Articles on Belize Belizean Artists and paintings Banks of Belize The Belize Barrier Reef Birds and Birding in Belize Belize Blogs Boat Charters Bookstore Businesses in Belize Belizean Casinos Caving and Cave tubing in Belize Annual Costa Maya Festival Cruise Ships Belize Scuba Diving and Snorkeling Electronic greeting cards with a Belizean flavor Economics of Belize Ambergris Caye Field Guide Fishing in Belize tarpon bonefish Golf carts Belize History Knowledgebase for Belize and Ambergris Caye Hol Chan Marine Reserve Belizean Holidays Belize Resorts, lodging Belize Maps Tour Guides in Belize Belize Message Boards / Forums National Parks and Reserves in Belize Latest Belize News Ambergris Caye Telephonebook /Directory Photographs of Belize Belize Restaurants Real Estate and Realtors in Belize Shopping in Belize Sitemap Snorkeling in Belize Spa / Massage What to do in Belize Belize Tour Guides, Travel Agents Quick Travel Hints Video Volunteers and Volunteering in Belize Belize Weather Forecast and conditions Belize Weddings, Getting married in Belize What's New on the Website Artists in Belize, Belizean Art

Endlessadventure, sun-drenched beaches and full of history, welcome to Belize. Today, more than ever, businesses and vacation travellers alike are discovering the wealth of economic and ecological wonders that Belize has to offer. So, choose Belize as your offshore paradise for banking and e-commerce business, and experience the best of both worlds. Belize is located on the east coast of Central America in the Western Caribbean just below Mexico's Yucatan Peninsula. Its pristine landmass, in addition to mainland rainforest and savannah, includes over 200 islands sprinkled along a spectacular barrier reef (the largest in the western hemisphere). Having been a product of the British Colonial System, Belize enjoys a democratic and stable parliamentary style of Government. Belize remains a member of the English Commonwealth.


Banking and Financial Services in Belize
Belize has three commercial banks based in Belize – Heritage Bank, Belize Bank and Atlantic Bank —. The local banks are small, about the size of a small-town local bank or savings and loan in the U.S. Belize also has several credit unions and small mortgage lending institutions.

Most expats find that banking is a little different in Belize. In most cases, you can’t just sashay in to your local bank office and open an account. You usually will be asked for references, including a letter from your former bank. There is no standard format for this reference letter, but it should state something along these lines: “Mr. Jones is currently a customer of our bank and has maintained a satisfactory banking relationship here since 1985. His savings, time and demand deposit accounts with us current total about US$150,000.” The letter should be on the institution’s letterhead and signed by an officer.

Commercial banks in most cases also require that you have official residency status of some sort before you can open banks (the offshore banks in Belize are just the opposite – you can’t be a citizen or resident and bank there.)

Banking hours are shorter in Belize, typically only until 1 or 2 p.m. most days, and in other cases banks close for lunch. Many bank offices have modern conveniences such as ATM machines.

While bank personnel in Belize are usually very friendly – this is Belize, after all – you can’t always say the same about bank policies, especially for loans. Loan interest rates are high. Even as the U.S. prime rate was at 4%, Belize banks were getting 14% to 18% or more on business loans and even higher on some personal loans. And the hidden fees and charges can add several percentage points to the loan interest.

Here are the basic facts, including contact information for the main offices, about each bank in Belize:

Heritage Bank of Belize is the newest of the commercial banks in Belize. It has offices in Belize City, Big Creek and San Pedro. It is associated with Glenn D. Godfrey who also operates Provident Bank, an offshore bank. Main Office: 106 Princess Margaret Drive, Belize City; tel.: 501-223-6783, fax 223-6785. www.heritageibt.com

Atlantic Bank Ltd. was established in Belize City on August 16th, 1971. Atlantic Bank offers personal and commercial banking services including savings accounts, certificates of deposits, checking accounts, loans, credit cards, point of sales and other financial services. Atlantic Bank has 15 locations country wide with a network of 18 ATMs. Our friendly staff, reliable service and technological advancements make us the leading Bank in Belize.


