Opening a Bank Account in Grenada
Answer
The general rule applies to you
No exception is recorded for citizens of Guyana on this topic. That is the answer, not a gap - everything below is the rule you get, unchanged.
91 exceptions recorded across 34 countries · none match Guyana to Grenada · Opening a bank account
Nothing in Grenadian law says who may open a bank account, and the question a reader actually faces is not about accounts but about moving money. The Exchange Control Act is still in force and was amended as recently as 2024; section 25A prohibits exporting foreign currency from Grenada without the permission of the Permanent Secretary of the Ministry of Finance, and a 2024 Order grants that permission in general terms for amounts below the equivalent of US$10,000. Above that, permission is needed. The banks themselves are licensed under the Banking Act of 2015, which replaced the Chapter the law portal still publishes, and Grenada has reported account information to the United States under a FATCA statute in force since 2017.
At a glance
- Statutory bar on a foreigner holding an account
- None found
The Banking Act 2015 regulates licensed financial institutions and their capital, control and supervision. Nothing in it conditions who may be a customer.
- Foreign currency you may take out without permission
- Under US$10,000 equivalent
The Exchange Control (Foreign Currency Export) Order, S.R.O. 10 of 2024, made under section 25A(2) by the Permanent Secretary and gazetted 21 June 2024.
- Above that
- Permission of the Permanent Secretary required
Section 25A(1) of the Exchange Control Act. The prohibition is on export and attempted export, so it bites at the airport rather than at the bank.
- Currency
- Eastern Caribbean dollar
Grenada shares the currency and the central bank with seven other territories. Nothing in the statutes we read sets or guarantees a rate against the United States dollar.
- Banking Act in force
- Act 20 of 2015, from 10 November 2015
Brought into force by S.R.O. 41 of 2015. Section 192(1) repealed the Banking Act, Chapter 26A, which is the text the law portal still publishes as the Chapter.
- United States account reporting
- In force since 29 September 2017
The United States of America - Grenada Foreign Account Tax Compliance Act No. 4 of 2017, commenced by S.R.O. 27 of 2017.
Requirements
- No statutory nationality or residence requirement for holding an account - the Banking Act regulates the bank, not the customer
- Permission of the Permanent Secretary of the Ministry of Finance to take foreign currency out of Grenada, unless the amount is below the equivalent of US$10,000
- The identification a licensed financial institution asks for under its anti-money-laundering obligations, which are outside the Banking Act
- An awareness that a United States person's account is reportable under the 2017 FATCA statute
In detail
The law regulates the bank, not the customer
We looked for a provision telling a foreigner what they may or may not do with a Grenadian bank and did not find one. The Banking Act of 2015 is a prudential statute: licensing, capital, control, large exposures, supervision by the Eastern Caribbean Central Bank, and the machinery for taking over a failing institution. It says nothing about who may hold an account. What determines whether a particular person can open one is the bank's own customer due diligence under the anti-money-laundering regime, which sits in the Proceeds of Crime Act and its Regulations, and those we have not read. A reader should treat the answer as a matter for the individual bank and should not expect the statute to help.
Exchange control is alive here
Several countries in this comparison have exchange control statutes that are formally in force and practically dormant. Grenada's is being used. Section 25A prohibits exporting foreign currency without the permission of the Permanent Secretary of the Ministry of Finance, and in June 2024 the Permanent Secretary made an Order granting that permission for amounts equivalent to less than ten thousand United States dollars. In the same month Parliament amended the Act to define import and to require records obtained under it to be kept for five years. Anyone planning to move a significant sum out of Grenada should treat the ten thousand dollar line as a permission threshold rather than a declaration threshold: below it permission has been given in advance, above it permission has to be obtained.
The Chapter that is not the law
The law portal publishes Chapter 26A as the Banking Act, and it is Act 19 of 2005. Section 192(1) of the Banking Act 2015 repealed it, and S.R.O. 41 of 2015 brought that Act into force on 10 November 2015. Nothing on the Chapter page says it has been repealed. Subsidiary legislation made under the old Act survives by virtue of section 192(2) until replaced, which is the only reason reading the Chapter is not entirely wasted. This is the same trap as the Immigration and Income Tax Chapters, in its purest form: the revised edition is a snapshot of 2010 and the portal does not mark what has happened since.
Country-level policy
Grenada publishes its law well, in two halves that do not meet. The Chapters are the Continuous Revised Edition of 2010, and most of them are amended only to the mid-2000s: the Immigration Act stops at Act 6 of 2007, the Citizenship Act at Act 31 of 2002, the Income Tax Act at Act 2 of 2010. The Acts and Statutory Rules and Orders since are published separately, by year, as enacted. Nothing in either half tells you that the other exists. Read the Immigration Chapter and you will not know that Eastern Caribbean citizens have an indefinite stay or that Schengen passports enter visa-free. Read the Income Tax Chapter and you will take the rate as thirty per cent when it is twenty-eight. Read the Banking Chapter and you will be reading an Act repealed in 2015.
