9 March 2020
- Gibraltar International Bank supports St Helena with international banking services
- St Helena residents and businesses can open bank accounts in Gibraltar and access a debit card that can be used for online purchases/payments and used abroad
- On-Island businesses will be able to take advantage of future e-commerce opportunities
Gibraltar International Bank (GIB) has agreed to formally support St Helena Government’s (SHG) and Bank of St Helena’s (BOSH) initiative to provide easier access to international banking services for St Helena residents and businesses. This means that St Helena residents and businesses can now apply to open an account directly with GIB where they will be able to access online banking services and a debit card that can be used for online purchases/payments and used abroad.
The GIB bank account would be similar to having a UK bank account and can be used for payment transfers (in/out) and opened in various currencies to facilitate foreign transactions.
The GIB bank account would be ‘located’ in Gibraltar, and there would be no legal relationship between the bank account holder and SHG or between SHG and GIB. SHG is not promoting GIB and does not warrant in any way the services offered by GIB.
Financial Secretary Dax Richards said:
“This piece of work has been ongoing for a while and the outcome is a real positive for St Helena. With the rise in the requirements for payments by debit/credit cards most people and businesses on St Helena would have found it difficult to buy items or pay for services online. Having the option of opening a bank account with the Gibraltar International Bank will enable people to obtain a card which will make these transactions easier.
“When travelling overseas, residents without an overseas bank account or debit card would have had to transfer money to a family member’s bank account or carried large amounts of cash which as we know is not safe and advised against. The option of opening a bank account with Gibraltar will complement the work being progressed by the Bank of St Helena to address the banking needs of the people of St Helena.
“Furthermore it is hoped that businesses will soon have the option of acquiring a point of sale platform capable of accepting payments by debit and credit cards. This will go some way in supporting the local private sector to maximise revenues from visitors to the Island and ensure businesses are able to take advantage of future e-commerce opportunities.”
To express an interest in opening an account with the GIB, persons and businesses should contact GIB directly, the account opening process will be subject to the usual know your customer checks. A trial has been undertaken and from submitting an application through to opening the account and receiving a debit card through the post took around 6-8 weeks.
Further information on the type of accounts and associated support can be obtained from the GIB website: https://www.gibintbank.gi/.
Those interested in opening an account can contact the following members of staff by email:
Kevin Gonzalez – Relationship Manager firstname.lastname@example.org
Gerald Danino – Head of Client Relations email@example.com
Gibraltar International Bank Limited is authorised and regulated by the Gibraltar Financial Services Commission.
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9 March 2020