The 60-second version
Montserrat bank exit needs zero balance NOC, XCD SWIFT to NRE, and Schedule FA for last FY before India tax residency.
Montserrat uses XCD — wire to NRE before closing UK or US parallel account
Bank of Montserrat / Scotia Montserrat serve Brades tourism and finance payroll — obtain written closure after final credit.
XCD SWIFT to NRE needs FEMA Form A2 at Indian AD bank — retain FIRC for seven years.
Caribbean lane: tax residency guide for Montserrat neighbour exit.
Montserrat bank wind-down
| Bank | Currency | Step |
|---|---|---|
| Bank of Montserrat | XCD | Written closure |
| Scotia Montserrat | XCD | Zero balance |
| Correspondent | XCD | SWIFT trail |
| NRE | INR/USD | FIRC receipt |
Closure
Stop debits
Cancel cards.
Final payroll
Wait for credit.
XCD wire
SWIFT to NRE.
Closure NOC
Zero balance letter.
Schedule FA
Last FY account.
Flow
Montserrat bank kit
- Passport.
- Account stmt.
- Closure NOC.
- SWIFT.
- Tax clearance.
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USD peg
Montserrat settles in XCD — no local FX conversion needed on outbound wire.
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FBAR?
US person — FinCEN 114 if aggregate > USD 10K.
Schedule FA?
Declare in last FY you held foreign account.
Brokerage?
Close custody before linked bank if held.
UK parallel?
UK return guide if you also held London account.
TCS inbound?
Large SWIFT may attract TCS at AD bank.
Retention?
Keep NOC and SWIFT 7 years Indian + 10 years US/UK.
Your NRE account redesignation has a deadline.
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