What applies to you
Nothing changes for a citizen of Guyana
We have no rule recorded that treats your citizenship differently here, so the general rule above is the one that applies to you. That is an answer, not a gap.
What the law says
«Except with the permission of the Permanent Secretary of the Ministry of Finance, no person shall export or attempt to export foreign currency from the State.»A flat prohibition subject to permission, which is the opposite of the usual structure of a declaration threshold. Permission is given generally by Order rather than case by case.
Read it at the sourceAbout this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
«Permission
to export foreign currency is granted in respect of foreign currency equivalent to less than ten thousand dollars in United States Currency.»Made by the Permanent Secretary, not by the Minister, under section 25A(2). The figure is expressed as an equivalent in United States currency, so it floats against anything that is not the Eastern Caribbean dollar.
Read it at the sourceAbout this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
«“Retention of **44.**—(1)The Permanent Secretary or the records. competent authority, as the case may be, shall retain each record obtained or created for the purposes of this Act, for a minimum period of five years from the date the record is obtained or created.»Quoted with the marginal note the publisher's text runs into the section. The point for a reader is that the Exchange Control Act is live legislation being amended in 2024, not a dead letter.
Read it at the sourceAbout this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
«**192.**—(1) The Banking Act, Chapter 26A is herebyRepeal and
repealed.»Quoted with the marginal note the publisher's text runs into the sentence. The repealed Chapter is still published on the law portal as Chapter 26A with nothing on it saying so.
Read it at the sourceAbout this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
«The Banking Act No. 20 of 2015, shall come into force on the
10th day of November, 2015.»Without this Order the 2015 Act would not be in force and the repeal of Chapter 26A would not have happened. The Act was expressed to commence on a date appointed by Order.
Read it at the sourceAbout this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
«The United States of America – Grenada Foreign Account Tax
Compliance Act No. 4 of 2017 shall come into force on the 29th day of September,»About this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
Practical notes
Nothing on this record states what any bank requires to open an account. We found no instrument setting customer requirements and did not read the Proceeds of Crime Act or the anti-money-laundering Regulations amended by S.R.O. 11 of 2024, which is where those requirements live.
The claim that no statute bars a foreigner from holding an account is bounded by the Banking Act 2015 and the Exchange Control Act, both read for provisions about customers. It is not a claim that no such provision exists anywhere in Grenadian law.
The Banking (Amendment) Act 2026 is Act 3 of 2026 on the law portal and we did not read it. Anything it changes about the 2015 Act is not reflected here.
Grenada uses the Eastern Caribbean dollar and we have read no instrument of the Eastern Caribbean Central Bank. Nothing on this record states an exchange rate.
- consolidatesExchange Control Act, Chapter 93, Continuous Revised Edition of the Laws of Grenada 2010
Laws of Grenada · consolidated to 2010
About this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
- consolidatesExchange Control (Foreign Currency Export) Order, 2024 (S.R.O. No. 10 of 2024)
Laws of Grenada
About this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
- consolidatesExchange Control (Amendment) Act, 2024 (Act No. 9 of 2024)
Laws of Grenada
About this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
- consolidatesBanking Act, 2015 (Act No. 20 of 2015)
Laws of Grenada
About this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source
- consolidatesBanking Act (Commencement) Order, 2015 (S.R.O. No. 41 of 2015)
Laws of Grenada
About this source
The Government of Grenada's law portal. Publishes the Continuous Revised Edition of 2010 arranged by Chapter, each Chapter printing the Act with its subsidiary legislation, and separately a year-by-year run of Acts and Statutory Rules and Orders as enacted from 2011.
Standing: Maintains the text in force
Cannot be cited for: A Chapter must never be cited for what the law is now, and nothing on the page says so: the Immigration Chapter is amended only to 2007 and lacks the OECS indefinite stay and the Schengen visa waiver; the Citizenship Chapter stops at 2002 and shows section 5A as repealed when an Act of 2016 has since filled it; the Income Tax Chapter prints 30 per cent when three Orders have made it 28 and 10; the Banking Chapter is an Act repealed in 2015. Subsidiary legislation printed inside a Chapter is equally frozen - the CARICOM skills Qualifications Order is shown as amended to 2008 and the 2015 amendment that added artisans and domestic workers is invisible. It must also not be cited for completeness after 2025: the 2026 collections hold five Acts and three instruments, and an amendment the investment agency publicly relied on in August 2026 is in neither. The Citizenship by Investment Act is not in the revised edition at all and has no consolidated text anywhere. Year listings paginate twenty at a time, so reading only the first page loses instruments.
We re-read it every 60 days. More about this source