Considerations for Banking in Dominica
- A foreign currency bank account can be allowed on application to the Ministry of finance.
- Major consideration is that the applicant must have a source of foreign earnings/income.
- Repatriation of capital can be allowed, usually to the extent of the percentage of the foreign participation in the company.
- Banking Regulation: Bank Act
- Currency Exchange: US$1.00 = EC$2.70 (official rate, fixed)
- Bank rates:
- 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.
- Starting a Business
- Applying for Fiscal Incentives
- Work & Residency Permit
- Banking & Insurance
- Purchase of Land
- Economic Statistics
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