Setting up a Jamaican bank account from abroad

A Jamaican bank account makes everything else about coming home easier: paying a contractor in stages, receiving rent, settling NHT contributions, buying land. The catch is that Jamaican banks follow strict know-your-customer rules and not all of them will open an account for someone who is still overseas. This guide sticks to what the banks themselves publish. Where a bank's page did not say something, we do not guess.

The rule behind the paperwork

Bank of Jamaica's Guidance Notes on the Prevention of Money Laundering, gazetted in 2018, require positive identification from documents issued by reputable sources and state that the identification and know-your-customer requirements for natural persons resident in Jamaica also apply to persons resident outside Jamaica. In other words, living abroad does not reduce the paperwork; it usually adds notarisation.

The common document set

Across the banks' published requirements the same items repeat:

1. Valid government photo ID. Scotiabank accepts a passport, driver's licence, voter's ID, worker's ID or permanent resident card, and says overseas residents need a valid passport or driver's licence. JN Bank asks overseas applicants for two notarised IDs, at least one a passport or permanent resident card for non-Jamaicans.
2. Tax number. Scotiabank lists a TRN for local residents or a tax ID from your country of residence. JN Bank's foreign-currency account accepts a TRN, a Jamaican driver's licence showing it, or an overseas equivalent such as a US Social Security Number, Canadian Social Insurance Number or UK National Insurance Number. Most people find it simpler to get a TRN, which is free and available by mail from overseas.
3. Proof of address. A utility bill, bank or credit card statement, rent receipt, lease or property tax receipt. NCB and VM say no older than six months; Sagicor says three months.
4. Proof of income or source of funds. A job letter (NCB says not more than six months old), pay slips, or documentation of where the money originally came from. Scotiabank asks for both original and ongoing source of funds.
5. Two references. Scotiabank wants a name, address, telephone number and occupation for each. Sagicor asks each account holder for two references with name, telephone and address.

Bank by bank, from their own pages

NCB. NCB's online account-opening page offers a Savings Account for Jamaican non-residents and tells people living abroad to review the non-resident requirements before starting. Its standard list includes a driver's licence (front and back), two referees, a utility bill in your name no more than six months old, and an employer letter not more than six months old. The detailed non-resident notes are on an interactive page we could not capture in full on the review date, so read that page yourself.

Scotiabank Jamaica. Publishes a single requirements page covering ID, proof of address, tax number, two references and source of funds, with a note that overseas residents need a valid passport or driver's licence. It does not describe a mail-in process on that page.

JN Bank. The most explicit about overseas applicants. For a Jamaican-dollar account it says all you need is your TRN and ID. For applicants abroad it lists two notarised IDs, two notarised proofs of address, and a notarised birth certificate for minors and non-Jamaicans, mailed to the Internal Processing Centre at 2-4 Constant Spring Road, Kingston 10. Its foreign-currency regular savings account requires a minimum of US$100, CA$100 or £100 to open and notes that originals presented at the UK Representative Office do not need to be notarised.

Sagicor Bank. Its online opening FAQ lists acceptable ID, TRN, proof of address, proof of source of funds and two references, but answers the overseas question directly: the online service is currently offered to Jamaican residents only.

VM Building Society. Lists a government photo ID, a tax number (TRN, SSN, NI or SIN) and proof of address six months old or less. Overseas members can book an appointment at the New York representative office or one of three offices in England, or notarise their signatures on all documents and mail them with a cheque or money order to 8-10 Duke Street, Kingston.

Practical order of play

• Apply for your TRN now. It is free, and the mailed card can take time to reach you.
• Get documents notarised in one sitting; most banks want several.
• If you will be in Jamaica for a visit, bring originals. Walking into a branch with originals is still the fastest route everywhere.
• Open a Jamaican-dollar account for local payments and, if you earn in foreign currency, ask about a foreign-currency savings account so you are not converting twice.

What JaRanks cannot do

JaRanks cannot open an account for you, confirm that a bank will accept your application, or vouch for fees, rates or minimum balances that are not on the bank's own page. Requirements above are quoted from the banks' public pages on the review date and change often. JaRanks is not a financial adviser.