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Haiti Financial Institution Compliance Requirements: A Guide to Payment Methods and Foreign Exchange Controls

Overview

Haiti’s financial system has undergone significant changes in recent years, with a focus on improving compliance requirements and increasing transparency. This guide provides an overview of the payment methods and foreign exchange controls in place in Haiti.

Payment Methods

Cash and Alternative Payments

• Cash is the most widely used form of payment in Haiti
• Debit cards and credit cards are also accepted by established businesses
• Other payment methods include:
  • Checks
  • Haitian Interbank Payment System (SPIH)
  • Bank cards
  • Mobile phone payments

SPIH: A Real-Time Payment System

• Allows for secure transactions between commercial bank accounts through the Haitian Central Bank (BRH)
• Widely preferred by businesses due to its traceability and safety
• Starting October 1, 2020, major banking institutions’ ATM systems are interconnected, allowing debit card holders to make withdrawals from any ATM bearing the “PRONAP” logo

Banking Systems

Opening a Bank Account

• 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
• To open an individual bank account, one must provide:
  • Valid identity card or passport
  • Resident permit
  • Proof of address
  • Minimum deposit of HTG 2,500
• To open a bank account as a legal entity or company, one must provide:
  • Completed application form
  • Company bylaws
  • Copy of the national gazette “Le Moniteur”
  • Minutes of the last General Assembly electing, amending, or renewing the Board of Directors
  • Valid license to operate and Tax Identification number of Company
  • Initial deposit of HTG 25,000 or USD 2,500

Foreign Exchange Controls

Capital Transactions

• 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

Remittances and Fund Transfers

• Remittances are Haiti’s primary source of foreign currency, equivalent to approximately eleven percent of GDP as of September 2022
• There are no restrictions or controls on foreign payments or other fund transfer transactions
• While restrictions apply on the amount of money that may be withdrawn per transaction, there is no restriction on the amount of foreign currency that residents may hold in bank accounts, and there is no ceiling on the amount residents may transfer abroad

Currency Conversion

• The Haitian gourde (HTG) is convertible for commercial and capital transactions
• 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

U.S. Banks & Local Correspondent Banks

Citibank

• The only U.S. bank in Haiti and primarily serves corporate accounts

Local Correspondent Banks

• There are no local correspondent banks
• Further details on financing in Haiti can be found at the Haiti Investment Climate Statement 2023