Oceanminded1
2/14/2017 16:38 EST
I will be attempting to open a simple international checking account from distance this week. Recommendations for best bank options in 2017?
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toddwinston
2/14/2017 17:42 EST
I would be very interested to learn from your experience in doing this.
I will be needing to open an account as well.
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mgammo
2/14/2017 18:35 EST
I bank with The Atlantic bank. I have always been pleased with their service. You may check into Scotia Bank. I believe routing money back up here if need be is a better option through them. To my understanding, one has to get permission from the central bank in Belize City to say route funds back up from the Corozal branch of the Atlantic...
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Oceanminded1
2/15/2017 04:46 EST
Im with you TW. Do you have a top choice? This will be a 1st for me and my mother oversees.
After my research im leaning toward caye international. But im not sold yet.
Thx gammo. I read on some negative things on atlantic, but nothing that would.push me away. One thing i have to consider is although im american resident for decades i am a french citizen and my 1st deposit will be a wire from a french bank ( french father passed away) so i will need a bank that will accept euros and hopefully has soft policys regarding fatca.
Gammo do you know Atlantic's policys on fatca and reporting your account info to irs? And extra fees you must pay?
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Mikxx
2/15/2017 07:26 EST
If you need a EUR account I only know of Heritage Bank. Even Atlantic International only has USD.
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bobbyveee
2/15/2017 08:28 EST
Yes only Heritage will do euros, and as far as i know any American opening a bank account will fill in fatca, if your going to do it in your name with a french passport you should have to.
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toddwinston
2/15/2017 08:58 EST
…in regards to euros… might be easier to open an fx account in the US and then sell your euros for USD before sending it to a Belize bank.
When I was down last time in Corozal I went to open an account at Scotia (because I am Canadian and have a Scotia account here)…. I found out there is not much real affiliation and they wanted a stack of paper work just to deposit some money. Todd
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mgammo
2/15/2017 09:10 EST
No, I'm sorry I am not up to speed on that. I am not down there currently...
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Mikxx
2/15/2017 09:32 EST
Well the banking is a real problem due to the ridiculous fees.
If I take out cash at Atlantic International they charge me 2%. So 10 USD for 500 USD.
It s cheaper to use my overseas credit card which I pay in full.
Than I only have to pay the ATM fee and can take out 1000 BZD with one transaction. That ends up paying 8 BZD for 1000 BZD. Plus I save the international wire fees.
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Oceanminded1
2/15/2017 09:33 EST
Wow...international Bank and doesnt accept other foreign currency? I thought they would all work with most major currencies.
I will look into heritage.
Nobody using caye international or have any knowledge of them?
Appreciate the help everyone.
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bobbyveee
2/15/2017 09:39 EST
I wouldnt bring any money into Belize, deposit your money in a US bank and us an ATM card bring dollars with you allowance was $5k per person but can be more if you declare and have a reason, i would steer clear of all Belize banks at the moment
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bobbyveee
2/15/2017 11:21 EST
Its getting harger and harder to take money out of Belize, dont thange ant of your money into Belize dollars , just use ATM to withdraw as you need or pay in USD
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terrific
2/15/2017 14:25 EST
I have a Belize Scotiabank account I don't know about euros but they do accept sterling as we have wired into Belize money from both UK and US banks with no problem. To open any local bank account you have to go through Central bank and it can take several weeks. The central bank can also so decline your application. Also there are no Belize banks that are 'soft' on FATCA, That has been the big problem for the Belize banking system. The US banks mainly just puled out of the smaller countries because they did not want to deal with the regulations at the US end.
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terrific
2/15/2017 14:26 EST
I have a Belize Scotiabank account I don't know about euros but they do accept sterling as we have wired into Belize money from both UK and US banks with no problem. To open any local bank account you have to go through Central bank and it can take several weeks. The central bank can also so decline your application. Also there are no Belize banks that are 'soft' on FATCA, That has been the big problem for the Belize banking system. The US banks mainly just puled out of the smaller countries because they did not want to deal with the regulations at the US end.
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belizelenny
2/15/2017 16:45 EST
You will not be able to do it remotely. You need to come in and even that will only get you started. The US regs have put Belize Banks in a real quandary.
Passport, Bank reference letters, utility bills where you live now) are just the beginning.
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belizelenny
2/15/2017 16:46 EST
I did and continue use all Banks with the exception of Scotia. They are hard to move money into if you are building a home.
