How to Open a Bank Account in Honduras

Thousands of Americans choose to live in Honduras, known for its tropical climate, gorgeous landscapes and relatively low cost of living. It’s a popular destination for tourists as well as digital nomads and retirees.

If you’re planning an extended stay — or a permanent move — learn how to open a bank account in Honduras so you can easily manage your money. There are a few hoops you’ll need to jump through as a foreigner, so make sure you understand all of the steps involved.

Key takeaways

• Americans can open a bank account in Honduras with a valid passport or Honduras resident card.
• You’ll likely need to visit the bank in person to open an account and provide your documents.
• You will also need funds for your initial deposit, and you could need to provide letters of reference or other documents, depending on the bank.

Can I open a bank account in Honduras?

Yes, you can open a bank account in Honduras. Maintaining a local bank account can help you settle in and take advantage of the much lower cost of living in Honduras. Opening a bank account in Honduras could also make it easier for you to:

• Send money to Honduras
• Manage money in the local currency
• Build a banking history in Honduras
• Provide bank statements when buying real estate
• Prove monthly income if pursuing Honduran residency
• Pay taxes on Honduras business pursuits or investments

Can I open a bank account in Honduras from the USA?

You can open a bank account in Honduras from the USA if you have the right documentation. For example, for a USA Savings Account with Ficohsa,

If you do not yet have a DNI, you might need to complete the account setup in person in Honduras. Banks in Honduras typically require foreigners to present a passport with a valid visa stamp.

How to open a bank account in Honduras

Here’s how to open a bank account in Honduras:

• Choose the type of account you need.
• Collect what you’ll need to open your account.
• Fund your initial deposit.

1. Choose the type of account you need

Before you open a bank account in another country, decide what type of account you need. Banks in Honduras typically offer several types of accounts:

• Savings account, or cuenta de ahorro: This is a bank deposit account where you can safely deposit your money. It’s often available with a debit card you can use to access your funds, and some accounts earn interest.
• Checking account, or cuenta de cheques: A checking account gives you immediate access to your money by check, online banking, or debit card. It’s suitable for paying bills and managing money without the need to handle cash.
• Fixed-term deposit account, or depósitos a plazo fijo: This type of account lets you earn interest paid in periodic installments, like a certificate of deposit (CD) account in the US. This type of account can give you a safe place to stash longer-term savings.

Banco Azteca also offers a Guardadito account that provides additional assistance for foreigners with migrant status, such as free online consultations with physicians, psychologists,

2. Collect what you’ll need to open your account

To open a bank account in Honduras, you’ll typically need to provide identification. Depending on the bank, you may be able to use a valid passport with a valid visa stamp, or your Honduras resident card. Honduras provides resident cards for authorized stays. Resident card requirements vary depending on your status (such as independent investor, retiree, or immigrant).

Some banks, like BAC, may also require letters of reference from a bank.

Below are some of the best banks in Honduras and their typical requirements to open a foreign bank account.

 

3. Fund your initial deposit

The final step is to fund your account. Minimum initial deposit requirements vary by bank, ranging from L80 at Banco Azteca to L1,000 at Banco de Occidente and Banco Atlantida. BAC,  Banco de Occidente, and Banco Atlantida allow you to fund the account with US dollars instead of Honduran lempiras.

Pros and cons of opening an account in Honduras

Opening a Honduran bank account can make life there much more convenient, but there are some considerations to keep in mind.

Pros

• Easily deposit and withdraw money locally.
• Purchase goods without exchanging USD to HNL.
• Remittance accounts let you send and receive money from the US and elsewhere.

Cons

• There may be fees
• There may be to maintain.
• You may be required to keep your account active.
• You might need to visit the bank in person to open your account.
• Could be more difficult to calculate money transfer costs.

Common fees and other considerations

Read the fine print carefully before you open an account. There may be fees and charges you should be aware of, such as:

• Monthly maintenance fees
• Fees for using other banks’ ATMs
• Charge to purchase a checkbook
• Returned check fee
• Cashier’s check fee
• International transfer (wire) fee
• ATM fees for inquiries and withdrawals
• Duplicate statement fees

You should also note whether your account requires a minimum monthly balance, and what the fee may be for dropping below that threshold. For example, the

Transfer money between accounts with Western Union

Opening a bank account in Honduras can streamline everyday transactions. When you’re living apart from a loved one, being able to send money between the US and Honduras can be especially important. Using an international money transfer app, like Western Union, gives you more options. It could become especially handy if you’re waiting for your Honduras resident card, or if the bank account process is taking longer than expected.

You can use a money transfer app to calculate exchange rates, send money internationally, and pay someone directly to their bank account or mobile wallet.

You can also start a transfer online and complete it at a nearby agent location. Find a Western Union location near you.