Financial Crime World

Here is the article rewritten in markdown format:

Haiti’s Banking System Takes a Leap Forward with Interconnected ATM Systems

PORT-AU-PRINCE, HAITI - In a move to enhance financial inclusivity and convenience for its citizens, the Haitian Central Bank has announced that major banking institutions in Haiti will be interconnected through their ATM systems starting October 1, 2020.

A Major Step Forward in Financial Stability

The new system, which allows debit card holders from participating banks to withdraw cash from any ATM bearing the “PRONAP” logo, is expected to significantly reduce transaction costs and increase access to financial services for residents and visitors alike. The initiative is seen as a major step forward in promoting financial stability and economic growth in Haiti.

Payment Methods Abound

Haiti’s payment system is diverse and includes various methods such as:

  • Cash: widely accepted, but also prone to counterfeiting
  • Debit cards: secure and efficient for online transactions
  • Credit cards: commonly used for large purchases and travel
  • Checks: traditional method for transferring funds, but slower than electronic payments
  • Haitian Interbank Payment System (SPIH): real-time transactions between commercial bank accounts through the Haitian Central Bank
  • Mobile phone payments: growing in popularity, especially among younger generations

Opening a Bank Account in Haiti

Residents and foreigners can open bank accounts in Haiti with ease, regardless of their nationality or residency status. The required documents to open an individual account include:

  • A valid identity card or passport
  • Resident permit
  • Proof of address
  • A minimum deposit of HTG 2,500 (approximately USD $185)

For businesses, the process is slightly more complex, requiring additional documentation such as company bylaws and proof of license to operate.

Foreign Exchange Controls

The government of Haiti has lifted restrictions on foreign payments and fund transfer transactions. While there are no ceilings on the amount of foreign currency that residents may hold in bank accounts or transfer abroad, there are some limitations on cash withdrawals per transaction. The Haitian gourde (HTG) is convertible for commercial and capital transactions, with exchange rates set by banks and currency exchange companies.

A Bright Future Ahead

The interconnected ATM system is seen as a major milestone in Haiti’s efforts to enhance its financial infrastructure and promote economic growth. With the government’s commitment to implementing stricter measures to monitor money transfers and combat illicit cash flows, investors can have confidence in the country’s ability to regulate its financial systems effectively.

For more information on banking in Haiti, please consult the Trade Finance Guide or the Investment Climate Statement 2023.