Bahamian Banks and Crypto: What Your Bank Charges and Needs to Know

Nobody in The Bahamas buys crypto in Bahamian dollars. Whatever app you use, your money leaves a Bahamian bank, is converted into US dollars and lands with a company abroad. Your bank’s fees and the Central Bank’s rules therefore shape the real cost more than the exchange’s headline fee. For card declines specifically, see buying crypto with a Bahamian card.

What each Bahamian bank charges

The Central Bank of The Bahamas (CBOBCBOB The Central Bank of The Bahamas. It issues the Bahamian dollar and Sand Dollar, supervises banks and runs exchange control. Glossary) publishes the basic fees every commercial bank submits. The latest schedule reflects fees at December 2025 and appeared in July 2026. These are the three rows that matter when you buy or sell crypto.

Read a few rows with care. Commonwealth Bank charges B$68.75–B$84.38 without an intermediary bank (a US correspondent that relays the payment) and B$79.75–B$100.38 with one. RBC’s B$5.50 and B$6.60 lines appear to describe domestic RTGS transfers, so its international SWIFT price is not published. Scotiabank adds a B$33 investigation fee if a wire has to be traced. Fidelity’s percentage fee means a B$5,000 wire costs the B$49.50 minimum.

On B$5,000, Bank of The Bahamas’ flat B$22 plus B$75 stamp duty comes to under 2%. The same amount on an RBC debit card costs 2.5% (B$125) before stamp duty. That is why wires win from roughly B$2,000 and cards win for small, quick buys.

Scotiabank and Citi

We found no evidence that Scotiabank is leaving The Bahamas: it appears in the 2025 schedule, and its 2018 sale of Caribbean operations to Republic Bank excluded us. In late 2020, though, it consolidated Abaco, Andros, Long Island, Exuma and Paradise Island into New Providence branches, so customers in places like George Town, Exuma now bank with Scotia mostly remotely. Citibank closed its Bahamian consumer bank in 2001 and serves only corporate and institutional clients, so it is not a route for individuals.

Exchange control: why crypto counts as a foreign asset

The Bahamian dollar is pegged 1:1 to the US dollar, and exchange controlExchange control Central Bank rules on residents moving Bahamian dollars into foreign currency or foreign assets. Crypto is treated as a foreign asset. Glossary protects that peg. Residents need permission, or a bank acting under delegated authority, to move B$ into foreign currency or foreign assets, and the Central Bank treats crypto as foreign property.

The position dates from a Central Bank discussion paper of 7 November 2018. It proposed banning direct convertibility between Bahamian dollars and foreign-currency crypto, which is why no local bank or wallet swaps B$ straight into Bitcoin. It limited banks to custody of client crypto, ruled out lending to buy crypto, and called for enhanced due diligence on source of funds. The Digital Assets Guidelines 2023 add a 1,250% risk weight on unbacked coins like Bitcoin and cap a bank’s exposure at 2% of capital. Your bank will never sell you Bitcoin over the counter.

Now the grey area. The 2023 guidelines say banks may help residents buy digital assets through the ICM after exchange control approval. No current document says whether every small card purchase should carry the 5% premium, and in practice card purchases go through at normal card rates. For a firm answer, ask your bank or the Central Bank’s Exchange Control Department.

The $100,000 relaxation since 1 June 2024

Under a March 2024 press release, from 1 June 2024 individuals can convert up to $100,000 for overseas investment without prior Central Bank approval, with banks approving it under delegated authority. The 5% premium stayed, and crypto is not mentioned. Separately, Bahamian-dollar credit cards may not be used for capital transactions without approval, one reason credit cards are declined on crypto sites more often than debit cards.

Stamp duty: the 1.5% nobody shows you

The Stamp Act 2024 charges 1.5% stamp dutyStamp duty (FX) A 1.5% government tax on converting Bahamian dollars into foreign currency, charged by your bank. Glossary on any transaction converting funds into foreign currency, whether or not the money leaves the country. Any crypto purchase from a B$ account triggers it, by card or wire, and your bank collects it. Bank of The Bahamas shows its card charge as 1.25% plus 1.50% stamp. Nothing is stamped when US dollars come back in, so cashing out avoids it. Our crypto tax guide covers VAT and the wider picture.

What to say to your bank

A banker told in advance usually just needs a form. Call your relationship officer and say plainly that you are buying digital assets as a foreign investment and want to send US dollars to a named exchange.

Bring the exchange’s legal name, country and wire details, the amount, and proof of where the money came from. Then ask four questions: is it inside the bank’s delegated limit, will it apply the ICM premium, what is the all-in fee with stamp duty, and which intermediary bank handles US dollar wires? If you plan regular purchases, ask for the arrangement to be noted on your file.

Check the exchange too. Under the DARE Act 2024, crypto firms serving residents should register with the Securities Commission, and the SCB register shows who has. Most global exchanges are not, as our regulation guide explains.

Sending the wire without delays

Send US dollars, never Bahamian dollars, since no exchange holds a B$ account. Copy the instructions exactly, including the reference code: a missing reference is the commonest reason a deposit sits unclaimed. The name on your bank account must match your exchange account, because third-party payments are returned and you pay fees twice. An intermediary bank may deduct its own charge, so US$5,000 sent can arrive slightly short. Expect one to three business days, and keep the bank’s wire confirmation (the MT103) for support. Many retail platforms accept only cards for our region; for big amounts see our OTC guide.

Account freezes and AML questions

Banks are financial institutions under the Financial Transactions Reporting Act 2018, so they must understand unusual activity and report suspicious transactions. Typical triggers are large unexplained wires from an exchange, many payments from strangers after P2P trades, or money arriving in someone else’s name. Keep exchange statements, purchase receipts and transaction IDs as your source of fundsSource of funds Proof of where your money came from, such as a payslip, sale agreement or bank statement. Often asked for larger deposits or cash-outs. Glossary, never accept third-party payments, and answer any query in writing quickly. Our cash-out guide covers the incoming side.

Wise, PayPal and Payoneer

PayPal operates here for sending, receiving and withdrawing money, but its crypto buying and PYUSD stablecoin are not offered in The Bahamas, even though Jamaica and the Turks and Caicos are on the PYUSD list. Wise pays out Bahamian dollars to local recipients, but whether residents can hold their own account is unconfirmed. Payoneer’s status is unconfirmed too. New to this? Start with our step-by-step guide, and if you hold digital B$, read Sand Dollar and crypto.

Where to go next

Buy with a card Card fees bank by bank, from 0% to 2.75%, and the fixes for declined payments. Read guide Sell & cash out Cash-out routes into a Bahamian bank account, with real costs and timelines. Read guide Crypto tax Zero capital gains tax, and the costs that still catch people out. Read guide OTC desks Block trades, private banks and SCB-registered custodians in Nassau. Read guide