Banking Procedures

Considerations for Banking in Dominica

Financial Sector: Banking

Try Banking in Dominica. You’ll be Impressed.

  1. A foreign currency bank account can be allowed on application to the Ministry of finance.
  2. Major consideration is that the applicant must have a source of foreign earnings/income.
  3. Repatriation of capital can be allowed, usually to the extent of the percentage of the foreign participation in the company.
  4. Banking Regulation: Bank Act
  5. Currency Exchange: US$1.00 = EC$2.70 (official rate, fixed)
  6. Bank rates:
    Currency Exchange:

    • US$1.00 = EC$2.70 (official rate, fixed)
    • Selling: US$1.00 = EC$2.7169
    • Buying:
      • 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.