Banking in Marshall Islands

The Republic of Marshall Islands (RMI) is a Micronesian nation located in the middle of the Pacific Ocean. The country uses the United States dollar as local currency and doesn’t have its own monetary authority. RMI depends heavily on US financial aids, which approximates 20% annual GDP.

RMI banking sector is made up of only 3 commercial banks including one domestic financial institution - The Bank of Marshall Islands (BOMI), two foreign-owned banks: The First Hawaiian Bank (FHB), a subsidiary of BNP Paribas and The Bank of Guam.

Only two foreign-owned banks have access to the international financial market to facilitate their banking services. The BOMI has to lean on its only correspondent banking relationship with FHB to execute cross-border transactions. This longstanding relationship is now threatened to put to an end.

Marshall Islands is facing a huge risk of being isolated from the international financial market as the lack of supervisory capacity of local authorities and poor implementation of the anti-money laundering and combatting financing of terrorism framework.

There is no obligation for opening a Marshall Islands bank account for incorporated companies in this country. BBCIncorp can help you with offshore bank account for Marshall Islands!

Need more references? Here is a Banking Tool to make your decision easier!

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Required Documents

We work with top-banking partners and provide various options to open an offshore bank account for Marshall Islands company. Different banks might have unique document requirements; however, some of the most commonly asked documents can be found below:
  • Account application forms
  • Bank statements
  • Bank reference letter
  • Certified copies of passports, address proofs for all directors/shareholders
  • Business plan
  • Business proofs (sales/purchase orders, invoice, contract…)
  • Certified copies of Marshall Islands company incorporation documents
  • Government certification of company good standing status.

You had better contact BBCIncorp to know the exact documents needed for your case.

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