Opening a local US bank account is just as easy as opening a standard bank account in Trinidad and Tobago.
You'll need to provide:
- Two forms of identification (driver's licence, passport, national ID)
- Proof of address (utility bill, tax assessment, bank statement, rental contract from landlord)
- Proof of employment (job letter)
In most cases, you'll also be asked about source of funds for the US Dollars that you'll be depositing or receiving via wire transfer.
If you're interested in opening a bank account without going into a branch in person, you can open account online with Republic Bank here.
Should you open a US bank account in Trinidad and Tobago?
The answer is yes, but you probably shouldn't keep most of your funds here if you can avoid it.
Interest rates on foreign currency deposits in Trinidad and Tobago are very low (around 0.01%), and will likely remain that way.
At the time of writing, interest rates in the USA on savings accounts are as high as 5.50%.
A common strategy by banks is to offer fixed deposits for USD, where you can earn up to 4%.
You get nothing for free in life of course -- so you lose out on an additional 1.5%, and you're locked into a fixed deposit.
Locking yourself into a fixed deposit might not sound too bad, but closing it early means you'll likely lose most or all of the interest earned to date.
To make matters worse, the Deposit Insurance Corporation (DIC) of Trinidad and Tobago does not insure foreign currency accounts.
Does this mean that your funds are at risk?
The likelihood of a bank failure is low, but why take the risk and keep most of your USD here?
Read more below for alternatives.