Bank Account in
Belize Corporate or Private account
About Belize
Belize
is an independent country, located on the east coast of Central America in the
Western Caribbean just below Mexico’s Yucatan Peninsula and east of Guatemala.
Less than two hours by air from several major US gateways, its proximity to the
United States, Latin America and the Caribbean makes it an attractive investment
jurisdiction.
Diversity
It is
approximately 8,865 square miles in size and has an ethnically diverse and
well-educated population of around 265,000 comprising of Creoles
(African-European), Garinagus (Caribs), Mestizos (Spanish-Indian), Maya,
Orientals and Europeans. The climate is subtropical with a comfortable average
annual temperature of 80 degrees Fahrenheit. English is the official language
and is widely spoken, as is Spanish, Maya, Garifuna and Creole.
English
Speaking, Modern & Flexible Legislation
As a
former British colony and a member of Commonwealth, Belize has a long history of
peace, stability and democracy. Led by a government fully committed to the
ongoing development of the country as a leading financial jurisdiction for
financial and other services, Belize is seen as a window of investment
opportunity with a competitive advantage. Its reputable jurisdiction
supplemented by modern and flexible local legislation, over the last decade, has
aimed and encouraged the sectors of e-commerce and international banking to
rapidly grow. Notably, Belize is positioned among the few full-service financial
centers in Central America that offers legislation in providing a range of
sophisticated financial vehicles and products such as Mutual Funds, Trusts,
International Insurance, Limited Duration Companies, Limited Liability
Partnerships, International Banks and more.
Stable
International Financial Centre
Known
for its peaceful, stable and democratic environment, Belize is strategically
poised in offering investment opportunities, banking and e-commerce business to
the international investor and wider community. It is also the perfect vacation
destination spot and offers endless excitement and awe-inspiring scenery of its
pristine landmass, mainland rainforest, Mayan temples and savannah including
over 200 islands sprinkled along a spectacular barrier reef which is the longest
in the Western Hemisphere.
Frequently Asked Questions
1. Is there any
monthly maintenance fee for my new account?
US
Dollar Accounts do not carry any monthly maintenance fee. However, the checking
account must maintain a monthly minimum balance of $3,000.00 to avoid a low
balance fee of $10.00. Should the balance fall below $1,000 the fee is a total
of $25.00 monthly. The same applies for our Saving Accounts – Regular Saving and
Premium Saving. Should the balance fall below the minimum monthly balance of
$500.00 and $5,000.00 respectively the account is levied a fee of $25.00
monthly.
Foreign
currency accounts – Canadian, Euro and Pounds Sterling carry a monthly
maintenance fee of $15.00 in the respective currency.
2. How do I make
deposits to my account?
Deposits can be made by forwarding a wire transfer (using wiring instruction
which is enclosed in the welcome kit; simply insert your account number in the
section “For Further credit to”), cashier’s check or personal/corporate check.
3. Do I get a
debit card for my new account?
No,
Bank not offer debit card against their accounts. However, Bank offer an
alternative prepaid card known as the Visa Travel Money Card. The Visa Travel
Money Card is purchased with a specific limit (minimum being $500.00 and maximum
being $10,000) and once the funds are depleted the card can be reloaded with
funds from your bank account. The card has both ATM and point of sale
capabilities and therefore can be used worldwide where Visa is accepted. Please
bear in mind that the card cannot be used to make internet purchases.
4. When sending a
check for deposit who should the check be made payable to?
Checks
can be made payable in either the name of your account or Bank.
5. How do I
withdraw money from my account?
Money
can be withdrawn from your account by forwarding written instructions via email,
online banking, or fax. The instruction should include your account name,
number, personal identification code, amount of withdrawal, and how the funds
should be forwarded via wire transfer or international draft.
6. What is the
annual rate of interest paid on my checking account?
The
checking account earns an annual interest of 0.75%. Daily balances less than
$3,000.00 earn no interest. Interest is accrued and paid into the account at
the end of the month.
