Bahamas (BS)

Monthly fee: BSD $5–15/month for standard personal account; waived with minimum balance (typically BSD $1,000–2,500)

Requirements: Valid passport, Bahamian work permit or residence permit, proof of Bahamian address (utility bill or tenancy agreement <3 months), bank reference letter (from your home country bank), source-of-funds documentation, employment contract or income proof, initial deposit BSD $500–1,000. In-person branch visit in Nassau required. RBC Bahamas is the largest bank by assets in The Bahamas.

• + Largest bank in The Bahamas — most extensive branch and ATM coverage on New Providence and Grand Bahama
• + Canadian parent (Royal Bank of Canada) — highly familiar for Canadian expats and those with existing RBC relationships
• + USD and BSD accounts available (effectively interchangeable)
• + Good online banking platform and mobile app
• + International SWIFT wire transfers available
• + Mortgage products available for permit holders meeting loan criteria
• + Private banking and wealth management services for HNW clients

• - KYC process is thorough — bank reference letter from home country is nearly always required; allow 2–4 weeks for process
• - Higher minimum balance requirements than local banks to waive monthly fee
• - Limited branch locations outside Nassau — Family Islands have no RBC presence

Monthly fee: BSD $4–12/month; waived with qualifying monthly deposit or minimum balance

Requirements: Valid passport, Bahamian work or residence permit, proof of address, bank reference, employment letter, initial deposit BSD $300–500. In-person branch visit required. Canadian citizens may benefit from Scotiabank's international relationship for reference letters.

• + Strong Canadian parent (Bank of Nova Scotia) — useful for expats arriving from Canada, Caribbean, or Scotiabank countries
• + Good online banking (Scotiabank Online) and mobile app
• + USD and BSD accounts; Visa debit and credit cards
• + International wire transfer service via SWIFT
• + Good retail banking for everyday needs — groceries, utilities, car financing
• + Scotiabank Caribbean network — convenient for expats who also spend time in Jamaica, Barbados, or Trinidad

• - Branch queuing can be slow — Nassau branches very busy during peak hours
• - KYC requirements demand extensive documentation; allow 2–3 weeks for full account activation
• - Limited Family Islands presence

Monthly fee: BSD $3–8/month; some accounts free with qualifying conditions

Requirements: Valid passport, Bahamian work permit or residence permit, proof of address, proof of income. In-person branch visit required. Commonwealth Bank (Bahamas) is the largest locally-owned commercial bank and a major employer in The Bahamas — distinct from Commonwealth Bank Australia.

• + Largest Bahamian-owned commercial bank — strong local roots and community presence
• + More accessible account opening process than international banks for permit holders
• + Good consumer lending: personal loans, vehicle financing, home improvement loans
• + Bahamian mortgage products for long-term residents
• + Online banking and mobile app available
• + Good for expats whose employers have payroll through Commonwealth Bank

• - Less internationally-oriented than RBC or Scotiabank — fewer SWIFT transfer options
• - Digital banking less sophisticated than international bank equivalents
• - Limited to Bahamian market — no international banking relationships for complex transactions

Monthly fee: BSD $5–10/month; minimum balance of BSD $500 to waive

Requirements: Valid passport, Bahamian work or residence permit, proof of address, proof of income or source of funds, bank reference. In-person branch visit required. Fidelity Bank is a Bahamian-owned commercial and private bank — also operates Fidelity Financial (wealth management and insurance).

• + Competitive savings and time deposit rates — good for expats looking to build savings while in The Bahamas
• + Fidelity Financial arm: investment products and insurance available alongside banking
• + USD and BSD accounts with Visa/Mastercard cards
• + Personal loans and vehicle financing for permit holders
• + Good for expats in the financial services sector who want a locally-minded bank

• - Smaller branch and ATM network than RBC or Scotiabank
• - International wire transfer functionality more limited than RBC/Scotiabank
• - Enhanced due diligence applies for non-resident clients or complex fund structures

Monthly fee: BSD $4–8/month; waived with minimum balance BSD $500

Requirements: Valid passport, Bahamian work permit or proof of residency status, proof of address, employment contract or income proof, initial deposit BSD $200–500. In-person branch visit required. Bank of The Bahamas is majority-owned by the Bahamian government — one of few banks with branches in some Family Islands.

• + Government-owned — high deposit stability and institutional backing
• + Best banking option for expats living or working outside Nassau and Freeport — government presence in some Out Islands
• + Relatively accessible account opening for work permit holders
• + Bahamian government salary disbursements and institutional payments often via BOB
• + Visa debit card with ATM access
• + Good for expats employed in public sector, education, or government-related roles

• - Digital banking and mobile app less advanced than RBC or Scotiabank
• - International wire transfers available but process more bureaucratic than international banks
• - Even BOB's Family Islands branches can be limited in hours or services — always call ahead