Financial Crime World

Compliance in Financial Services Industry in Haiti: A Look into Payment Methods, Banking Systems, and Foreign Exchange Controls

In Haiti, compliance with financial regulations plays a crucial role in ensuring stability and security within the country’s financial services industry. In this article, we will explore payment methods, banking systems, and foreign exchange controls in Haiti.

Payment Methods

In Haiti, cash is one of the most commonly used forms of payment, followed by debit cards and credit cards accepted by established businesses. The national payment system also includes checks, the Haitian Interbank Payment System (SPIH), bank cards, and payment via mobile phones.

  • Cash: widely accepted as a form of payment
  • Debit Cards and Credit Cards: accepted by established businesses
  • Checks: used for transactions between individuals and businesses
  • SPIH: a secure system used for real-time transactions between commercial bank accounts through the Haitian Central Bank (BRH)
  • Bank Cards: used for transactions at ATMs and point-of-sale terminals
  • Mobile Payments: increasing in popularity, especially among younger generations

Banking Systems

Two major banking institutions, Unibank and SOGEBANK, operate ATM machines that allow for withdrawals from any ATM bearing the “PRONAP” logo, indicating interoperability. Residents and foreigners can hold bank accounts in Haiti in local currency or USD.

  • Accounts: can be opened immediately at no additional fee to the minimum required deposit
  • Requirements:
    • Individual Bank Account: valid identification, proof of address, a minimum deposit of HTG 2,500, and a completed application form
    • Company Bank Account: completed application form, company bylaws, proof of company address, minutes of the last General Assembly, valid license to operate, and tax identification number

Foreign Exchange Controls

The government of Haiti does not impose restrictions on the inflow or outflow of capital. The Law of 1989 governs international transfer operations and remittances, with remittances being Haiti’s primary source of foreign currency.

  • No restrictions: on foreign payments or other fund transfer transactions
  • Restrictions apply: on the amount of money that may be withdrawn per transaction
  • Convertibility: the Haitian gourde (HTG) is convertible for commercial and capital transactions

Exchange Rates

Banks and currency exchange companies set their rates at the market-clearing rate. The BRH publishes a daily reference rate, which is a weighted average of exchange rates offered in the formal and informal exchange markets.

  • Citibank: the only U.S. bank in Haiti, primarily serving corporate accounts
  • Correspondent Banks: none, as all transactions are processed through local banks

For more information on compliance in financial services industry in Haiti, please visit the Haiti Investment Climate Statement 2023.