7. What is the
annual rate of interest paid on my Regular Saving Account?
The
Regular Saving Account earns an annual interest of 1.75% on the minimum balance
per month no less than $500.00, and is credited to the account at the end of the
month.
8. What is the
annual rate of interest paid on the Premium Saving Account?
The
Premium Saving Account earns an annual interest of 2.25% on the minimum balance
per month no less than $5,000.00, and is credited to the account at the end of
the month.
9. Can I maintain
more than one type of account?
Yes,
clients can maintain more than one type of account. Clients are allowed to
maintain checking accounts in all four currencies – US Dollar, Canadian, Euro
and Pounds Sterling as well as a Saving Account.
10. How do I apply for
a credit card account?
Simply
complete the credit card application and return to the Bank. Credit cards are
150% cash secured and in order for Bank to issue the card the 150% cash security
must be available in your bank account.
11. How do I apply for
a Visa Travel Money Card?
Complete the application and return to Bank via email, fax or postal
mail. Again, the funds to load the card must be available in your bank account
in order for us to issue the card.
12. How long does it
take to issue a Credit Card or a Visa Travel Money Card?
It
takes approximately 3 - 4 days to approve and issue the cards.
13. How will the
Credit Card or the Visa Travel Money Card be sent to me?
The
cards are sent via Federal Express and your account is debited for the cost. For
security reasons the PIN will follow via postal mail or can also be couriered
upon request.
14. Is my personal
information and banking business kept confidential?
Information on accounts is held in strict privacy. However, should the Courts of
Belize decide that any depositors’ fund is the proceeds of crime, Bank will be
bound by law to release the source of the funds.
15. Are funds
deposited into my account taxed or converted to Belizean currency?
Accounts maintained with Bank are not subjected to any local taxes or exchange
control restrictions. Funds are transferred freely into and out of Belize in
foreign currencies with no conversion to Belize Dollars.
16. Do I get a
checkbook with my new account?
Checkbooks are issued upon request. However, please be aware that because Bank
are an international bank they are not a member of the Federal Clearing System
and therefore any check issued by clients can only be negotiated at their
counter in Belize on a collection basis. This means that if you were to pay
someone using a check drawn on your account with the Bank the check would need
to be sent to Belize to be cleared at the expense of the payee. This process
takes approximately 7 – 10 business days and is expensive. It is recommended
that an international draft is requested instead of issuing a check drawn on
your bank account with the Bank. The international draft would be drawn on one
of our correspondent banks in the United States of America and can be negotiated
easily.
17. Does the bank
offer any type of investment?
The
only type of investment offered is Certificate of Deposits. A
Certificate of Deposit can be established with a minimum of $25,000.00. Bank
offer competitive rates and terms can range from one month to one year. Rates
are negotiable depending on the amount and are comparative with rate of interest
paid by United States banks.
18. Does Bank have any
branches in the United States?
No, Bank do not have any branches in the United States. Their only
office is located in Belize City, Belize.
19. Does the bank
offer insurance for deposits?
