Samoa Banking System
Samoa, officially the Independent State of Samoa, also known as Western Samoa, locates at the western part of the Samoan Islands in the center of South Pacific Ocean.
Generally speaking, Samoa banking sector is small and concentrated. Offshore banking industry accounts for less than 10% of the total assets of the domestic banking system. As of Mar 2019, there are only 2 locally incorporated international banks, which are subsidiaries of Australian banks and 2 local banks.
The Central Bank of Samoa takes the roles of regulating, licensing and monitoring the financial system. Particularly, Samoa International Financial Authority is mandated for overseeing international banking sector under the same name Act.
There is no foreign exchange control for transferring funds in any currencies out of Samoa through its banking sector.
Samoa legislative framework for the banking supervision based on prudential statements is underdeveloped and still misalign with the current international standard. Alternatively, we can help you open an offshore bank account for your Samoa company in reputed financial centers with a sound banking system or Asia financial hub, namely Singapore.
Wonder which can be the best bank for your Samoa company? Let's find out with our Banking Tool.
Banking Options for Samoa Company
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Initial Deposit|
**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
- Account application form
- Bank statements and bank reference letter.
- Certified copies of passports, recent address proofs within 3 months for all directors/shareholders/account signatories
- Business plan including business structure, estimated turnover, source of funds…
- Certified copies of RAK incorporation documents.
- Government certification of company good standing status.