First Bank BVI and CIBC FirstCaribbean Business Accounts in 2026

First Bank BVI and CIBC FirstCaribbean, now called CIBC Caribbean, are two of the oldest banks on Tortola. Both sit at Wickham's Cay in Road Town, both offer US dollar business accounts with cards and online banking, and both are licensed by the BVI Financial Services Commission, with deposits covered up to US$100,000 by the island's deposit insurer.

The hard part is getting in. Both banks are built around local customers, neither publishes a policy for BVI companies owned from abroad, and online business opening at CIBC is for sole traders only. The BVI has been on the FATF grey list since June 2025, which means closer checks on every file, and refusals are common for offshore owners.

You do not need to work through any of that alone. We prepare your company and KYC file, check it against what reviewers want, and place it with our regulated banking partners, who open multi-currency accounts in days. One team handles it, and we get it done.

We form BVI companies from €1,899, and our top-rated, licensed banking providers open multi-currency accounts for them fully online, with no trip to Road Town.

Why First Bank BVI and CIBC Caribbean Turn Away Offshore Owners

Neither bank is built for the BVI's offshore company register. They serve residents, local businesses and a narrow band of international clients, and a BVI company owned and run from abroad sits outside what either bank markets. Refusals are common, and they rarely come with a reason.

Both Banks Serve the Island First

FirstBank's BVI operation is a single branch in Road Town, a division of FirstBank Puerto Rico, with US dollar accounts, a local ATM network and local lending. CIBC Caribbean runs a Road Town branch, an International Banking Centre and eight remote tellers across Tortola and Virgin Gorda. Their products, fees and opening routes are designed for people and firms on the islands, and neither bank publishes a policy on BVI companies owned by non-residents.

A Small Banking Sector Behind a Huge Register

The scale explains the rest. At 30 June 2026 the BVI had 354,015 business companies on the register and only six general banking licensees, holding about US$2.67 billion in deposits between them. A former Premier said the territory "is not a banking centre per se". The banks cannot take even a small share of those companies, so they choose the few that fit, and most BVI companies bank elsewhere.

The Grey List and the EU High-Risk List Raise the Bar

The FATF added the BVI to its list of jurisdictions under increased monitoring on 13 June 2025, and it was still there after the June 2026 plenary. The EU then added the BVI to its anti-money laundering list of high-risk third countries, in force from 29 January 2026, so EU banks must apply enhanced checks to BVI relationships. Law firms expect banks to look harder at source of funds, source of wealth and correspondent links. Every BVI file now needs more evidence than it did two years ago.

De-Risking Has Hit BVI Firms Before

In 2016, CIBC FirstCaribbean closed accounts held by at least 11 BVI trust firms, citing know-your-client rules. The bank said accounts were not at risk "provided account holders are able to meet the regulatory requirements and provide the relevant documentation". The lesson still holds: a BVI bank keeps an account only while the file keeps up with its rules.

Why BVI Business Account Applications Get Refused

Most refusals come from the same gaps. The owners live abroad and the company has no activity on the islands. The business has no trade licence, no local references and no history. The source of funds is a single line. Or the file never explains why a BVI bank is needed at all. Banks rarely give reasons, and a refusal from one BVI bank is often followed by a second.

Read more: BVI offshore banking for companies and why banks reject business account applications.

First Bank BVI Business Accounts

First Bank BVI is the BVI division of FirstBank Puerto Rico, owned by First BanCorp. FirstBank came to the BVI in 2002, when it bought Chase's Virgin Islands business, including its Tortola branch. Its accounts are in US dollars, and its BVI accounts are not FDIC insured. The table shows what it publishes for business customers.

FirstBank does not publish its BVI wire fees online. They are set out in the rates and fees schedule given at account opening, so ask for it before you apply.

First Bank Tortola BVI Branch and Opening Hours

First Bank Tortola BVI has one branch, and the First Bank BVI address is Wickham's Cay 1, Road Town, Tortola. First Bank BVI opening hours are Monday to Friday, 8:30 am to 3:00 pm. There is no branch on Virgin Gorda. FirstBank has ATMs at the branch, Nanny Cay and the Road Town Ferry Terminal, and it added a 24-hour ATM at Terrance B. Lettsome International Airport in March 2026.

First Bank BVI Number and Contact Details

The First Bank BVI number for the Road Town branch is 284-852-4200. The First Bank BVI contact number for customer service is 1-284-494-2662, every day from 8:00 am to 5:00 pm, and the same line handles BVI commercial lending. The toll-free customer line is 1-866-695-2511, pay-by-phone for the BVI is 284-495-8899, and the customer care email is customercarevi@1firstbank.com. For post, the First Bank BVI address on the regulator's register is P.O. Box 435, Road Town, Tortola VG1110.

