Personal accounts: Marshall Islands
An honest assessment before work starts, the quote is fixed in writing.
The Marshall Islands is a small Pacific state with a population of a few tens of thousands and the US dollar as its official currency. There is no central bank and no exchange control, so money can be transferred abroad freely. The banking sector is very small: only three commercial banks operate in the country, and they serve mainly residents of the islands, local businesses and public institutions.
Which banks operate in the islands
| Bank | Owner | Deposit insurance |
|---|---|---|
| Branch of a Guam-based bank | a US public company | yes, under US rules |
| Local Marshall Islands bank | a private local company | no |
| Second local bank in Majuro | a private local company | no |
US deposit insurance covers only the branch of the US bank. Money in the two local banks has no such protection, which is worth considering when deciding where to keep large sums. Local banks also face difficulties with the correspondent banks that carry international transfers.
We will calculate online the cost of opening a personal account and maintaining it for a year.
Who can open a personal account
| Your status | Chances | What else the bank will ask |
|---|---|---|
| Resident of the islands working under a local contract | high | passport, work permit, address, employer letter |
| Citizen of the US, Micronesia or Palau who moved to the islands | high | passport, address, place of work |
| Foreign investor with a foreign investment business license | medium | license, local company documents, source of funds |
| Owner of a Marshall Islands non-resident company | low | the account is usually opened in another country |
| Non-resident with no link to the islands | very low | local banks rarely take such clients |
What the bank checks
- Passport and a legal basis to be in the islands: a work permit, an investor license, or citizenship of a country whose nationals may work there without a permit.
- Address in the islands and an employer letter or company documents.
- Purpose of the account: salary, living costs, local business payments.
- Source of funds for large deposits and transfers from abroad.
- Tax residence: the islands take part in the automatic exchange of tax information, and US reporting rules apply to US citizens.
If you have a Marshall Islands company
Most foreigners are linked to the islands through a non-resident company: a holding company, a shipowner or a joint venture. Such a company does no business in the islands, and local banks open accounts neither for it nor for its owner as a non-resident. It makes more sense for the owner to open a personal account where they live or have business ties, and the company account in a country whose banks understand its business. We choose such banks and prepare one explanation of the structure for both accounts.
How the opening works
- Assessment of your status: whether you live in the islands, on what basis, whether you have local income.
- Choice of bank, considering deposit insurance and international transfers.
- Document pack: passport, basis of stay, address, employer letter, source of funds.
- Personal visit to a branch in Majuro, signing the agreement, card.
For residents with documents the opening takes from a few days to a couple of weeks. If you do not live in the islands, we plan an account in another country from the start.
Who gets refused
The bank will refuse if the client has no legal basis to live or work in the islands, if the source of money cannot be proven with documents, or if the client or their money is linked to sanctions. Non-residents with no local ties will almost certainly be refused. We check whether the bank works with Russian citizens before preparing documents.
What we do
Murblz specialists give an honest assessment of whether an account in the islands is realistic in your case. If you are moving, we help with documents, choice of bank and the branch visit. If you own a non-resident company, we choose banks in other countries for your personal account and the company account and handle correspondence until they are open. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property
FAQ
Can a non-resident open a personal account in the Marshall Islands?
Do I need a residence or work permit?
Are deposits insured in the Marshall Islands?
Do banks in the islands report accounts abroad?
Where should the owner of a Marshall Islands company open a personal account?
How much does it cost to open an account with your help?
Need a personal account in the Marshall Islands?
The Marshall Islands banking system is tiny: we assess whether an account is realistic for your purpose or suggest a country where it is easier. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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