account in St. Kitts and Nevis. Package inclusions: Advisory in opening the bank account Advisory on the type of bank account..

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An Overview of Open a Bank Account in St. Kitts and Nevis

St. Kitts and Nevis has a good financial banking system. It has maintained strong economic health for decades. It has one of the most protected and highly secured accounts. The banks in St. Kitts and Nevis can hold a variety of currencies of individuals and businesses. This provides insulation from volatility in countries. The entire process of opening a bank account can be done online. The process of opening a bank account is quite simple. There are different types of bank accounts that can be opened with several banking capabilities. The banks offer online banking and mobile applications to manage bank accounts. If you’re still with us in getting your account opened in St. Kitts and Nevis, then let’s understand the banking system in detail.

Types of Bank Accounts in St. Kitts and Nevis

In St. Kitts and Nevis, there are three types of bank accounts, they are – current account, savings account, and foreign currency account. A legal entity can open either a current account or a trading account. Through banks, one can apply for mortgage, car, and educational loans. Individuals can even apply for business development loans. Accounts are opened in the primary currency i.e., East Caribbean dollar. The types of bank accounts are:

  1. Foreign Currency Account: A foreign currency account can be opened across banks in St. Kitts and Nevis in the following currencies – USD, British Pound Sterling, Euro, Canadian Dollar, Singapore Dollar, Australian Dollar, Hong Kong Dollar, UAE Dirham, Swiss Franc and Japanese yen.
  1. Savings Account: In a savings bank account in St. Kitts and Nevis, generally, a term deposit or a fixed deposit is done. A savings account can be opened for a duration of 3, 6 or 12 months. If you have a target savings account, a fixed amount will automatically be transferred from your current account to them weekly, monthly, or in two months. But if you have a regular savings account then you will have to refill the account depending on your personal will and can earn interest on it payable on a quarterly basis.
  1. Merchant Account: A merchant account can be used to accept as well as make transfers through it. This category of bank account permits merchants to accept payments via credit cards or any other electronic payment method.
  1. Escrow Account: A real estate property during its construction phase can be purchased by opening an escrow account. This can be done after signing a share agreement with the developer of the real estate project. The potential purchaser can deposit the amount in the escrow account and when the developers fulfill all the requirements and responsibilities prescribed in the contract, then the amount is transferred to the developer.

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Necessary papers needed to open a bank account in St. Kitts and Nevis

To open a bank account in St. Kitts and Nevis, the following necessary papers are needed:

  1. Passport or government identification proof with a photograph.
  2. Residential Address Proof such as utility bills, a letter from the owner of your property to a postmarked envelope, or any other bank.
  3. Duly filled out application form and your statement of purpose regarding the opening of a bank account.
  4. An employment certificate or employment details mentioned on the letterhead of the company you work in.
  5. Bank Statements reflecting your source of income.
  6. A letter of recommendation from a reputed bank or reputed professional.

For foreign nationals looking to open a bank account in St Kitts and Nevis, certain additional necessary papers are required to be submitted such as:

  1. Citizenship certificate.
  2. Passport of the country of origin.
  3. Detailed information regarding the investment route if one wishes to open a bank account for obtaining citizenship in St. Kitts and Nevis.

Procedure for Opening a Bank Account

The step-by-step process of how to open a bank account in St. Kitts and Nevis is as follows:

  1. Assemble the required necessary papers

The first step towards opening a bank account is to assemble the necessary papers required for opening a bank account.

  1. Duly fill out the application form

The second step is to duly fill the application form providing all the requisite details.

  1. Submit the application and required necessary papers

The next step is to submit the duly filled application along with the necessary papers to the bank. A bank account can be opened either in person or through a representative/proxy or online. If it is done online then the necessary papers can be shared via email.

  1. Approval from the bank

Approval from the bank takes about 7-10 business days. The bank assesses your application and then processes it.

The Best National Banks in St. Kitts and Nevis

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

This bank is one of the oldest national banks in St. Kitts and Nevis and was established in 1971. The bank has a mobile-friendly app for customers to make smooth transactions. The app raises an alert to notify the customers when any transaction takes place. This bank has six branches and 18 ATMs which makes it one of the largest banks in the country. ATMs perform various functions such as accepting deposits of money, making bank transfers, recharge of mobile phone accounts, changing pin codes, paying bills, and undertaking other payment options. The online operations which the bank allows are:

  1. Receive online statements of transactions.
  2. Transfer money.
  3. Payment of utility bills.
  4. Enable and disable auto payments.
  5. Activate and block debit cards.
  6. Using the SWIFT system to make interbank or international transfers.
  7. The Bank of Nevis (BON)

This Bank has 4 branches and 4 ATMs in the country. Further, to expand itself it acquired the Royal Bank of Canada in St. Kitts and Nevis. This bank has a withdrawal limit of XCD 1500 per day from the bank’s ATM to pay credit card bills, alter pin codes or transfer money. The online operations that customers can avail from this bank are:

  1. Transfer of Money between accounts
  2. Make payments for utility bills
  3. Make auto-payments and transfers
  4. Alter Pin code
  5. Request data to monitor income and expenditure
  6. Receive notifications
  7. Make international money transfers
  8. Kitts Co-operative Credit Union

This bank provides various banking solutions like opening current and savings bank accounts, and issuing debit cards, credit cards, and loans. This bank requires an initial deposit of XCD 100 to activate the account after opening the bank account. There is only one branch of this bank in St. Kitts and Nevis but most of the banking operations are carried out online via mobile app, online banking, conveying a request through email or call.

  1. Nevis Cooperative Credit Union

This bank was established 50 years ago. It is exclusive to citizens and residents of St. Kitts and Nevis. No foreigner is allowed to open a bank account in this bank. An initial deposit of XCD 700 is required to be deposited by current account holders to make the account functional. A maintenance fee of XCD 11.70 and XCD 17.55 is charged from individuals and legal institutions respectively. The bank has online banking and mobile application facilities to transfer money and pay bills. However, this bank does not permit international banking transfers.

  1. Hamilton Reserve Bank

It is one of the most renowned banks. It is an International bank and allows the opening of bank accounts in the currencies such as USD, British Sterling Pound, Euro, Canadian Dollar, Singapore Dollar, Hong Kong Dollar, Australian Dollar, UAE Dirham, Swiss franc, and Japanese yen. The bank does not charge any commission, maintenance, or service charge to open a bank account. To make the account functional, individuals need to make an initial deposit of $50,000 into the account. If you’re a legal entity then you need to make a transfer of $100,000 for activating the account. However, this bank accepts only bank transfers and no cash or checks. It is one of the fastest banks to process international transfers and SWIFT money transfers in St. Kitts and Nevis. The bank account can be opened remotely by filing an online application on the bank’s website and submitting scanned copies of all the required necessary papers. The necessary papers required to be submitted must be notarized and should be in English. Processing the application and opening the bank account takes about 10 days. Customers can carry out all banking operations online 24X7. It is the only bank in St. Kitts and Nevis that has been granted a license by the government to initiate the opening of escrow accounts.

Frequently Asked Questions

Yes, it is safe to bank in St. Kitts and Nevis. It is one of the most protected and highly secured accounts in St. Kitts and Nevis. Many banks allow transactions in a variety of currencies. It provides ease of doing international business.


Online banking services provided by banks in St. Kitts and Nevis are:

  1. Remote asset management
  2. Account deposits
  3. Online mobile banking services

There is no limit on the number of transactions undertaken in a month.

The deadline for making the initial deposit is within 5 days from the date of account opening.

It takes one hour to six working days to execute the payments.

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