First Bank BVI Online Banking

First Bank BVI online banking comes in two versions. Personal and smaller business customers use Digital Banking and its app, with a username, password, security image and a PIN. Business customers on cash management use Business Digital Banking, on the web and in an app, which adds a physical token or a code by call or text to approve transfers. Enrolment is by phone with FirstBank's commercial service centre in Puerto Rico on 787-729-9290, option 2, Monday to Friday.

What FirstBank Asks of a Business

FirstBank's account terms are open to "individuals, companies, clubs, associations, churches or corporations". To apply, you call the First Bank BVI number for the branch, 284-852-4200, or visit during First Bank BVI opening hours; its site has no online business application. Before you apply, ask on the First Bank BVI contact number whether the branch takes companies owned from abroad. It does not publish a document list for BVI companies or a policy on owners who live abroad, so expect the branch to ask why a BVI account is needed and to look for a local link.

CIBC FirstCaribbean International Bank BVI Business Accounts

CIBC FirstCaribbean International Bank BVI is the old name many people still search for. The bank was formed in 2002 when Barclays and CIBC combined their Caribbean operations, traded as CIBC FirstCaribbean from 2011, and unveiled the CIBC Caribbean brand on 31 January 2024. Its BVI licensee has been CIBC Caribbean Bank (Cayman) Limited since 18 October 2024, though many clients still call it First Caribbean International Bank BVI.

International wires cost $55 to $130 online and $75 to $145 in branch, depending on the amount. Incoming wires cost $15, a reference letter $25 or $40 the same day, and cash deposits 0.25% to 0.75%. Closing a chequing account within 90 days costs $50.

First Caribbean Bank BVI Branches and Hours

First Caribbean Bank BVI, now CIBC Caribbean, has its Road Town Branch at Wickham's Cay I, on 284 393 8900. The International Banking Centre is also at Wickham's Cay I. Both are open Monday to Thursday, 8:30 am to 3:00 pm, and Friday, 8:30 am to 4:00 pm. There are eight remote tellers, including Spanish Town on Virgin Gorda, The Moorings, Soper's Hole and the airport. The toll-free customer care line is 1-866-743-2257.

First Caribbean BVI Online Banking

First Caribbean BVI online banking has three parts. Online Banking and the CIBC Caribbean Mobile app serve individuals and small businesses, with a five-digit code sent by SMS, email or voice at every login. Larger business clients use Corporate Online, which adds approval workflows, payroll and bulk wire uploads, and is set up through a relationship manager. CIBC launched fully digital business account opening in February 2026, but only in five other territories so far, and the BVI was not among them.

Corporate Banking at First Caribbean International Bank BVI

First Caribbean International Bank BVI runs an International Corporate Banking unit from the International Banking Centre, on 284 852 9916. It lists captive insurers, funds, liquidations, yacht registration, corporate service providers, international holding companies and international trading companies among its clients. It offers accounts in all major currencies, corporate cards and trade finance, but it publishes no minimums or entry criteria, and the relationship is agreed case by case. Business Banking for local firms is on 284 393 9937.

Read more: Top banks in the British Virgin Islands and VP Bank, Scotiabank and HSBC in the BVI.

Why the Local Route Costs BVI Companies More

Even when a BVI bank says yes, the local route is expensive and slow for a company that trades internationally.

High Fees on Every Wire

A BVI company pays suppliers and receives clients from abroad, and every payment is a wire. CIBC charges $55 to $130 online and up to $145 in branch for each outgoing international wire, plus $15 for each incoming one. Republic Bank charges $25 for SWIFT plus $15 to $35 in bank charges. Ten wires a month can cost more than a year of account fees.

US Dollars First

Both banks run their business accounts in US dollars, with a GBP account at CIBC for a monthly fee. Other currencies arrive through correspondent banks and are converted at the bank's rate, with a margin you never see. A company that bills in euros loses money on every invoice.

Balances That Sit Idle

The low monthly fees come with balance conditions: $5,000 at CIBC to avoid the chequing fee, $2,500 on FirstBank's savings products. International corporate relationships are agreed case by case, with no published minimums. Money parked to meet a balance rule earns little and cannot be used elsewhere.

Branch-Led Onboarding

Neither bank offers online business opening for companies in the BVI. Applications go through the branch or a relationship manager, with paper documents, references and follow-up questions, and every answer adds days.

A Faster and Cheaper Way to Open a BVI Business Account

There is a better alternative to the Road Town queue. Our regulated banking partners are licensed e-money institutions built for international companies, and they review BVI companies owned from abroad on their merits. They open a BVI business account in days, fully online, with no branch visit and no local banker's reference.

We prepare the file before the partner sees it: the company documents, the ownership chart, the owners' identity documents, what the business does and a written source of funds. Because the grey list questions are answered upfront, the review happens once. Client money is kept in safeguarding accounts at major banks, separate from the partner's own funds.

For a BVI company that trades across borders, our partners are faster and cheaper. A BVI bank can still suit a firm that operates on the islands and needs cash handling, cheques or local lending.