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OutaHereIn2017
2/15/2017 23:01 EST
I would prefer a credit union to a bank. Doubly so after the banking regulations in the U.S. get shredded, which should be happening any day now. There are at least two credit unions in Belize to choose from.
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terrific
2/16/2017 00:48 EST
You think if they shred the regulations the US banks are going to bother with replacing the systems for the small fry that is Belize.
I think the big US banks heaved a huge sigh of relief that they could get rid of these little banks in little countries that were not that profitable, and blame it on government regulations, so as not to be seen as the uncaring profit chasing businesses they are. OK i admit banks not a favorite of mine.
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Oceanminded1
2/16/2017 01:20 EST
To Lenny and and anyone down there. Im getting an offer by a seemingly legit and organized company in belize called Georgetown Trust... to set up my account for me and dont have to be present at all. 525usd fee. Anyone heard of this business??
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bobbyveee
2/16/2017 08:36 EST
Hi. Belize on paper and shortly real time is broke. and getting money out of the country could be really difficult. Be very careful of any unknown organisations offering financial services, more scams than hot breakfasts, but if you want to do your own thing and lose your hard earned money feel free, id take the advice of people whob are using the banking system down here. Good luck
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bobbyveee
2/16/2017 08:41 EST
We banked with atlantic bank for paying certain local bills like house insurance, we had an account at atlantic international for any ourside Belize transactions and we had access to a 'private' bank that changed our US cheques at a rate better than 2 to 1 , but you need to get invited to join such banks.
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Sandansea
2/16/2017 10:38 EST
Until you have some sort of status it is not possible to open a local account. Your best bet is to open an international account with Atlantic International Bank in St Ignacio or Belize City.
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gringoslow
2/16/2017 19:26 EST
lenny, could you please elaborate on this?
"They (banks) are hard to move money into if you are building a home."
why specifically if you are building a home? just because it requires moving a large amount of money?
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Oceanminded1
2/16/2017 20:24 EST
Outa here--i would also prefer local credit union i jusy.dont think they are international banks and so they wouldn't accept a wire transfer from france.
How.come nobody has mentioned Caye International??? Seems like a great option.
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bradinbelize
2/17/2017 10:07 EST
OCEAN:
DO NOT open an account without coming to Belize. You are required by Central Bank of Belize to get approval, bring reference letters (2, one from your bank and another from a Dr. or Atty, etc.) a valid Passport and it takes time.
You will be required to fill out FATCA paperwork for Uncle Sam (I can go into detail if you don't know how that works) and unless you do a USD based account (the ONLY real option if you have a sizable amount of funds), everything is converted to BZD and once that happens you can only take it back out of the bank in BZD, so if something ever did happen to Belize economy your funds are at risk.
You want a USD account - goes in as USD, comes out as USD. The only place I know that does that in Belize currently is Atlantic International Bank (different from Atlantic Bank, but affiliated).
SOMEONE ABOVE Said this (and they are correct). I hope I added some info for you.
Check with Atlantic International on Euros. If not an option, convert Euros to the US, then USD to Atlantic International, or open a NEVIS account if you need more privacy and protection
2/15/2017 16:45 EST
You will not be able to do it remotely. You need to come in and even that will only get you started. The US regs have put Belize Banks in a real quandary.
Passport, Bank reference letters, utility bills where you live now) are just the beginning.
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Mikxx
2/17/2017 12:14 EST
Atlantic International is USD ONLY. If you need EUR account only option I know of is Heritage Bank.
If you are tired of dealing with the banks I recommend to use a lawyer to open the accounts.
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bobbyveee
2/17/2017 15:00 EST
One major consideration, Belize holds reserves of $315million, it must stay above $300 mil. it owes atleast $100mil a big chunk due on Monday, it the reserves drop below $300mil, by international law the Belize $ will be devalued, so anyone holding large deposits of $bz will lose out big time on repatriation to USD this could happen very soon, the prime minister is in NY trying to negotiate, but stands little chance
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Oceanminded1
2/17/2017 16:50 EST
Thanks BRAD for the good info. I think you are right to go there and handle this.
Although now I'm considering a whole different country to bank in after reading so much negative news on belize banking. Sound difficult to get funds out once in.
Fatca seems like its making it pointless to bank oversees.
Im thinking heritage bank and keeping a euro account if possible and no fatca filing.
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