
Open a Bank Account in Dominica
A diversified and dynamic Dominican financial system began to develop in the post Trujillo era, when the private sector gained greater access to credit and new domestic institutions were created to meet growing credit demands. Dominica is a member of the Eastern Caribbean Currency Union (ECCU), which, defying macroeconomic pressures, has experienced continuing confidence in the financial system.
We can help you open business and personal accounts in Dominica. Accounts are available for both resident and non-resident companies and individuals. We work with 2 different banks in Dominica. Each bank has different eligibility requirements, types of accounts available and onboarding processes. We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs:
- Dominica Bank Option 1 (Business Account, Personal Account)
- Dominica Bank Option 2 (Business Account, Personal Account)
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
Dominica Bank Option 1 (EQIBank)
Account Details
Eligibility | Local and Foreign Companies |
Account type and Currency | Corporate Multi-Currency Current/Deposit Account (USD, EUR, GBP, CAD) |
Minimum Initial Deposit | USD 15,000.00 |
Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 15,000.00 |
Online Banking | Full Service (Internet Banking, Mobile Banking) |
Cards (Currency) | Credit Cards (USD) |
Other Services | Wealth Management Term Deposits Lending and Trade Account Dedicated Named EUR IBAN |
Remote opening: no personal visit to Dominica is required.
Account Details
Eligibility | International Individuals |
Account type and Currency | Personal Current/Deposit Account (USD, EUR, GBP, CAD) |
Minimum Initial Deposit | USD 15,000.00 |
Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 15,000.00 |
Online Banking | Full Service (Internet Banking, Mobile Banking) |
Cards (Currency) | Credit Cards and Debit Cards (USD) |
Other Services | Wealth Management Term Deposits Lending and Trade Account Dedicated Named EUR IBAN |
Remote opening: no personal visit to Dominica is required.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies Account type and Currency Corporate Multi-Currency Current/Deposit Account (USD, EUR, GBP, CAD) Minimum Initial Deposit USD 15,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 15,000.00 Online Banking Full Service (Internet Banking, Mobile Banking) Cards (Currency) Credit Cards (USD) Other Services Wealth Management
Term Deposits
Lending and Trade Account
Dedicated Named EUR IBANRemote opening: no personal visit to Dominica is required.
- Personal Account
-
Account Details
Eligibility International Individuals Account type and Currency Personal Current/Deposit Account (USD, EUR, GBP, CAD) Minimum Initial Deposit USD 15,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 15,000.00 Online Banking Full Service (Internet Banking, Mobile Banking) Cards (Currency) Credit Cards and Debit Cards (USD) Other Services Wealth Management
Term Deposits
Lending and Trade Account
Dedicated Named EUR IBANRemote opening: no personal visit to Dominica is required.
Dominica Bank Option 2 (Paxum Bank)
Account Details
Eligibility | Local and Foreign Companies |
Account type and Currency | Corporate Current/Savings Accounts (USD, EUR, GBP, CAD) |
Minimum Initial Deposit | USD 5,000.00 |
Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 5,000.00 |
Online Banking | Full Service (Internet Banking, Mobile Banking) |
Cards (Currency) | Currently N/A |
Other Services | Virtual SEPA Capability Virtual ACH Capability Business Loans |
Remote opening: no personal visit to Dominica is required.
Account Details
Eligibility | International Individuals |
Account type and Currency | Personal Current/Savings Accounts (USD, EUR, GBP, CAD) |
Minimum Initial Deposit | USD 5,000.00 |
Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 5,000.00 |
Online Banking | Full Service (Internet Banking, Mobile Banking) |
Cards (Currency) | Currently N/A |
Other Services | Virtual SEPA Capability Virtual ACH Capability Loans |
Remote opening: no personal visit to Dominica is required.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies Account type and Currency Corporate Current/Savings Accounts (USD, EUR, GBP, CAD) Minimum Initial Deposit USD 5,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 5,000.00 Online Banking Full Service (Internet Banking, Mobile Banking) Cards (Currency) Currently N/A Other Services Virtual SEPA Capability
Virtual ACH Capability
Business LoansRemote opening: no personal visit to Dominica is required.
- Personal Account
-
Account Details
Eligibility International Individuals Account type and Currency Personal Current/Savings Accounts (USD, EUR, GBP, CAD) Minimum Initial Deposit USD 5,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 5,000.00 Online Banking Full Service (Internet Banking, Mobile Banking) Cards (Currency) Currently N/A Other Services Virtual SEPA Capability
Virtual ACH Capability
LoansRemote opening: no personal visit to Dominica is required.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is guaranteed if the account is not successfully opened, but a 15% administrative fee applies.