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#491190 - 05/21/14 02:54 PM Belizean Bank Loses Its USD Correspondent Bank?  
Joined: Oct 2010
Posts: 39
OttoGear Offline
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OttoGear  Offline
There is a Belizean bank that has been rumored to have lost its USD correspondent bank which means hundreds are not able to get their money out of the bank.

Anyone know which bank recently had these problems and if they fixed them by getting another correspondent bank?

Thanks, Otto

#491227 - 05/22/14 08:19 AM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: OttoGear]  
Joined: Jun 2012
Posts: 391
Nobody You Know Offline
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Nobody You Know  Offline
The main reason a bank would lose it's US correspondent bank relationship is FATCA non-compliance.Though I have no first hand knowledge I find it highly unlikely that any of the major Belizean banks are not complying and have jeopardized their US banking relationships...

#491603 - 05/29/14 06:41 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: OttoGear]  
Joined: Dec 2009
Posts: 111
Agavegirl Offline
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Agavegirl  Offline
Received yesterday from accounting at my Condo:

This update is to inform you of recent changes in U.S. and Belizean banking regulations. Effective immediately, we are no longer permitted to operate with our U.S. bank account since we are a Belizean company with our operations in Belize. We were recently informed by our bank of this change in banking regulations, and since they need to comply with the new regulations, they are requiring us to comply immediately. This means that, until further notice, we are no longer able to provide US dollar disbursements (check or wire transfer). We are looking into the issue further and exploring alternatives so we can restructure some of our operations related to U.S. dollars and potentially provide this U.S.

funds disbursement service to you again in the future. We will provide you updates as they develop.



Currently most owners receive their disbursements in Belize dollars. So for most, nothing has changed. If you have a local (Belize) account we can still process a local (Belize) deposit into that account. Or next time you visit Belize, we can issue you a local check that can be cashed and exchanged into U.S. dollars.



We realize this is not convenient for some of you - and it has also presented us with a challenge since we pay many of our travel agents and wholesalers in U.S. dollars. We also do significant purchasing in U.S.

dollars. Nonetheless, we're working hard to adapt quickly and still continue business as usual. This should have no effect on reservations nor any impact on the guest experience. Please bear with us as we make this change.

#491605 - 05/29/14 07:18 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: OttoGear]  
Joined: Apr 2010
Posts: 234
reefenit Offline
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reefenit  Offline
greedy people........I should have gone into banking in stead of an environmentalist. "Change the world". Eric Clapton...................John Lennon"imagine" Then what? I think Bob Marley said "I give you more to receive you less" Go bankers, build bunkers.....Hurricanes coming.... just venting. hope everyone gets there check cashed in whatever form it needs to be in.........


Namiste/Have a blessed day
#491606 - 05/29/14 07:20 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: Agavegirl]  
Joined: Jan 2007
Posts: 395
beachbumin Offline
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beachbumin  Offline
Originally Posted by Agavegirl
Received yesterday from accounting at my Condo:

This update is to inform you of recent changes in U.S. and Belizean banking regulations.


Can you clarify who you received this from? Was this from a bank or financial institution?

#491607 - 05/29/14 07:40 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: beachbumin]  
Joined: Oct 2001
Posts: 5,680
Diane Campbell Offline
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Diane Campbell  Offline
Originally Posted by beachbumin
Originally Posted by Agavegirl
Received yesterday from accounting at my Condo:

This update is to inform you of recent changes in U.S. and Belizean banking regulations.


Can you clarify who you received this from? Was this from a bank or financial institution?


If I read it correctly, this is from the accounting dept of a management company at a condo. It's long been the "rule" that a Belizean-based company cannot be also "offshore" (as in banking offshore). Some banks have ignored this rule and now are conforming. Ergo - the Belizean company has to close its USD account at a Belizean offshore bank. The Belize company in question should be able to open a USD account elsewhere if they are willing to provide endless stacks of paper and exercise a bit of patience.
Whilst I hate this whole witch-hunt for money thing going on, the posting here is not a shocking event and seems unrelated to the original topic about correspondent banks.


#491608 - 05/29/14 08:12 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: Diane Campbell]  
Joined: Dec 2009
Posts: 111
Agavegirl Offline
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Agavegirl  Offline
Thank you. I was wondering if it was related is all.

#491610 - 05/29/14 09:09 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: OttoGear]  
Joined: Jan 2003
Posts: 7,425
SimonB Offline
SimonB  Offline
"greedy people........I should have gone into banking in stead of an environmentalist." Has nothing to do with the banks, world over they would love to go back a decade. It's the US government you need to point the finger at.

#491989 - 06/06/14 03:20 PM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: OttoGear]  
Joined: Jan 2003
Posts: 7,425
SimonB Offline
SimonB  Offline
Breaking News: US Expats in Mexico Left Stranded In Latest FATCA Escalation

http://dollarvigilante.com/blog/201...n-mexico-left-stranded-in-latest-fa.html

#491997 - 06/07/14 05:14 AM Re: Belizean Bank Loses Its USD Correspondent Bank? [Re: OttoGear]  
Joined: Oct 2001
Posts: 5,680
Diane Campbell Offline
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Diane Campbell  Offline
yikes -

cowrie shells, here we come --- or is it Bitcoin?

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