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#278621 - 04/29/08 02:51 PM Belize Bank - New Procedure
Loansum-Al K Offline
For those of you that maintain a bank account at Belize Bank they have apparently implemented new procedures regarding incoming wire transfers. Since we were going to be spending six weeks at our condo, I wired funds from my US bank to my Belize Bank account. The wire arrived on March 19th. All was fine until I went online yesterday to pay our BEL bill and found out that they put an "indefinite" hold on those funds, which by the way are guaranteed. I immediately contacted Belize Bank by email and was given the following response:

"Good Afternoon, The Belize Bank Limited San Pedro Branch would like to advise you that they will need to know from you the following information: the nature and source of funds and purpose of transaction for their due diligence. They also need to know from you if there will be more wire transfers of large amounts coming in, so that we can have enough information to release funds. We would appreciate it if in the future you inform us before hand of such transfers and the purpose of same as this is now a requirement."

In my opinion this is just short of confiscation!
I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!

#278631 - 04/29/08 04:24 PM Re: Belize Bank - New Procedure [Re: Loansum-Al K]
JZB Offline
For all deposits of BZ$10k or more the bank needs to know where the money is coming from. This is for all banks.

Pretty crummy of them not to notify you as soon as the money arrived tho.

#278634 - 04/29/08 04:42 PM Re: Belize Bank - New Procedure [Re: JZB]
Amanda Syme Offline
That is standard procedure with all of the banks I am afraid. Yes they can legally hold your money hostage. And then make sure you don't "overdraw" on the funds that you think you have available because you will be penalized, even though the bank will "honour" the draws you are then charged interest or fees because your funds were not actually available. Drives us all crazy, all of the time.

Apparently it is in the small print.

#278636 - 04/29/08 05:04 PM Re: Belize Bank - New Procedure [Re: JZB]
Loansum-Al K Offline
From their message, it sounds like a new requirement.......twice last year I wired over $25,000 BZE to my account without any problems.....no holds, no questions asked.
I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!

#278653 - 04/29/08 08:00 PM Re: Belize Bank - New Procedure [Re: Loansum-Al K]
It's recent but it comes from government, not Belize Bank or any other bank. I've brought massive amounts into the country in the past with no questions, but I had a problem with a relatively small amount recently. They did at least tell me at the time though.

#278715 - 04/30/08 11:40 AM Re: Belize Bank - New Procedure [Re: ]
Loansum-Al K Offline
They waited over a month to put a hold on the funds without any notification whatsoever.
I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!

#278727 - 04/30/08 12:51 PM Re: Belize Bank - New Procedure [Re: Loansum-Al K]
Belize-N-Us Offline
Not a recent change. Same goes when you bring a lot of cash as I discovered about 6 months ago. They want proof of income in order to make sure your not a drug dealer or something similar.

Future full time Belizeans
Tommy & Sonia Blackledge
Magee, MS 601-849-1918

#279099 - 05/02/08 06:49 PM Re: Belize Bank - New Procedure [Re: Belize-N-Us]
Aviator Offline
This is a requrement that was implemented worldwide in January of this year. We wire money at least three times a month to literally dozens of banks around the world but mostly to the US. We ran into the same problem on January 5th of this year with our first wire to Spain and then 2 days later with a wire to the US.

Once you have established the necessary requirements that prevent "money laundering" you will have no more problems. This, of course depends on the corporate play book of the financial institutions that you deal with.

These relatively new regulations are not instigated by local banks but are now international regulations; that were, by the by, initiated through the the US Homeland Security Department in conjunction with the European Union.


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