Banks in St Vincent and Grenadines

The Eastern Caribbean Central Bank (ECCB) is the monetary authority and supervises banks under the Banking Act 2015. Saint Vincent and the Grenadines belongs to the Eastern Caribbean Currency Union (ECCU), whose shared currency is the Eastern Caribbean dollar. Commercial clearing banks in the country are Bank of St Vincent and the Grenadines Ltd (BOSVG), Republic Bank (EC) Ltd and 1st National Bank of St Lucia Ltd through its St Vincent branch. The Financial Services Authority mainly regulates money services businesses and is not the primary supervisor for commercial banks. St Vincent Co-operative Bank Ltd is a local financial institution and non-bank financial institution with chequing and foreign-trade licences. It offers savings, fixed deposits, loans, online banking and an ATM card, but it is not a classic commercial bank. Its ATM access is available through BOSVG ATMs. CIBC Caribbean’s local operations were integrated into BOSVG in March 2023. First St Vincent Bank entered receivership and closed in May 2023. Most account openings take place at a branch, although Republic Bank also offers RepublicOnboard for digital account opening. BOSVG generally asks each account holder for two valid government-issued identification documents, proof of address and proof of income or source of funds. BOSVG states that approval can take about three business days and, where additional checks are needed, up to one week. Non-residents and applicants using foreign documents may need notarised or otherwise certified records. Banks apply know-your-customer and anti-money-laundering checks, and financial institutions may request further information about identity, residence, income and the source of funds. A simplified due-diligence standard for low-risk onboarding has applied since 1 April 2025, but it does not remove the bank’s eligibility checks. Reporting under the United States Foreign Account Tax Compliance Act (FATCA) also applies under the SVG-US agreement. Account choices include chequing or current accounts, savings accounts, basic savings accounts, fixed deposits and certificates of deposit. BOSVG’s Standard Savings account has a minimum opening balance of EC$10, while its Current Account has a minimum of EC$500. Its Junior Savers account is available from birth to age 18, requires at least EC$10 and can include an ATM card; withdrawals begin at age 12 under the product terms. BOSVG fixed deposits or certificates of deposit generally require at least EC$5,000, pay interest at maturity and normally do not permit additional deposits or withdrawals before maturity. BOSVG’s Basic Savings Account targets people who are unbanked or underserved, have irregular income, are unemployed or receive government assistance. Eligibility includes annual income of no more than EC$36,000. The account requires one photo ID, has no minimum opening deposit and no maintenance fee, and is limited to one account per customer. Annual deposits cannot exceed EC$36,000. The account can support debit or ATM use, point-of-sale payments, online banking and electronic payments through the ECCU, but it does not provide overdraft or cheque-writing facilities. The bank continues to monitor eligibility and compliance. Republic Bank offers Personal Chequing, e-Free, USD Foreign Account, ECCU First Step Savings and Savings Plus products, along with debit and credit cards. St Vincent Co-operative Bank offers Regular Savings, Fixed Deposit and Penny Savers products. Minimum balances, interest, transaction limits and fees vary by product. Current fee schedules should be checked with the institution because charges may apply to ATMs, cards, cheques, electronic transfers, automated clearing, wire transfers and foreign-exchange transactions. There is no single reliable country-wide fee that applies to every bank account. Payments use the Eastern Caribbean Automated Clearing House (ECACH), which supports cheque truncation, inter-island cheques and electronic funds transfers through ACH or EFT services. Banks also provide Visa or Mastercard products. BOSVG’s Debit Visa can be used at local, regional and international ATMs and payment terminals, as well as for online purchases. The ECCU card-processing system operates through 4Cs. The ECCB’s instant-payment system remains under development in the latest reviewed annual-report material, so there is no confirmed nationwide instant-payment service to assume for every account. Digital access differs by bank. BOSVG Online Banking operates around the clock and can provide balances, transaction history, internal transfers, Mobile-ID peer-to-peer transfers, bill payments, credit-card payments, Flow and Digicel top-ups, alerts and text banking. Republic customers can use RepublicOnline and RepublicMobile. 1st National Bank offers MoBanking, and St Vincent Co-operative Bank provides online banking. Branch access remains relevant because services and coverage differ between Kingstown and smaller islands, including Georgetown, Canouan, Bequia, Union Island and Barrouallie. Customers should provide complete and truthful information, protect PINs and passwords, use secure connections, log out and check statements and transaction receipts. Lost cards or suspected unauthorised use should be reported immediately. BOSVG states that it does not request sensitive account or transaction information by email. Complaints should normally begin with the branch or contact centre, followed by a manager and the bank’s country contact if the issue remains unresolved. The ECCU Code of Best Practice sets expectations for fairness, disclosure and complaint handling, but it is not itself legally binding. The reviewed sources do not confirm a generally operating ECCU deposit-insurance scheme. A transfer of deposits up to EC$100,000 occurred in the 2023 First St Vincent Bank resolution, but that individual resolution does not establish a general guarantee for all deposits. Unclaimed deposits can be claimed through the relevant institution or the ECCB; after 15 years, unclaimed funds may be taken into government custody under the applicable rules. Customers should therefore distinguish a bank’s own terms, the supervisor’s role and any specific resolution measure from a general deposit guarantee.