Banks in Grenada

Grenada is one of the eight ECCU territories and uses the East Caribbean dollar as its legal tender. The currency is pegged at EC$2.70 to US$1.00. The Banking Act 2015 and ECCB supervision provide the main formal framework for commercial banking. The ECCB register identifies licensed institutions and their branches, so the current licence status should be checked there when a bank or branch is unfamiliar. The three commercial banks offer savings and regular savings accounts, personal chequing accounts, United States dollar and other foreign-currency products, junior, student and diaspora accounts, and fixed or time deposits. Terms differ by bank. For example, Co-op Fixed Deposit products may require at least EC$1,000 with interest paid at maturity, while Co-op Chequing may require EC$100 or US$1,000. Republic e-Free is listed with a minimum of XCD 1, no interest and no monthly fee, although teller activity fees can apply. Current price guides, balance requirements and maturity rules should be checked with the bank because they are not uniform. Account opening normally involves know-your-customer (KYC) and anti-money-laundering checks. A bank may request valid photo identification, proof of address, proof of income or source of funds, tax-residence and foreign-account-reporting declarations, politically exposed person information and beneficial-ownership details where relevant. Non-residents and people who are not Grenadian citizens commonly face additional requests, such as two forms of identification, a foreign banker's reference, a tax identification number, evidence of a work permit, CSME status, student or missionary status, and notarized copies. Republic's RepublicOnboard service is primarily intended for nationals, while non-residents generally apply through a branch. Meeting the document list does not guarantee acceptance because the bank makes the final decision after its risk review. Basic bank accounts are intended to improve access for people who are unbanked or underserved. The ECCB's 14 November 2024 circular provides for a simple account that is designed to open without a fee, without deposit or withdrawal charges and without a minimum balance; product terms may include a maximum balance and exclude chequing facilities or overdrafts. Republic ECCU First Step and Co-op ECCU First Step are local examples. They typically target ECCU residents aged 18 or over who do not already hold an ECCU account, accept one photo ID and limit credits to EC$3,000 per month or EC$36,000 per year. International wire transfers are not available on these products, and each bank should confirm its current eligibility rules. Payments can be made with cash, cheques, Visa debit or credit cards, ATMs, point-of-sale terminals and online banking. The Eastern Caribbean Automated Clearing House (ECACH) supports electronic transfers between financial institutions in the ECCU. Banks also provide local bank-to-bank transfers, utility bill payments and international wire transfers through correspondent banks. Fees, exchange rates and delivery times depend on the bank, payment channel, currency and receiving institution. Card limits also vary. Republic Visa Debit lists daily ATM and point-of-sale limits of up to EC$4,000, while Co-op Visa IDC lists up to EC$5,000 per day at ATMs and EC$10,000 at point-of-sale terminals. Foreign-bank charges, currency conversion costs and replacement fees may apply. RepublicOnline and RepublicMobile support balances, statements, internal and third-party transfers, local electronic transfers, bill payments, wires and cardless cash. Co-op eBanking supports bill payment and account management, with registration initially handled through its Retail Banking Unit. ACB Smart App and Internet Banking provide balances, statements, transfers and bill payments. The bank should be contacted first about a disputed transaction, complaint or suspected fraud. Republic directs customers to a branch and expects complaint details and relevant deadlines to be recorded before escalation to a Branch Sales Manager. The ECCB Banking Amendment Bill 2024 provides a market-conduct and consumer-protection framework, while the regional Office of Financial Conduct and Inclusion supports broader conduct and inclusion work. The supplied framework does not confirm a separate Grenada banking ombudsman, so customers should keep statements, receipts, complaint references and fraud reports. Banks may request updated information, pause a transfer or decline an application when KYC, anti-money-laundering or counter-terrorist-financing checks identify unresolved risk. Simplified due diligence can apply to some low-risk onboarding cases under the 2025 ECCB approach, but it does not remove the bank's verification duties. Use only official bank websites and applications, never share a PIN or one-time password, and report a lost card or suspicious login immediately. Deposit-taking institutions are subject to ECCB oversight, but the current research does not confirm an active deposit-insurance coverage amount or a completed payout guarantee for Grenada. The Eastern Caribbean deposit-insurance agreement and bill had been approved by the ECCB Monetary Council and signed by member states, while national enactment and operationalization remained in progress. Customers should therefore review the bank's financial information and conditions rather than assume that every deposit has a confirmed insured limit. General deposits, matured time deposits and prepaid-card funds left unclaimed for 15 years can be treated as abandoned and transferred to the ECCB; claims follow the applicable bank or ECCB process. Credit unions are functional alternatives for some savings and lending needs, but GARFIN regulates them as non-banks under the Cooperative Societies Act No. 8/2011, so their legal framework and services differ from those of commercial banks.