Financial Crime World

Suriname’s Financial Regulatory Bodies: A Guide for Foreign Investors

When venturing into the world of finance and business in Suriname, understanding the country’s financial regulatory bodies is crucial for foreign investors. This guide aims to provide a comprehensive overview of the landscape, helping you navigate the complexities with ease.

Methods of Payment

Common Methods of Payment

In Suriname, common methods of payment include:

  • Letters of credit or documentary credits
  • Bank drafts
  • Bank transfers
  • Cash (U.S. dollars and Euros are widely accepted)

Credit Card Services

Several banks offer MasterCard- and Visa-branded credit card services.

Banking Systems

Major Commercial Banks

Suriname’s banking system consists of four major commercial banks:

  • Republic Bank
  • DSB Bank
  • Fina Bank
  • Hakrinbank

Electronic Banking Services

All major banks offer electronic banking services, making transactions easier for foreign investors.

Opening a Local Bank Account

Foreigners can open a bank account without restrictions. However, U.S. citizens may need to provide additional information to comply with the Foreign Accounts Tax Compliance Act (FATCA). The process typically takes up to 12 months on average.

Foreign Exchange Controls

Conversion and Repatriation of Funds

Suriname has no restrictions or limitations placed on foreign investors when it comes to converting, transferring, or repatriating funds associated with an investment. Investors can freely convert their funds into a usable currency at legal market clearing rates, but obtaining permission from the Foreign Exchange Commission may be required.

U.S. Banks and Local Correspondent Banks

  • There are no U.S. banks operating in Suriname.
  • For additional information on doing business in Suriname, investors can consult the U.S. Department of State Investment Climate Statements.

By understanding these key aspects of Suriname’s financial regulatory bodies, foreign investors can make informed decisions and navigate the country’s complex financial landscape with confidence.