Banking & Insurance
The financial sector in Dominica is primarily served by commercial banks and insurance companies. Three (3) international banks operate branches in Dominica, namely – Royal Bank of Canada, Bank of Nova Scotia, and First Caribbean International. One indigenous bank – National Bank of Dominica Ltd., and one development bank – the Agricultural, Industrial, and Development (AID) Bank also operate on Dominica.
International and regional insurance companies such as Sagicor, New India Insurance, NEMWIL, Colonial Life Insurance Company (CLICO), American Life, Lloyds of London, and First Domestic Insurance, among others, provide general insurance services in Dominica. These commercial banks and insurance companies are well versed in modern day practices and equipped with appropriate technology and equipment to handle traditional banking and insurance needs.
The AID Bank offers financing for developmental projects and commercially viable business ventures. Furthermore, the AID Bank has established a venture capital fund, to support the establishment of viable and sustainable development ventures.
Dominica’s favourable offshore financial services legislation encourages the establishment of quality offshore banking and international businesses, and presents opportunities for new and innovative investments in all facets of the financial services sector in Dominica.
The Financial Services Unit (FSU) of the Ministry of Finance is responsible for the supervision of banking and insurance activities, and for the facilitation and supervision of the offshore and international business activities on Dominica. A foreign currency bank account can be allowed on application to the Ministry of Finance. The major consideration is that the applicant must have a source of foreign earnings/income; repatriation of capital is allowed.
- US$1.00 = EC$2.70 (official rate, fixed)
- Selling: US$1.00 = EC$2.7169
- Notes: US$1.00 = EC$2.67
- Drafts: US$1.00 = EC$2.6882
- Wire transfer charge: US$16.67 – US$27.78 per transfer depending on bank used.