The Isle of Man banking universe.
Despite our success as an international financial centre we have a very small banking sector. This is problematic for local people and businesses and also for those wishing to establish their international businesses here on our Island.
The banks we do have, have a pretty limited appetite for business – particularly if your business is remotely ‘interesting’.
The time to open an account is usually woeful – last time I checked NatWest, IOMBank, RBSI were quoting 6 months for a business account (honestly). Additionally the service is usually disappointing too.
That said – there are a few exceptions – Capital bank seem to be reasonably ‘on it’ and some of the niche banks – Nedbank and Cayman are more efficient with friendly helpful and knowlegable staff – albeit with restrictive appetites for new business.
Santander also make good efforts to support the Island, its business and clients that meet their criteria.
Many of us locals have largely given up and have reverted to electronic money institutions like Revolut, and Wise which will – thankfully – consider Isle of Man applications and open accounts quickly. Heaven help us if they withdraw from the Island for any reason.
Anyway – here is a complete list of our Isle of Man banks for reference:-
The Isle of Man Banks.
(ii) HSBC Bank Plc,
(iii) Lloyds Bank Corporate Markets PLC
(iv) The Royal Bank of Scotland International Limited. (inc. IOM Bank, NatWest & Coutts)
(v) Santander Financial Services Plc
(vi) Cayman National Bank (Isle of Man) Limited,
(vii) Nedbank Private Wealth,
(viii) (ix) Standard Bank Isle of Man Limited and The Standard Bank of South Africa Limited,
(xi) Capital International Bank Limited .
As you can see our local banking universe is surprisingly limited. Each of the banks has a different appetite with respect to clients that it will accept. For general information about opening an account in the Isle of Man see our article – Simple facts about opening an Isle of Man bank account.
All our Class (1)(1) banks – which is all of them except Capital International Bank are “Covered Banks” in respect of the Isle of Man Depositors Compensation Scheme (See here)
If you want help with making a choice or with an introduction then we will assist you if we can. Contact [email protected] or WhatsApp +44 1624 777900.
