Opening a Bank Account - Be Aware - Information

2flyaway Contributor

178POSTS

12 years ago

Opening a Bank Account in Belize is not as simple as in North America or Europe. As a non-resident or citizen you need to apply to the central bank for permission to open a bank account.

In this application you must:
1. Provide a utility bill to show where you live (and that it is in Belize).
2. Passport (simple)
3. 2 letters of recommendation from your bank(s) in your home country stating general balances, where the money is generated from, and your status with the bank. You can also have a letter from your accountant as a professional person stating similar things.
4. Letter from you stating why you want a bank account.

Once you put your application in, you now get to wait. Supposedly the time to accomplish this is around 1 month. I am still waiting, as it took me a month to get a utility bill. So I don't how long I will be waiting for. I am enrolled in the QRP program. That Belize government program requires that I have a Belize bank account. That does not matter. Even though they thoroughly vet me as a person, and my background for the QRP, it gets done yet again for the bank.

Talking with residents, and citizens having a bank account does not give you access to the money in that account, or money sent to that account. If they believe the amount of money is large (think 3rd world), then you will have to justify to them why you are spending, or receiving this amount of money. When I contracted a company to build a workshop on our property, they delayed them receiving the money until they could prove that they had a legitimate contract for that amount of money to build something. Another couple told me that they had to have the seller of a vehicle come in to support their claim that they were purchasing a car from him.

These are the rules, so just be prepared for them and expect them. Then you will not get frustrated by them. Frustration only bothers you, not the banks.

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Spiceman39 Serial expat

219POSTS

12 years ago

Hi
It never used to be like this. I had account in Barclays in Belmopan since 1990 s.
When Belize bank opened a branch in PG I moved my account to PG. It was easy. They even welcomed it.
Wonder why all these regulations just to start a bank account.
May be some Government may be behind it , possibly for control . No amount of money is enough for any government. It is sad, ordinary law abiding citizens have to go through this mess.

terrific Serial expat

582POSTS

12 years ago

We have filled in all the paperwork and sent it off and heard nothing in 3 weeks.
We had a couple of bank accounts in the 90's but obviously those died long ago, Banks in Belize will write off any account unused for a set period they do not have to find the owner and return any cash in the account. The amounts left in were tiny so we are not worried just wish we had just used them once a year and kept them live.
The reason they put forward for all the red tape these days is the rules invented in the US to prevent money laundering.

1 member reacted to this post

Datasavant Member

23POSTS

12 years ago

Would the same restrictions/red-tape apply to an offshore account?

terrific Serial expat

582POSTS

12 years ago

I don't know we are trying to establish a local account for convenience of paying for work (via our son in country) on the property before moving down on a semi permenant basis.

Spiceman39 Serial expat

219POSTS

12 years ago

I believe US Citizens/Residents have until Dec 2014 to file their foreign accounts (all accounts)
Fine for not filing is $ 10,000 every 30 days.
This may be another attempt to collect more revenue,except after the Beurocrats travel to foreign countries and do their inspection there may not be much revenue left.
Net result may be just a lot of work for US Citizens ,and foreign banks who handle accounts by US Citizens.
Only 2 countries in the world have such a law.

terrific Serial expat

582POSTS

12 years ago

WOW

richthebuilder Member

12POSTS

12 years ago

Atlantic Bank just told me putting cash under your mattress is now considered money laundering...LOL

Spiceman39 Serial expat

219POSTS

12 years ago

#10

That is freedom ! to do what you want to do with the money you earned by your own Hard work !!!
It is unfortunate the big brother everywhere wants to control you (for your own good I am sure).

1 member reacted to this post

billem Active member

31POSTS

12 years ago

#11

I opened a bank account a few years ago, went into local bank in cayo with 2 letters from my banks in the U.S and easy as pie I had a bank account. things must have changed since then.

Mommy2all6 Active member

82POSTS

12 years ago

#12

Are there additional areas where we can read additional info on this:
" US citizens having until Dec 2014" to file accounts.

Thanks so much!

Spiceman39 Serial expat

219POSTS

12 years ago

#13

I found the regulations (FATCA) on IRS webs site. I have it printed out. I could not find where I kept it. As soon asI find it I can post it on this forum.

