Belize Bank International

About the Bank

The Belize Bank Group, the first and oldest bank in Belize, procured a license to operate as a fully-fledged International Bank in January 2006 in order to offer banking services to offshore clients. Since that time, Belize Bank International has continued to provide quality customer care while offering a diverse group of service solutions catering to the needs of their international clientèle.

Why Bank Offshore In Belize?

• English Speaking Country
• Tax-Free Interest on investment products
• No Exchange Control, meaning easier trading across international borders

Banking Secrecy and Tax Treaties

Banking secrecy in Belize is strictly enforced by law. Belize authorities have no direct access to bank information and a Court Order is required to grant such access.

Additional Information

Belize has signed Tax Information Exchange Agreements (TIEAs) with the Australia, Denmark, the Faroe Islands, Finland, France, Greenland, Iceland, Ireland, Mexico, Netherlands, Norway and the United Kingdom

Further TIEAs with Belgium, Portugal, Poland and Sweden are pending

Corporate Documents Required

We will prepare and submit all required corporate documents to the bank upon application. Please note that if the company is more than a year old, additional documents may be required at further cost.

Required Personal Documents

The bank requires the following personal documents from each beneficial owner and authorised signatory:

• A notarised copy of a valid passport (pages containing photo, signature and personal details);
• A reference letter from a bank that has known the applicant for more than two years;
• A second reference from a professional (lawyer or accountant), or another bank, which has known the person for more than two years; and
• Proof of residential address in the form of a recent original utility bill containing the applicant’s name and residential address.

Is a Personal Visit required?

You will not be required to attend the bank in order to open the account and may, instead, send your personal documents and signed & completed bank forms to our office. We will check the application and then submit it to the bank and monitor the account opening process.

Initial Deposit

The bank requires an initial minimum deposit of US$4,000 or equivalent for each currency prior to opening the bank account. Once your account is open, you will receive an email from us confirming your account details.

Minimum Balance

A minimum balance of US$4,000 or equivalent is required to be maintained at all times.

Online Banking

The bank offers online banking with the following features:

• Access to your account balances and account transactions;
• 24-hour online banking;
• Ability to transfer money between accounts in the same bank
• International wire transfer payments

Debit and Credit Cards

The bank offers Visa debit and credit cards, Visa Classic Card, Visa Gold Card and Mastercard.

The debit card provides direct access to your bank account. Each debit card payment is automatically deducted from the bank account.

There are no credit limits or security deposit for debit cards.

A security deposit is required for credit cards. An amount equal to 150% of the credit card limit must be held in a secured US dollar bank account opened with the bank. Your credit card limit may be from a minimum of US$5,000 up to US$25,000.

Debit and credit cards provide the following advantages:

• 24/7 worldwide access to funds
• Worldwide acceptance for any online or in-store purchases
• Worldwide cash withdrawals

Time Required for Account Opening

Account opening takes between 10 to 15 business days from the time completed application forms, due dilligence and supporting documents have been supplied.

Currencies

The bank opens accounts in US Dollars, Euros, Pounds Sterling and Canadian Dollars and issue credit cards in US Dollars.

Bank Fees

Bank Account Fees: (Correct at time of publish)

• Maintenance fee payable monthly: US$10
• International wire transfer fee:
  • Incoming payments: US$20
  • Outgoing payments: US$75
• Fee for the issue of a bank draft: US$10 per draft for all accounts
• Cheque book: US$3 for a 50 page cheque book for all accounts
• Internet banking: free of charge

Credit Card Fees:

• Issue Fee: free of charge
• Annual Fee: US$100 and US$25 for each additional Card Holder
• ATM cash withdrawals: 1%, minimum US$5
• Currency Conversion Fee: 2.5% if non-US currency transaction
• International Service Fee: 1% for all transactions outside of Belize
• Over Limit Fee: US$25 each time cardholder goes over the limit
• Card Replacement: free of charge.

Debit Card Fees:

• Issue fee: free of charge
• Annual fee: US$50 and US$25 for each additional Card Holder
• ATM Cash withdrawal: 2 %, min $3
• Currency Conversion Fee: 2.5% if non-US currency transaction
• International Service Fee: 1% for all transactions outside of Belize
• Card Replacement: US$50

E-commerce merchant acquiring accounts

Merchant acquiring accounts are available for ecommerce business only. They provides your e-business with the ability to accept a wider range of payments, primarily in the form of credit card payments. If required, Belize Bank International can also provide a One-Stop corporate solution that offers core and auxiliary services structures to get your process set up even faster. They process Visa, MasterCard and Discover card types.