Yes, but the process depends on whether you are a resident or visiting

You can open a bank account in the Bahamas as a non-resident, but banks there treat non-residents differently than they treat citizens and residents. Most Bahamian banks will open an account for you, but they require more documentation, higher minimum deposits, and proof that your money comes from a legitimate source. The exact requirements vary by bank and by the type of account you want.

If you are a Bahamian citizen or permanent resident, the process is simpler: you need a government-issued ID, proof of address, and an initial deposit. If you are a foreigner, expect to provide a passport, proof of income or employment, bank references from your home country, and sometimes a letter explaining why you want the account. Some banks also require you to visit in person; others allow you to start the process online but will ask you to come to a branch to complete it.

Key Takeaways

  • Non-residents can open accounts at most Bahamian banks, but minimum deposits are usually higher and documentation requirements are stricter than for residents.
  • You will need a valid passport, proof of income or employment, and bank references from your home country; some banks also require a letter of introduction.
  • The Royal Bank of Canada (RBC), FirstCaribbean International Bank, and Scotiabank all operate in the Bahamas and accept non-resident accounts, though terms differ by branch.
  • The process typically takes two to four weeks after you submit all documents, and some banks require an in-person visit to complete the account opening.
  • The Bahamas Financial Services Regulatory Authority (FSRA) oversees banks there, but it does not run a central registry—you contact individual banks directly.

What documentation you need as a non-resident

Start with a valid passport. Bahamian banks will not open an account without it, and it must not be expired. You will also need proof of your current address—a utility bill, lease, or mortgage statement dated within the last three months usually works. If you live outside the Bahamas, send a document from your home country.

Next, provide proof of income or employment. This can be a recent pay stub, an employment letter from your employer on company letterhead, or a tax return from the past year. If you are self-employed, a business license and bank statement showing regular deposits may be required instead. Some banks also ask for a letter of reference from your current bank in your home country—this confirms you have an account in good standing and have not had fraud or overdraft issues.

A few banks request a letter of introduction explaining the purpose of the account. This does not need to be formal; a brief statement about why you want to bank in the Bahamas (business, investment, relocation, family ties) is usually enough. Some banks waive this if you already have a job offer or business registration in the Bahamas.

Minimum deposits and account types

Minimum deposits for non-residents are higher than for residents. For a basic savings account, expect a minimum of $5,000 to $10,000 USD or the Bahamian dollar equivalent. Checking accounts often require $10,000 or more. Some banks offer lower minimums if you maintain a certain monthly balance or set up direct deposit of your salary.

The Bahamas dollar is pegged to the US dollar at 1:1, so most banks quote minimums in USD and accept either currency. If you are moving to the Bahamas or planning to stay long-term, ask whether the bank offers accounts designed for expats or work permit holders—these sometimes have lower minimums or reduced fees.

Investment accounts, business accounts, and accounts for non-profit organizations have different minimums and requirements. If you need anything beyond a basic savings or checking account, tell the bank upfront so they can direct you to the right department.

Which banks accept non-resident accounts

The largest banks operating in the Bahamas are RBC (Royal Bank of Canada), FirstCaribbean International Bank, Scotiabank, and Fidelity Bank. All four accept non-resident accounts, though each has slightly different policies on minimum deposits, documentation, and fees.

RBC has branches throughout the Bahamas and accepts online applications from non-residents, though you may need to visit a branch in person to verify your identity and complete the account opening. FirstCaribbean and Scotiabank have similar processes. Fidelity Bank is smaller but also welcomes non-residents and sometimes offers competitive rates on savings accounts.

You can contact any of these banks directly through their websites or by phone to ask about current requirements and fees. Requirements change, and what one branch accepts may differ slightly from another, so confirm the details before you gather documents.

Timeline and in-person requirements

The account opening process usually takes two to four weeks from the time you submit all required documents. Some of that time is spent verifying your employment and bank references with institutions in your home country, which can be slow if there is a time zone difference.

Many banks require you to visit a branch in person at least once to sign documents and verify your identity. If you cannot travel to the Bahamas, ask whether the bank will accept a notarized copy of your passport or allow you to sign documents electronically. Some banks will, but it depends on their internal compliance rules.

If you are relocating to the Bahamas and have a work permit or residency approval, bring that document with you—it can speed up the process and may lower the minimum deposit requirement.

Fees and ongoing requirements

Monthly maintenance fees for non-resident accounts are typically higher than for residents. Expect $10 to $25 USD per month for a basic account, though some banks waive the fee if you maintain a high balance or set up direct deposit. International wire transfer fees are usually $25 to $50 per transaction, and ATM fees outside the bank's network can add up if you travel frequently.

Once your account is open, the bank may require you to maintain a minimum balance or make regular deposits to keep the account active. If the account sits dormant for a long period—usually one to three years depending on the bank—the bank may freeze it or charge an inactivity fee. Read the account agreement carefully so you know what is expected.

The Bahamas has strict anti-money-laundering rules. Banks may ask you to provide updated documentation of your income or employment every year or two, especially if your account activity changes significantly. This is standard practice and not a sign of a problem.

Alternatives if a bank account is not available to you

If you cannot open a traditional bank account, some money transfer services like Wise (formerly TransferWise) and PayPal operate in the Bahamas and may accept non-residents. These are not full bank accounts, but they allow you to hold money, receive transfers, and make payments. Fees are usually lower than traditional banks, but the services are more limited.

If you are moving to the Bahamas for work, your employer may help you open an account or may have a preferred bank that streamlines the process for new hires. Ask your employer before you arrive.

Frequently Asked Questions

Do I need a Bahamian tax ID or social security number to open an account?

No, but if you plan to stay in the Bahamas long-term or earn income there, you will need to register for a tax ID with the Bahamas Revenue Authority. The bank does not require this to open the account, but you may need it later for tax purposes. Ask the bank whether they can help you with the registration process.

Can I open an account online without visiting the Bahamas?

Some banks allow you to start the application online, but most require at least one in-person visit to verify your identity and sign final documents. A few banks may accept notarized documents or video verification, but this is not standard. Contact the bank directly to ask about their remote account opening options.

What happens if I move to the Bahamas permanently after opening a non-resident account?

Once you become a resident or citizen, notify your bank and ask them to convert your account to a resident account. This usually lowers your fees and minimum balance requirements. You will need to provide proof of residency, such as a lease or utility bill with your Bahamian address.

Can I open a business account in the Bahamas as a non-resident?

Yes, but you will need additional documentation: a business registration certificate, articles of incorporation or partnership agreement, and proof that the business is legitimate. The minimum deposit for a business account is usually higher than for a personal account. Some banks require the business owner to be present in person.

What if a bank denies my application?

Banks are not required to explain their decision, but common reasons include insufficient income documentation, a history of fraud or overdrafts at other banks, or concerns about the source of your funds. If you are denied, ask the bank what specific documents or information would help, and consider applying to a different bank with stronger documentation.