Banking in Grenada is governed by regulations established by the Eastern Caribbean Central Bank which manages the monetary systems of eight countries. Additionally, there is close cooperation with the international banks, particularly in the United States and the United Kingdom. Grenada has signed a number of Financial Protocols so there is also diligent cooperation with the international regimes to mitigate against the Proceeds of Crime, therefore, Anti-Money Laundering and Terrorist Financing Guidelines and Regulations are adhered to.
Banks in Grenada and other Eastern Caribbean Caribbean countries use United States banks as their clearing banks for foreign currencies. Operating Bank Accounts in Grenada, may be established in Eastern Caribbean (EC) Currency and in United States Currency (US$1 = EC$ $2.7169).
The requirements for opening a bank account in Grenada are listed below: (Only two banks are reflected)
GRENADA COOPERATIVE BANK
1. Two valid IDs - one must be a passport
2. Police Record - must be obtained from country where they have resided for more than 2 years and must be current within six (6) months
3. Statement of Source of Funds/Wealth - Current and must be addressed to the Bank
4. Proof of Address/Residence -Valid Driver's Licence, Recent Utility Bills, Credit Card Statements or other Bank Statements and must be current within three (3) months (in the case of Utility Bills and Credit Card Statements or other Bank Statements).
5. Bankers Reference Letter
6. Tax Identification number (for US persons)
7. Proof of Income - Financials/Bank Statements for the past year (for self-employed persons), Salary slips or job letter (for the employed)
REPUBLIC BANK - GRENADA
1. Two (2) valid IDs
2. Proof of Address
3. Proof of job (letter from Employer) or Proof of Income (Company Registration)
4. Reference from existing bank. (NB. Republic Bank will request you sign a form which is then sent to your existing bank)