Kferris Member

24POSTS

12 years ago

#14

Dear Mommy2all6. It is my understanding (since I just completed my US tax return for 2013) that you must declare the existance of any overseas bank accounts on the bottom of Schedule B. (You need merely check a box to avoid the $10,000 fine for not declaring an ownership interest in an overseas account.) If the value of the account exceeds $10,000 USD during the year, there are additional forms that need to be completed. As Spiceman39 suggests, the penalties for not declaring that you have an ownership interest in an overseas account can become quite ownerous if you fail to act. Complete information is available at www.irs.gov.

brucemalinowski Member

3POSTS

12 years ago

#15

WOW;

I am also in QRP program and went to open a bank account. I had befriended a local who told me Friday is the only day to do banking and it is the only day they get anything done. I gave her a ride to Belize Bank where they knew her as she had an account there. She introduced me and I had an account open in 45 minutes.

I have spoken with others who spend 3 plus months opening an account.

2 members reacted to this post

Kferris Member

24POSTS

12 years ago

#16

Brucemalinowski makes a couple of good points. First, it IS easier to open a bank account in Belize if you are already in the QRP program because you have already gathered all of the possible documents (for purposes of QRP application) that a bank is likely to request. Second, I bank in Placencia, but try to avoid (a) Friday when many workers get paid and (b) the lunch hour (11:30 to 1:30) on any day when the local vendors are likely to do their banking. Since there are no designated "commercial account" tellers at my bank (Atlantic Bank), it is not unusual to spend an hour or two standing in line if you happen to get behind a couple of local vendors with bills to pay and checks to deposit.

I certainly wouldn't try to open an account without being there in person. I can't imagine that it would happen given the U.S. and Canadian government concerns about money laundering in Belize. Also be aware that every deposit of $5,000 USD or more receives special attention due to the laundering concerns. Finally, it is best to transfer funds with a wire transfer; funds that are deposited by check from a U.S. bank (not sure about Canadian banks) are often held for 21 days to verify the availability of funds. Wire-transferred funds can be accessed immediately.

1 member reacted to this post

brucemalinowski Member

3POSTS

12 years ago

#17

Once you have opened a bank account for requirements of QRP or some other government agency, you can go a different route with money exchange if the banks are just too frustrating.

My building contractor did not want to paid by check from the Belize band but requested I just give him a US bank check and he could cash it at the builders supply store everyone uses in Dangriga. I was leery and did not do that for the first year.
This month I spoke to another expat who said he was cashing checks there with no problem. Once I was referred by my contractor, I can now go there and write a US bank check and they cash it with no fee at all. This save the wire transfer fee and .8% exchange fee the bank in Belize charges.
It is so much easier and there is no waiting at the bank.
I assume that there are businesses that do this in most large towns.

1 member reacted to this post

mrthin2000 Member

19POSTS

10 years ago

#18

Forgive me if it is a dumb question, but since Belize has Scotiabank, why could I not just open an account here at Scotia Bank and use that for banking there? Is it not the same?

2flyaway Contributor

178POSTS

10 years ago

#19

We investigated exactly that while still in Canada. We too thought that would be the great solution. The Scotia Bank in Canada told us that they would have no advantage in transferring money to Belize Scotia bank than any other bank. Though owned by the Canadian Scotia Bank, banking regulation make them a totally different company.

bmcraig Active member

67POSTS

10 years ago

#20

The advantage we found for using Scotiabank in Belize was that you can transfer Canadian money direct without having to pay exchange fees twice. When we transferred money to another Belize bank, we had to pay to exchange from Canadian to US dollars, then again from US dollars to Belize dollars. Transferring to Scotiabank from any Canadian bank we pay exchange fees once - Canadian dollars to Belize dollars. Also, Scotiabank was the only bank that would accept our cheque written in Canadian dollars. The others required us to write it in US dollars, which again resulted in double exchange fees.

1 member reacted to this post

terrific Serial expat

582POSTS

10 years ago

#21

We are having a few problems wiring funds to Belize bank they gave us all the details of the correspondant bank but it seems our bank Chase won't wire to Belize via Commerz bank as it in Europe, and Bank of Americe ( the previous correspondant bank) Believes that all the Belize banks are closed as that s the information they issued to Chase bank when they bounced a wire last month. Within Belize absolutely happy with service and helpful staff.

Alain N. Member

3POSTS

10 years ago

#22

hi,i saw on a youtube video a CIBC (canadian imperial bank of commerce) branch it was in belize city or belmopan, not sure. .

