Marshall Islands (MH)
A remote Micronesian atoll nation using USD, with English as an official language, a Compact of Free Association relationship with the United States, high imported-goods costs, limited medical capacity, and relocation risks centred on immigration status, housing supply, land tenure, health evacuation, and outer-island logistics.
Banking in Marshall Islands
Recommended banks, payment culture and credit score basics.
Banking in the Marshall Islands is USD-based but limited in scope. The country uses the US dollar as its sole currency, with no central bank — the Federal Deposit Insurance Corporation (FDIC) of the United States provides deposit insurance for qualifying banks. The banking market is extremely small: Bank of Marshall Islands (BOMI) is the primary local institution, with Bank of Guam operating a branch in Majuro. Most expats work for the US government, international NGOs, UN agencies, the fishing industry, or maritime/shipping companies, and their employer will typically assist with bank account setup. Outer islands beyond Majuro and Ebeye have essentially no banking or ATM access — cash planning is critical for fieldwork or island visits.
Recommended banks
Bank of Marshall Islands (BOMI)
EnglishMonthly fee: $0/month for basic savings; $5–15/month for personal checking depending on balance; business accounts higher
Requirements: Passport, valid immigration status (entry permit or visa), proof of Majuro/Ebeye address, employer appointment letter or sponsorship letter, source-of-funds documentation for initial deposit. In-person at BOMI main branch on Majuro.
- + Primary local bank — accepted for all government, NGO, and employer payroll deposits
- + USD accounts only — no currency conversion needed
- + ATM access at BOMI locations in Majuro
- + Employer payroll familiarity — most local and expat employers bank here
- + FDIC-insured deposits
- - No mobile banking app beyond basic online access
- - International wire transfers require correspondent bank routing (typically via US bank) — fees USD 25–50 outgoing
- - Branch queues and paper-heavy processes
- - No presence outside Majuro and Ebeye
Bank of Guam
EnglishMonthly fee: $0–20/month depending on account type and balance
Requirements: Passport, valid immigration status, proof of Majuro address, employment or sponsor letter, KYC and source-of-funds documentation. Bank of Guam operates a branch in Majuro serving the Pacific Micronesian banking region.
- + Regional Pacific banking — useful for expats also working across Micronesia (FSM, Palau, CNMI, Guam)
- + More established international wire transfer processes than BOMI
- + USD accounts with Visa debit cards
- + Online banking available
- + FDIC-insured
- - Strict KYC — same documentation requirements as BOMI
- - Single branch in Majuro — not a substitute for US mainland banking needs
- - ATM network smaller than BOMI on the island
Wise
EnglishMonthly fee: USD 0 account fee; transfer fees from 0.33% depending on currency
Requirements: Passport and home-country or Marshall Islands address. App or web-based. No local immigration permit required to open.
- + Best option for sending money home — mid-market rates dramatically cheaper than BOMI's correspondent bank SWIFT fees
- + Hold and convert USD, EUR, GBP, and 50+ currencies
- + Open before arrival — no local account required
- + Wise card not issued to Marshall Islands residents — transfers and multi-currency account available; use your home-country debit card at ATMs in Majuro
- + Useful for receiving overseas payments and transfers from your home country
- - Cannot receive Marshall Islands employer salary — local payroll requires BOMI or Bank of Guam account
- - No local USD account number for rent or utility direct payments
- - No in-person support — all digital
US-Based Online Bank (e.g. Charles Schwab, Ally)
EnglishMonthly fee: $0/month (Schwab Investor Checking, Ally Spending Account)
Requirements: Valid US Social Security Number (SSN) and US home address (can be a trusted contact's address). Available to US citizens, US nationals, and COFA citizens with SSN. Not available to non-US/non-COFA nationals.
- + Charles Schwab Investor Checking refunds all ATM fees worldwide — valuable at Majuro ATMs where foreign-card fees apply
- + Excellent for US citizens or COFA (Compact of Free Association) nationals working under US-sponsored programmes
- + No foreign transaction fees — pure USD account with US routing/account number
- + Strong online banking and customer service
- - Only available to US citizens, US nationals, and COFA citizens with SSN
- - Cannot be used as local Marshall Islands employer payroll account — a BOMI account is still needed for local salary
- - Requires a US mail address for account maintenance
Payment culture
US dollars in cash are the primary means of payment throughout the Marshall Islands. Card acceptance exists at major supermarkets, hotels, and larger businesses in Majuro, but is not universal — many smaller shops, markets, and services are cash-only. There are no local mobile payment apps. Cheques are still used for government payments and some business transactions. Tips and small vendor payments are always cash. On outer atolls beyond Majuro and Ebeye, there are no banks, no ATMs, and no card terminals — carry all the cash you need before travelling to outlying islands.
Cash access
ATMs are available in Majuro at BOMI and Bank of Guam locations. No ATMs exist on outer islands — plan cash well in advance for any travel outside Majuro or Ebeye. ATMs may run low before public holidays, US federal paydays, and after tropical storms. International card withdrawals incur fees of USD 3–7 per transaction plus your home bank's foreign transaction fees. Charles Schwab Investor Checking (for US/COFA citizens) refunds ATM fees and is particularly useful in this environment.
No consumer credit bureau system
The Marshall Islands has no formal consumer credit scoring or bureau system comparable to FICO (US) or SCHUFA (Germany). Banks assess creditworthiness directly through income, employment, bank account history, employer references, and collateral.
US citizens may reference their US credit history when applying for credit at Bank of Guam. New expats without any local banking history should open a BOMI account immediately, maintain consistent salary deposits, and keep 6+ months of statements as the substitute for a credit file.
International transfers
Outgoing international wire transfers from BOMI or Bank of Guam route through US correspondent banks (typically Pacific Coast bank relationships). Fees: USD 25–50 outgoing per SWIFT transfer plus correspondent bank charges. Allow 3–5 business days. For incoming transfers, provide your BOMI or Bank of Guam USD account number, routing number, and the bank's correspondent bank details — your sender's bank will need the full chain. Wise is significantly cheaper for converting and sending money to non-USD destinations. Keep all payslips, employment contracts, grant letters, and source-of-funds documents for compliance questions on large inbound transfers.