Banks in Bahamas

The Bahamian banking system includes domestic commercial banks for everyday accounts and payments, international banks and trust companies, co-operative credit unions, authorised money transmission businesses and payment service institutions. The Central Bank of The Bahamas licenses and supervises relevant institutions under laws including the Banks and Trust Companies Regulation Act, 2020, the Central Bank of The Bahamas Act, 2020 and the Payment Systems Act 2012. Check the current supervised-financial-institutions list before opening an account or sending money. Banks offer checking, savings, demand and fixed-term deposit accounts in Bahamian dollars or foreign currencies. Interest rates, minimum balances, holding periods, transaction limits, monthly maintenance charges, card fees, ATM fees, wire fees and returned-cheque fees vary by bank and product. The Central Bank publishes comparative commercial-bank fee schedules that can help with a first comparison, but the bank's current terms control. A bank or payment provider applies customer identification and anti-money-laundering checks before providing services. A valid current Bahamian driver's licence may by itself be sufficient for a deposit account, signing authority or service with a supervised financial institution, but the institution may request additional documents. Higher-risk cases can require enhanced checks and continued transaction monitoring, and the available evidence does not establish an automatic right to have an account opened. Exchange-control status matters for foreign-currency banking. A non-resident may generally hold a Bahamian-dollar deposit facility in The Bahamas without prior Central Bank approval up to B$50,000 under the Central Bank policy. Residents generally need Central Bank approval or delegated authorisation for foreign-currency accounts in The Bahamas; trade-related business accounts can be held up to the equivalent of B$100,000 under bank delegation. A resident normally needs prior approval to maintain a foreign-currency account outside The Bahamas, and resident-to-resident payments are generally made in Bahamian dollars. Foreign-currency income generally has to be deposited with or converted through a commercial bank unless an approved arrangement applies. The Deposit Insurance Corporation provides automatic protection without a separate application for eligible Bahamian-dollar deposits at member institutions in The Bahamas. Covered products include checking, savings, demand and time accounts, with protection of at least B$50,000 per depositor per member institution, including interest calculated up to the institution's closure. Foreign-currency deposits, inter-bank deposits, government or statutory deposits, subordinated debt and preference shares are among the exclusions, and accounts at branches of the same bank are combined. Joint and trust accounts are assessed according to the relevant ownership or capacity rules; nationality and residence do not by themselves remove eligibility. A claim may generally be made within one year after a member institution closes. Banks support cash, cheques, debit and credit cards, automated teller machines, domestic transfers and international transfers. The automated clearing house processes batches of retail payments, while the Bahamas Inter-bank Settlement System is the Central Bank's real-time gross settlement system for high-value wholesale payments. Wire and correspondent-bank transfers depend on the banks involved. Cheque use is declining, although it remains available in parts of the system. The Central Bank selected Montran on 30 March 2026 to develop a national fast-payment system. The planned service is targeted for launch in the first quarter of 2027, with 24-hour, seven-day, year-round real-time payments and interoperability with the automated clearing house, the real-time gross settlement system and SandDollar. Until launch, it should be treated as a planned project rather than a generally available live service. Digital banking normally uses a bank's own online and mobile channels, cards, ATMs and transfer services. Authentication, multi-factor authentication, layered security and transaction-risk controls apply to internet and telephone banking, while customer-identification, recordkeeping and suspicious-transaction duties prohibit anonymous facilities. SandDollar is a Central Bank-issued digital currency and legal tender accessed through authorised financial institutions. Its wallet and payment infrastructure are separate from a conventional bank deposit, and a SandDollar wallet does not earn deposit interest; bank-account top-ups through the automated clearing house are technically possible. Nassau hosts many institutions, while access through the Family Islands and broader financial inclusion can depend on agency banking, digital services and payment alternatives. If a banking dispute remains unresolved, submit a written complaint to the bank manager and then to the Central Bank's Bank Supervision department. The Central Bank can facilitate communication, establish facts and supervise institutions, but it does not act as an arbitrator or decide private disputes; court remedies remain available. Report suspected fraud immediately to the bank or provider and to the Royal Bahamas Police Force or the Central Bank.