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Compliance in Finance: Understanding Payment Methods, Banking Systems, and Foreign Exchange Controls in Haiti

Haiti’s financial landscape has undergone significant changes in recent years, with a focus on improving payment methods, banking systems, and foreign exchange controls. As the economy continues to grow, understanding these developments is crucial for businesses looking to operate in the country.

Payment Methods

Cash remains the most widely used form of payment in Haiti, followed by debit cards and credit cards accepted by established businesses. The national payment system also includes:

  • Checks
  • Haitian Interbank Payment System (SPIH)
  • Bank cards
  • Mobile phone payments

Two major banking institutions, Unibank and SOGEBANK, operate ATM machines, while the SPIH allows for real-time transactions between commercial bank accounts through the Haitian Central Bank.

Banking Systems

Residents and foreigners can open bank accounts in Haiti in local currency or USD, with no additional fee required beyond the minimum deposit. To open an individual account, individuals must provide:

  • Valid identification
  • Resident permit
  • Proof of address
  • Minimum deposit of HTG 2,500

Companies must provide:

  • Company bylaws
  • Copy of the national gazette
  • Proof of company address
  • Initial deposit of HTG 25,000 or USD 2,500

Foreign Exchange Controls

The Haitian government does not impose restrictions on capital inflows or outflows, with remittances serving as the country’s primary source of foreign currency. There are no restrictions on:

  • Foreign payments
  • Fund transfer transactions
  • Withdrawals per transaction (although there may be limits)

The Haitian gourde is convertible for commercial and capital transactions, with banks and currency exchange companies setting their rates at market-clearing levels.

U.S. Banks and Local Correspondent Banks

Citibank is the only U.S. bank operating in Haiti, primarily serving corporate accounts. There are no local correspondent banks in the country.

Conclusion

These developments highlight the importance of understanding compliance requirements for businesses operating in Haiti. As the economy continues to grow, it is essential for companies to navigate these complexities to ensure successful operations.