Banking Compliance Checklist in Saint Helena: Essential Information for Island Residents

Currency and ATMs

The official currency of Saint Helena is the St Helena Pound (SHP), which is pegged to the British Pound (GBP). Both currencies are accepted on the island. Unfortunately, there are no ATMs on the island, but international credit or debit cards can be used at the Bank of St Helena in Jamestown.

• A 5% charge applies to the withdrawn amount, with a minimum fee of £2.50.
• The bank accepts Visa, Visa Debit, Mastercard, and Maestro cards, provided they are accompanied by photo identification.

Local Debit Card

The Local Debit Card is free of charge and can be used in most stores around the island, with some offering cashback services. However, a few smaller establishments may still operate on a cash-only basis or accept Bank cheques.

Bank Hours

The Bank of St Helena operates from:

• 8:45 am to 3 pm on weekdays
• 8:30 am to 12:30 pm on Saturdays
• Closed on Sundays

For further information on kiosk opening hours around the island, visit their website.

Opening an Account

To open an account with the Bank of St Helena:

• It’s recommended to start the process as early as possible.
• The length of time for application depends on the submission of required supporting documentation, such as a passport and proof of Saint Helena address.
• An online application can be completed, allowing uploads of accompanying documents.

Important Note

Don’t forget to notify your UK or international bank about your relocation to Saint Helena to ensure a smooth transition. By following this checklist, you’ll be well-equipped to navigate the banking system in Saint Helena and enjoy a hassle-free experience on the island.