Belize Bank traces its history back to 1902 when it was founded as the Bank of British Honduras and opened for business in 1903. In 1912, its operations were purchased by the Royal Bank of Canada beginning the second era of operations which lasted until 1987. In April of 1987, the Royal Bank operations were purchased by the Belize Bank – a group of local investors – commencing the third era of Belize’s longest uninterrupted banking operation totaling over 100 years of service to Belize. . Belize Bank prides itself as the largest commercial bank in Belize, with a 37% share of deposits and 41% share of loans in Belize. It has 11 offices around the country — in Corozal Town, Orange Walk Town, Ladyville, Belize City (2), Belmopan City, San Ignacio Town, San Pedro Town, Dangriga Town, Placencia Village and Punta Gorda Town. Belize Bank has assets of more than US$880 million and BZ$147 million in capital reserves. Main office: 60 Market Square, Belize City; tel. 501-227-7132, fax 227-0590; www.belizebank.com.

Belize Bank has eleven offices in Belize; Atlantic, eight; ScotiaBank, six; First Caribbean, four; Alliance Bank, three. Bank offices typically are open 8:30 a.m. to 2:30 p.m. Monday-Thursday and 8 a.m. to 4 p.m. on Friday.



Offshore Banks
In addition to commercial banks in Belize serving local customers, Belize has developed a small but growing community of offshore (or international banks as they like to be called.) banks. These offshore banks were authorized by the Banks and Financial Institutions Act, 1995, and the introduction of the Offshore Banking Act, 1996, and the Money Laundering (Prevention) Act, 1996. By law they cannot serve customers who are citizens of or legal residents of Belize. The 1995 legislation defines an offshore banking as “receiving, borrowing or taking up foreign money exclusively from non-residents at interest or otherwise on current account, savings account, term deposit or other similar account and which according and subject to arrangement is repayable on the check, draft, order, authority or similar instrument of the customer, and investing the foreign money so received by lending, giving credit or otherwise exclusively to non-residents; or carrying on exclusively with non-residents such other activities as are customarily related or ancillary to offshore banking.”

There are two categories of Belize offshore banks: “A” Class - Unrestricted and “B” Class - Restricted.

“A” Class – Unrestricted
The holder of an “A” Class offshore banking license needs to establish, maintain, and operate a business office in Belize. It is permitted to transact offshore banking business through its business office in Belize without restrictions on that business. Annual license fee: US$20,000. Authorized and paid up capital of at least US$3 million must be maintained if the license is for a local company, or US$25 million in the case of a foreign bank.

“B” Class - Restricted
A holder of a “B” Class offshore banking license also needs to establish, maintain, and operate a business office in Belize, but it is limited to transacting only such offshore banking business as is specified in its license. “B” Class offshore banks cannot solicit or accept deposits from the general public, and cannot provide any current deposits or checking accounts to depositors. Annual license fee: US$15,000. Authorized and paid up capital of not less than US $1,000,000 must be maintained if the license is for a local company, or US $15,000,000 in the case of a foreign bank.

Several offshore Class A banks are in operation in Belize. These banks are regulated by the Belize Central Bank, have physical offices in Belize and offer various services including international bankcards and demand, savings and time deposit accounts. Accounts maintained with these banks are not subject to local taxes or exchange control restrictions. International banks tout their privacy for their customers, although if the Belize courts find that funds in the banks are proceeds of crime the banks are required to release the identity of the account owner. Funds are transferred into and out of Belize in foreign currencies with no conversion to Belize dollars taking place. However, these banks are prohibited from doing business with Belize citizens or official residents.


The following is excerpted from Easy Belize! How to Live, Retire Work or Invest in English-Speaking Belize, the Frost-Free Paradise on the Caribbean Coast,By Lan Sluder, www.belizefirst.com. It available for instant download here


Belize’s official currency is the Belize dollar, which for many years has been pegged to the U.S. dollar at a rate of 2 Belize dollars to 1 U.S. dollar. However, moneychangers often give a slightly higher rate than 2 Belize for 1 U.S. dollar, sometimes as much as 2.2 to 1, or even higher, depending on the local demand for American greenbacks.

That brings us to a key fact about Belize and your money: Hard currencies, like the U.S. dollar, Euro and yen, are good. Soft currencies, and the Belize dollar is one of them, are not so good. The Belize dollar is difficult if not impossible to exchange anywhere outside of Belize (except at border areas of Guatemala and Mexico).