Alain N. Member

3POSTS

10 years ago

#23

all you need is a us bank account in any bank who has a branch in belize and transfer less then 10 000$ per month but now someone wrote it is down to 5 000 , so check it out with you bank manager.

terrific Serial expat

582POSTS

10 years ago

#24

The present problems are the American banks that were the correspondant banks have pu[[ed out Bank of Ameirca for sure and no bank can wire to aforiegn country without a correspondant bank. There are no actual limits on amounts you can wire when the system is working, through My US bank CHASE it is not working. We had previously had no problems with wire transfers they do ask you to state the reason you are wiring large amounts across, but thats all to do with money laundering. The amounts Quoted are the amounts over which you have to declare cash you are importing when visiting Belize. Presently anything over 10000 Belize dollars.

candle 100yrs New member

9POSTS

10 years ago

#25

Spent four months in Belize last year.we travelled all over Belize.never had any issue with CIBC banks or Scotia bank regarding getting money from our Canadian account.
We used bank machines each time.
As regards to exchange ,where ever you travel for Canadians,first our money transferred to US then known currency.something we have to live with in Canada .

wayne0007 New member

6POSTS

10 years ago

#26

I am a Canadian coming down to Belize for the winter in the San Ignacio area but I am a newbie and need banking advice please

I need to open up a local bank account to access money- now I have a Canadian bank account here but need access I assume to US funds down there- any ideas for me please and thanks?

GuestPoster597 Guest

0POSTS

10 years ago

#27

Before a local bank account can be opened it must be approved by the Central Bank of Belize. Off-shore accounts do not directly have to be approved by the COB because the COB grants the bank due diligence authority where the bank itself will check bank account references, utility records, passports, and employment status. I opened both a domestic and off-shore account at Atlantic Bank and Atlantic International Bank (which is is the same bank, but one handles domestic bank and the other handles offshore banking). I actually got approved to open both accounts while i was back in the States, and was able to complete the process and fund my account when I returned to Belize.
For my domestic account, I was also able to get a debit card from Atlantic Bank, but it only works within Belize.

This is the basic requirement to open a local account (BUT I WOULD CONTACT THE BANK DIRECTLY)

What do I need to open a savings account?
A valid Social Security Card or Passport. A birth certificate is accepted in the case of a child that does not have a Social Security Card or Passport.
Minimum initial deposit of $10.00, $20.00, or $500.00 depending on type of account being opened.
Proof of address (copy of utility bill).
For non-residents, 2 banker’s references from established financial institutions with at least 18 months banking relationship and a valid passport.

dsewell New member

5POSTS

10 years ago

#28

Thank You for the information on opening a bank account. My intent however was to simply find out if there are any fees over and above normal ATM charges for withdrawing funds from an American bank account (Charles Schwab) with a Charles Schwab debit card.?

elgordo42 Active member

35POSTS

10 years ago

#29

@dsewell I used my Schwab Bank "high yield checking" account debit card for a month in Belize this summer. No foreign transaction fee, and they refunded all ATM fees. Not sure about any other types of accounts with them.

dsewell New member

5POSTS

10 years ago

#30

@Elgordo42. Thanks for the info. I see you are in Spokane. I am on the S.W. coast of Wa. close to Westport. I will be heading to Belize the first week in Nov. More or less a "fact finding" mission to determine if I want to go back for the remainder of the winter. Have been doing Hawaii ( Big Island) and Mexico the last few winters but Hawaii is getting old and as I don't do "mainstream" tourist activities the political climate in Mexico has become rather troublesome. I am looking at the Hopkins area as an initial prospect. Any "Do or Don't thoughts you would be willing to share would be appreciated. Thanks!....Dan

elgordo42 Active member

35POSTS

10 years ago

#31

@dsewell If you have enjoyed and gotten along in Mexico, I'm not sure that I can tell you much about Belize does and don'ts. With your experience with foreign culture, it sounds like you will do fine.
I spent 30 days down there, traveled all over, and decided that a riverbank was more to my liking than a seashore. Hopkins is a great little town, if the sea is your thing. I sure enjoyed visiting it for a couple of days.

sittee4 Active member

53POSTS

10 years ago

#32

There are no banks in Hopkins, however there is one ATM (Belize Bank). Just be aware that it sometimes gets broke(n).
There are banks in Dangriga (Scotia, Belize, Heritage) and in Placencia (Scotia, Atlantic) and maybe others.

dsewell New member

5POSTS

10 years ago

#33

@sittee4. Thank You for your response. I don't mind traveling to and from a bank.......just want to know I would be able to complete a transaction with minimum hassle or delay.....Thanks again....Dan