The official currency of the British Virgin Islands has been the US Dollar since 1959. This is most likely due to the proximity between the BVI and the USVI and the convenience of using the dollar when conducting all those offshore business transactions.
To open a checking account in the BVI, you need the following:
- A passport
- A BVI Social Security Card
- A local address (which can be your employer’s address if you haven’t found a home)
- A minimum deposit (varies from bank to bank)
- Three references:
1. letter from your employer with employment details (length of contract, salary)
2. letter of good standing from your home bank
3. letter from a professional reference
- Another reason to choose a specific bank might be the proximity of cash points to your home or workplace with the avoidance of competing banks’ service fees.