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#369083 - 02/28/10 06:49 PM Opening a Bank Account on AC
arusha1 Offline
Hi, We recently bought a place on AC and need to open a Bank
Account for rental deposits, play money etc. Any thoughts on which bank to use and if deposits are made in Belizean $ can we make withdrawals in USD and avoid a service charge.

#369088 - 02/28/10 07:24 PM Re: Opening a Bank Account on AC [Re: arusha1]
ausha1, I can answer some of your questions.

We use Atlantic Bank, Nice people and we can transfer $$ online, pay some Belize bills, etc.

Note: Very Important - You will need a letter (maybe 2 letters for some Belize banks) from your US bank stating you have an account and are in good standing with the US bank, in order to open a Belize bank account. (Check with the bank to find out exactly what they require)
FYI, My Belize bank called my bank here in the states to verify the letter was written by them.

Shop around and see what bank fits your situation, plenty of banks in San Pedro.

Deposits are recorded in Belize $$ even if you deposit US $$.

I am not sure how you withdraw US $$ without any service charge
because we have managed to pretty much spend most of the money we deposit in our bank so no need to weigh us down on the return trips back to the US.
Besides it leaves more room in our suitcase for One Barrel Rum.

I hope this helps OR you are welcome to deposit as much $$$ as you want into our Belize account No charge (No Withdrawal) wink

#369090 - 02/28/10 07:55 PM Re: Opening a Bank Account on AC [Re: 2MILESNORTHOFCUT]
arusha1 Offline
Thanks for the info. and I'll have to think about using your
account for deposits but if I do what is that acct.# ha ha

#369123 - 03/01/10 10:58 AM Re: Opening a Bank Account on AC [Re: arusha1]
Phil Offline
I don't think you will be able to withdraw US$ when depositing Bz$ at all - let alone without a Service Charge. You can open US$ accounts and then get US$ either as an offshore company if you're not Belizean residents, or locally with some restrictions. I suggest you talk to all the major local banks and some of the offshore experts/banks too.

#369127 - 03/01/10 11:10 AM Re: Opening a Bank Account on AC [Re: Phil]
champion Offline
Its also my belief you can't withdraw US funds in a Belize Bank accout which is set up for Belize funds. You will need the offshore account within that same bank. We opened our accout at Atlantic Bank also, and the last trip down 3 weeks ago, I brought the letter of introduction for my wife to be put on the account. When We first opened the account, the letters I brought did not have her name specific on them and ergo she could not be part of the account. Also, a word of note, You must have at least 1 transaction within a calander year or the account goes dormant. I was told to reinstate the account, I hand to make three transactions to get it jumped started (deposits) I only had time to make the first before we left and now I must send them some money via snail mail on the last two.
Reality is only an illusion that occurs due to a lack of alcohol

#369153 - 03/01/10 01:57 PM Re: Opening a Bank Account on AC [Re: champion]
elbert Offline
Offshore accounts have a big ticket to set up and annual fees that make it impractical for some uses. Just go Belize money normal account, I'm sure your gona find its easy to spend down here if you own a place.
The Dive Shops Daily Blog

#369154 - 03/01/10 02:02 PM Re: Opening a Bank Account on AC [Re: elbert]
TravelinMan1 Offline
Should your rental income exceed your local spending and you still want access I would suggest setting up an international Visa card on the account which would allow you to spend money in the US or Canada and then simply pay the bill in Belize dollars. There will be a small service charge but it is well worth it. I would suggest Atlantic Bank and simply get a regular checking account.

#369156 - 03/01/10 02:24 PM Re: Opening a Bank Account on AC [Re: TravelinMan1]
elbert Offline
Thats a great idea.
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