No, Bank do not offer insurance on customers’ deposits. As a matter
of information, no bank in Belize offers insurance on depositors’ funds. The
bank is regulated by the Central Bank of Belize which sets a liquidity
requirement of 24% and a capital adequacy ratio of 9%. The bank has always
maintained and in some instances exceeded the requirements set by the Central
Bank of Belize
Schedule of Fees & Services
Wire Transfers
Payment to a beneficiary at a US
Bank US $60.00
Payment to a beneficiary outside
the US US $75.00
Incoming funds transfers -
domestic US $10.00
Incoming funds transfers - foreign
US $10.00
Issuance of check to a domestic
beneficiary US $10.00
Bankers/Cashier’s Check US $10.00
Tracing US $15.00
International Collections Service
Documentary 1/2% of value or US $
350
Check collection - under US $5,000
(plus out of pocket) US $ 50.00 + courier charges any amount
Check collection – US $5,000 or
more (plus out of pocket) US $ 100.00 + courier charges any amount
Availability of funds for cheque
items deposited 20 business days for checks drawn within the United States,
United Kingdom and Canada. Cheques drawn outside these
jurisdictions will be sent on
collection with customer’s authority and value given when
payment received (an average of
four to six weeks)
Deposit Accounts
Monthly maintenance of account US
$10.00 below DDA US $3,000 balance
An additional US $ 15.00 below DDA
US $1,000 balance US $25.00 below Regular Savings US $500 balance US $25.00
below Premium Savings US$5,000 balance
Non-US DDA Accounts are charged
15.00 monthly in the currency of the account
Dormant account - no activity for
18 months US $20.00 annually Inactive account - no activity for 12 months US
$10.00 annually
Hold statements US $25.00 annually
Non-sufficient funds (per item) US
$20.00 + correspondent bank charges
Uncollected funds (per item) US
$20.00 + correspondent bank charges
Deposited checks
returned unpaid (per item) US $20.00 + correspondent bank charges
Stop payments US
$25.00 + correspondent bank charges
Interest on overdraft
balance (Unauthorized overdraft) 24% (minimum US $25.00)
Internal transfer
(per occurrence) US $5.00
Account research (per
hour) US $20.00
Investigations (per
tracer plus out of pocket) US $15.00
Copy of statement or
items/snapshot statement US $5.00
Account closed within
three months of opening US $ 75.00
Account closed within
six months of opening US $ 50.00
Deposited Funds
withdrawn before 30 days 1/8% on amount withdrawn
Reference letter
(each) US $25.00
Letters of Credit
Establishment: 1%- for first three months, thereafter 1/4% per month
Negotiations: 1%
Amendment: other than value or term US $15.00
Bank Guarantee/Bonds
Standby Letters of Credit 2% per annum on first US $100,000.00 presented,
thereafter subject to negotiation
Telephone/Facsimile
charges The Bank reserves the right to recover any
costs incurred on
behalf of the customer.
Courier Charges
Courier’s charge plus US $10.00 handling fees
Internet Banking
Account access US
$10.00 per user
Other
Bill payment -
Standing Orders US $10.00 monthly
Forged checks none
Check books issued
none
Interest on
uncollected balance none
Re-deposited items
(per item) none
Deposit correction
(per occurrence) none
Balance Inquiry none
This Schedule of Fees
and Services is not binding to the Bank.
Banking
Requirements to Open a Personal/Corporate Account
Complete and sign application forms and provide the documentation/requirements
necessary to establish your account.
Requirements
1.
References - An original reference is required on the beneficial owner,
director/s, and signatories to the account. References from a bank (preferred),
a practicing attorney or a certified accountant are acceptable.
References should be recent, prepared on the entity’s official stationery and
should indicate the following: a period of relationship for at least (2) years;
type of relationship conducted; status of relationship
2.
Photo Identification - A clear notarized copy of a current passport is
required
3.
Confirmation of Address - If a Personal Account – complete residential
address of account holder
If a
Corporate Account – complete address of controlling office
4.
Copy of a utility bill
Company Documents
In
addition to the above, the following are required:
1.
Certificate of Incorporation
2.
Articles and Memorandum of Association or By-Laws
3.
Certificate of Good Standing (if company exists for more than (1) year)
4.
Subscribers appointment of the company’s director/s
5.
Letter of Undertaking (applicable in the case of bearer shares - stating if
the ownership of the shares changes, the Bank will be informed in keeping with
its obligation to know its clients)
6.
Certificate of Shareholders/Subscribers
Note:
If the company is not registered in Belize, all corporate documents should be
certified and translated to English where necessary.
Initial Deposit
The minimum deposit
required to open an account is US$1,000.00, or its equivalent.
(Please note that
Bank will only accept cash deposits up to a maximum of US$10,000.00 per deposit
or a maximum of
US$50,000.00 in a
calendar year.)
