It’s not easy to get your money to Belize, or to find a bank in which to put it once you do. Due to Belize’s money laundering reputation, banks here must do a lot of paperwork in order to hold Americans’ money for them. You get the feeling from many banks that they’d really rather not be bothered.
So it can be difficult and time consuming to open an account. In fact, what might take fifteen minutes in another country can take weeks or months in Belize, and you may have to make repeated visits to the bank with various papers in hand to make it happen.
Miriam Martinez from Martz Farm (just down the road) has advice for us on opening a Belizean bank account. Miriam says the best and most customer-oriented bank in our area is Belize Bank, which is located in the Burns Avenue mall in San Ignacio. They have ATMS in Benque and various other places. She says to take along the following when you go to open an account:
• your passport
• your driver’s license (optional, but why not?)
• statements for the last six months from your current bank (a print out from your online account works)
• a letter from your current bank (see sample)
• proof that you live in Belize. Since we don’t have utility bills at BIB, an internet bill might work. Other proof would be a copy of the title to your property, a letter from Benque’s mayor or from Remax confirming that you do indeed live at BIB, or you can use an active address you keep in your home country but add a local mailing reference such as Benque General Delivery, etc.
Belize’s request for a letter of recommendation may baffle the bank in your country of origin, so look at the example of what has worked with Heritage Bank in Benque.
If a letter from your former bank is required, send that bank an example similar to this one. They can either use the sample verbatim or craft their own, but they will know how to provide what you need on their bank stationery. They’ll appreciate the template.
Once you have jumped through all the hoops, you will have to wait a few weeks until the paperwork clears all the hurdles. Maybe that doesn’t sound so great – but in comparison, other banks in Belize can take up to six months.
Even if you have moved here permanently, you might want to keep an active account in your country of origin and someone to administer it (a trusted relative, friend, or paid advocate) in case there are problems, since banking in Belize is subject to the whims of more powerful countries. Think of it as bank insurance.
There are some other options, of course. Western Union, MoneyGram, etc., and using the ATM or your credit card, to name a few.
NOTE: Paypal cannot transfer money to banks in Belize.
Just an added note for part-timers, or even full timers, who are from the US: If you open a brokerage account with Charles Schwab, they will give you a debit card you can use in ATMS in Belize, and they refund ALL ATM fees and foreign transaction fees. You can also use a credit card catering towards travelers for bigger purchases, that also don’t charge the foreign transaction fees (which can be hefty). We use Chase Sapphire which gives us a lot of points towards airfare to Belize, too! It’s paid for itself every year.
I have a friend who lives in BIB who is involved with the local community and to whom I would like to send a small allotment each month to help with her community endeavors.
Is it possible to have a regular small amount of money transferred from the states to an account in Belize without upsetting financial applecarts?
Enquiring minds want to know.
Excellent article Renie.
Yes all correct facts. Very informative.
It is a lot easier for Canadians and less hassle ,than American Citizens who have more paperwork due to the world wide income reporting requirements .
Also Atlantic Bank account can now be hooked up to PayPal.