Remote Banking in Seychelles

## Guide to Banking in Seychelles

Seychelles, a picturesque archipelago in the Indian Ocean, is renowned for its stunning beaches, vibrant culture, and stable economy. Whether you are a resident or a foreigner looking to bank in Seychelles, it is essential to understand the banking landscape, regulations, and services available. In this guide, we will delve into the key aspects of banking in Seychelles, covering banks accepting foreigners, KYC requirements, Wise/Revolut availability, ATM fees, multi-currency options, opening process, currency exchange tips, and tax residency clarification.

### Banks Accepting Foreigners

In Seychelles, several banks cater to the needs of both residents and non-residents. Some of the prominent banks that accept foreigners include:

1. Bank of Baroda Seychelles: With a strong presence in Seychelles, Bank of Baroda offers a range of banking services to non-residents. 2. Absa Bank Seychelles: Formerly known as Barclays Bank Seychelles, Absa Bank serves the banking needs of both locals and foreigners. 3. Habib Bank AG Zurich: This international bank has a branch in Seychelles and provides banking services to non-residents.

### KYC Requirements

Know Your Customer (KYC) regulations are stringent in Seychelles to prevent money laundering and terrorist financing. When opening a bank account, you will typically need to provide the following documents:

- Valid passport - Proof of address (utility bill or rental agreement) - Bank statements from your current bank - Source of funds documentation

### Wise/Revolut Availability

Digital banking services like Wise and Revolut are not yet available for residents in Seychelles. However, you can use these services as a non-resident to facilitate international money transfers at competitive rates.

### ATM Fees

When using ATMs in Seychelles, be mindful of the fees charged by your bank and the local bank operating the ATM. It is advisable to withdraw larger amounts infrequently to minimise transaction fees.

### Multi-Currency Options

Most banks in Seychelles offer multi-currency accounts, allowing you to hold funds in various currencies. This feature can be beneficial if you frequently deal with foreign currencies or travel abroad.

### Opening Process

To open a bank account in Seychelles as a non-resident, you will typically follow these steps:

1. Choose a bank that caters to non-residents. 2. Visit the selected bank branch with your KYC documents. 3. Complete the account opening forms provided by the bank. 4. Deposit the minimum required amount to activate the account. 5. Receive your account details and access channels (ATM card, online banking).

### Currency Exchange Tips

When exchanging currency in Seychelles, consider these tips to get the best rates:

- Compare exchange rates offered by different banks and exchange bureaus. - Avoid exchanging currency at airports or tourist areas, as they often have higher rates. - Monitor exchange rate fluctuations to exchange money at opportune times.

### Tax Residency Clarification

If you are a non-resident in Seychelles, your tax obligations are typically limited to income generated within the country. However, tax laws can be complex, and it is advisable to seek professional advice to determine your tax residency status and obligations.

### Conclusion

Banking in Seychelles offers a blend of traditional services and modern conveniences, catering to the diverse needs of residents and non-residents. By understanding the banking landscape, KYC requirements, digital banking options, fees, multi-currency services, account opening process, currency exchange tips, and tax residency regulations, you can navigate the banking system in Seychelles with ease and confidence. Explore the diverse banking options available in Seychelles and choose the one that best suits your financial needs and preferences.