This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy Policy.

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 is 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.

Banking Options for Marshall islands Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 10,000

Required documents

A Marshall Islands company can open its bank account in many offshore banks. 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.