For years there has been talk of dollarizing the Belize economy, making the U.S. dollar the official currency of Belize, similar to what El Salvador and Ecuador and, to a degree, Guatemala have done, but so far that talk hasn’t translated into action. There are several possible reasons. For one, the Belize government is reluctant to do away with its Central Bank and surrender so much of its financial control to Uncle Sam. That’s understandable. For another, Belize politicians may think that in a tough economic pinch it’s a lot easier to just print money than to actually earn it. That’s also understandable.

Technically, according to Belize law, only the Central Bank of Belize, or in some cases, or authorized moneychangers, are permitted to deal in foreign currencies including the U.S. dollar. But this rule is widely, almost universally, flaunted in Belize, and businesses routinely take U.S. dollars in payment for goods and services and have been doing so for decades.

In any event, U.S. dollars (bills, not coins) are accepted everywhere in Belize, although you often will receive change in Belizean money, or in a mix of Belizean and U.S. money. Paper-money Belize denominations are the 100-, 50-, 20-, 10-, 5- and 2-dollar bills. Belize coins come in 1-dollar, 50, 25, 10, 5 and 1 Belizean cent units. The 25-cent piece is called a shilling.

All of which brings us to another key fact about your money and Belize: Keep the bulk of your liquid assets out of Belize. You will probably want to open a checking account in Belize to have easy access to spending money and for handling routine local transactions, such as paying your Belize telephone or electric bill. And if you are in Belize under the Qualified Retired Persons Incentive Program (see previous chapter), you are required to deposit money (usually US$24,000 a year) in a Belize bank. But the savvy expat will maintain a banking relationship in the U.S. or similar country, with the bulk of your demand and deposit cash accounts there. You can then transfer funds by wire or other means to your account in Belize, as needed.

The U.S. Embassy in Belize provides this summary of currency regulations in Belize:

Under the Exchange Control Regulations (Chapter 43 of the Laws of Belize - 1980), only the Central Bank of Belize and authorized dealers/depositories (i.e., commercial banks and Casas de Cambio) may deal in foreign currencies. Prospective investors should note that in order to eliminate the black market for U.S. dollars specifically and to remedy the growing foreign exchange shortage generally, the government introduced on April 15, 2002, “Casas de Cambio.” The statutory instrument amending Belize’s Exchange Control Regulations define “Casa de Cambio” as “an enterprise in the course of which a person buys from, or sells to, other persons any foreign currency.”

In order to pay for goods and services procured outside of Belize in a foreign currency, a foreign exchange permit must be obtained from an authorized dealer or directly from the Central Bank of Belize.

The permission of the Central Bank of Belize is also required to secure a loan from outside Belize that involves a foreign currency, and also to service repayment of foreign debt. According to the Belize Investment Guide, “the necessary approvals can be easily secured in the case of genuine, approved enterprises.”

Foreign investors are required to register any investments made in Belize with the Central Bank in order to facilitate the repatriation of profits, dividends, etc. Officially, no person, other than authorized dealers and authorized depositories, may retain any foreign currency in their possession without the consent of the Central Bank of Belize. In practice, however, many local businesses accept payment in U.S. currency.

Foreign exchange controls can be summarized by the following rules and guidelines:

Residents and non-residents need permission to buy foreign currency for whatever purpose;

Authorized dealers (i.e., commercial banks) are allowed to sell foreign currency up to US$2,500 for private travel and up to US$10,000 for business travel per calendar year; requests in excess of these amounts must be approved by the Central Bank of Belize;

Exporters are required to register their exports with the Central Bank, guaranteeing delivery of their foreign exchange earnings;

Authorized dealers may authorize payments for imports, where goods are paid for through letters of credit or bank collection. They may also authorize payments for imports against copies of invoices and customs entries, where the documents show that the goods were obtained on credit;

Belizean residents, who wish to borrow abroad and where debt service will be in hard currencies, must apply to the Central Bank of Belize for permission to do so.

Related Links:



Banking and Financial Services in Belize


button Home button Island button Community button History button Visitor Center button Goods & Services button Search button Forum button Contact Us button

Print Friendly Version of this pagePrint Get a PDF version of this webpagePDF Get an Email version of this webpageEmail

Copyright by Casado Internet Group, Belize