Which BVI Companies Our Partners Accept

Our partners look at BVI companies that do something real: trading, services, holding shares in operating companies or investing. Owners and directors can live in most countries. What they will not take is a company with no purpose, hidden owners, money with no clear source, or a prohibited industry such as gambling or crypto on the general plans. Opening fees are higher for companies registered outside the UK, EU and UAE, and we confirm yours before you apply.

How to Open a BVI Business Account Online

To open a BVI business account online, the directors verify their identity with a passport and a live selfie and sign electronically, which takes about half an hour. We upload the company documents, answer the partner's questions and tell you when the account is live.

Documents for a BVI Business Bank Account

The documents for a BVI business bank account cover the company, the people behind it and what it does. BVI banks ask for more than most. Republic Bank's published list, for example, includes a business or trade licence, a certificate of good standing, a banker's reference from a relationship of at least three years, three years of financial statements or projections, a group chart and source of funds evidence.

Company Documents

Provide the certificate of incorporation, memorandum and articles, register of directors, register of members and a recent certificate of good standing. Since 2 January 2025, BVI companies also file their register of members with the Registrar, so what you show the bank must match it.

Owners, Directors and Signatories

Each owner with 10% or more, each director and each signatory provides a certified passport and a recent proof of address. Where a company or trust owns the shares, show the whole chain up to the people at the top.

The Business and the Money

Describe what the company does, where its customers and suppliers are, and the payments you expect in and out. Add contracts, invoices or a website. Then write the source of funds for the first deposit and the source of wealth of the owners, with evidence.

Certification

Copies should be certified by a lawyer, notary or accountant, and documents in another language need a certified translation. Documents issued outside the BVI may also need an apostille.

Read more: How to open a bank account for a BVI company and documents needed to open a business bank account.

First Bank BVI and CIBC Caribbean Fees Compared

Both banks look cheap on the monthly fee. The real cost is in wires, currency conversion and idle balances. The table sets typical ranges at BVI banks against our partners' published plans.

For a BVI company that trades internationally, the wire fees are the biggest line. Twenty outgoing wires a month at $55 each cost $13,200 a year before any currency margin. The margin adds more: 2% on €500,000 of euro receipts a year costs €10,000. A BVI bank can still be cheaper for a local firm that pays in US dollars on the islands and deposits cash. All figures are planning ranges drawn from published tariffs, and we confirm your final price in writing before you apply.

How Long a BVI Business Bank Account Takes

A BVI business bank account at either bank takes several weeks, because the file goes through the branch or a relationship manager and the grey list adds questions. With our partners, the account opens in days once the documents are complete.

What Slows It Down

The usual delays are a missing banker's reference, documents that are not certified, an ownership chain that stops short, and a source of funds that is one line long. For companies owned from abroad, the bank also asks why a BVI account is needed at all.

How to Speed It Up

Build the ownership chart and source of funds first, certify everything in one round, and answer questions the same day. Apply once, to a provider that takes BVI companies owned from abroad.

What Happens After the Account Is Open

After the account opens, fund it, add your users and share the account details with clients and suppliers. Some partner plans ask for a first deposit within 30 days, and we confirm the amount before you sign.

Keep the company in good standing, because banks and partners check it at every review. Pay the annual government fee on time, keep the registered agent's records current and file the annual financial return. Tell your partner about new owners, directors or activities before the payments change.

Why the Company Comes Before the Account

A bank or partner can only review a BVI company that exists on the register, with its certificate, registers and registered agent in place. If you do not have the company yet, we form it from €1,899 with our licensed partners and prepare the bank file at the same time, so the account follows straight after. See BVI company setup with a bank account for how the two fit together.

Common BVI Business Bank Account Mistakes

Most problems with these two banks come from applying for the wrong account, not from the company itself. These are the mistakes we see most.

Applying From Abroad With No Local Link

Both banks serve the islands first. A company with no activity, staff or clients in the BVI rarely gets through the branch route.

Assuming the Online Form Works for Companies

CIBC's online business opening is for sole traders, and its digital onboarding has not reached the BVI. A company applying online simply stalls.

Opening a US Dollar Account for a Euro Business

A company that bills in euros or pounds loses money on every conversion through a US dollar account. Plan the currencies before you apply.

Ignoring the Wire Fees

The monthly fee is small. Wires at $55 to $145 each are not. Count your payments before you choose a bank.

Applying to Several Banks at Once

The BVI banking community is small, and a refusal at one bank is quickly followed by questions at the next. Apply once, with a complete file.

Bottom Line

First Bank BVI and CIBC FirstCaribbean, now CIBC Caribbean, are solid local banks with branches in Road Town, US dollar accounts and online banking. They are built for island customers, charge heavily for wires, and neither publishes a route for BVI companies owned from abroad, so offshore owners are often turned away.

For a BVI company that trades across borders, the faster route is a regulated partner that reviews BVI companies online. A BVI company does not need to open a business bank account in the BVI itself. With a complete file that answers the grey list questions upfront, the account opens in days, with no trip to Tortola. If you still need the company, we form BVI companies from €1,899.