The costs of banking in Belize vary depending on the applicant’s personal ties to Belize, local economic substance, Belize banking requirements, how they plan to apply for an account in Belize, and their account activity. We’ll dig into each of these considerations impacting Belize banking costs below.
Alternatively, if you would like access to our free Belize banking series, click the link above and unlock our team’s expert take on Belize banks, Belize opening requirements, sending money to Belize, and much more.
You can also use the table of contents and jump to the section that matches your Belize banking needs and continue learning about the costs of banking in Belize.
Table of Contents
- Costs of Banking in Belize?
- How Much Does It Cost to Open a Bank Account in Belize?
- Costs of Operating a Bank Account in Belize?
- Frequently Asked Belize Banking Questions
- Ready to Open an Offshore Bank Account?
Costs of Banking in Belize?
The costs of banking in Belize are moderately expensive and range between USD 15 and USD 30 per month for maintenance. These costs vary depending on the bank. However, most banks allow customers to offset these costs by using various bank services and products.
That said, different client profiles will incur different expenses. So, in this section, we will take a general look at the relevant costs when unlocking international banking solutions through offshore bank accounts in Belize. This will then be followed by the cost of personal banking solutions through personal bank accounts in Belize and business bank accounts in Belize.
Key Takeaways
- Belize is a moderately expensive banking jurisdiction
- Account opening fees are rare for most applicants
- Certain banks charge a FATCA fee to Americans
- Monthly account fees can be high for non-residents and entities
- Transaction fees are high but standard for offshore banking
- Deposit requirements are low compared to other countries
To begin, let’s explore how much it costs to open a bank account in Belize, broken down by account type.
How Much Does it Cost to Open a Bank Account in Belize?
When it comes to opening and operating a bank account in Belize, there are seven (7) main expense categories that Belize banks typically charge individuals and entities.
Not surprisingly, the costs will vary depending on which Belizean bank you have accounts with and your client profile. But, generally speaking, most financial institutions in Belize, including the list of local and foreign banks in Belize, have been known to charge compliance and due diligence fees, maintenance fees, transfer fees (domestic and international), check fees, debit card fees, and fees for special requests.
Costs to Open and Operate a Bank Account in Belize
- Compliance and due diligence fees
- Maintenance fees
- Transfer fees (domestic and international)
- Check fees
- Debit card fees
- Fees for special requests
Importantly, banks in Belize vary widely in the way they charge fees to foreign and non-resident individuals and entities. Unfortunately, regardless of whether you bank with one of the top-notch financial groups, the largest banks in Belize, or a smaller alternative, you will need to compare fees before applying.
Likewise, while foreigners with Belizean residency can access a wide range of banks in Belize, non-residents with no ties to Belize will have limited (and more expensive) options. So, needless to say, it’s best to review all of your banking options in Belize before deciding which bank in Belize is best for you.
That said, there are additional fees that you may be charged when opening a bank account in Belize. With this in mind, let’s look at the extra charges and explore how much it really costs to open offshore bank accounts in Belize.
How Much Does it Cost to Open Offshore Bank Accounts in Belize?
Offshore bank accounts in Belize can include personal bank accounts, business bank accounts, or “private” bank accounts. We will cover each of these accounts and their Belize-specific cost considerations below.
But first, we want to discuss the costs that everyone should expect when opening a bank account in Belize. These costs center around the international account regulations and Belize banking requirements that most Belizean banks will ask you to meet and provide. More specifically, the costs involved with obtaining documents from other banks and jurisdictions.
Belize Account Opening Document Costs
- Bank reference letters (Certain banks charge fees)
- Document authentication (Required in certain instances)
- Certificate of good standing (Certain entities older than one year)
- Sending documents to the bank by courier (Sometimes required)
Of course, if you are planning on visiting Belmopan (the capital city of Belize) or another city in Belize to open your bank account in person, you will have many more and much higher travel expenses to consider as well.
If you are looking to open an offshore bank account in Belize, you can use this link to access our free guide.
On the other hand, if you are looking to open a personal bank account in Belize, here are the Belize-specific costs to be aware of.
How Much Does it Cost to Open Personal Bank Accounts in Belize?
Whether you are a Belizean permanent resident or a non-resident of Belize, you can open a Belize bank account without paying application or opening fees. Of course, you still need to complete the onboarding and compliance process and meet minimum deposits.
That said, certain individuals that Belize banks deem high-risk may need to pay additional due diligence and compliance costs. Though, this is common in many offshore banking jurisdictions.
Additionally, US citizens should be aware that depending on the Belize bank you choose, a FATCA fee may be charged. This is common in a few other jurisdictions as well, including with certain banks in Panama.
Alternatively, if you are looking to open a business bank account in Belize, here are the Belize-specific costs to be aware of.
How Much Does it Cost to Open Business Bank Accounts in Belize?
If you’re looking for basic banking and an easy entry point into Central American banks, Belize may be worth considering. However, not all banks will in Belize will accept offshore companies or foreign entities. So, bank selection is key to successfully opening business accounts here.
Additionally, there can be extra costs involved when applying for a Belize business bank account for foreign non-resident and offshore entities. This is primarily caused by the need to provide additional documentation, supporting information for multiple shareholders and directors, and other supporting letters.
With this in mind, we suggest reviewing our free guide on how to open a business bank account in Belize to unlock commercial account services before deciding where to apply.
On the other hand, if you are looking to open a private bank account in Belize, here are the main costs to be aware of.
How Much Does it Cost to Open Private Bank Accounts in Belize?
Unlike personal and business banking, private banking has a long list of costs that prospective customers need to consider. This is true whether you are looking to open private bank accounts in Belize, Singapore, Switzerland, the Cayman Islands, or any other banking jurisdiction.
However, it’s important to point out that Belize is not a traditional private banking hub. In fact, Belize is not a private banking hub at all. Instead, customers can expect basic banking services, limited investments, and multi-currency accounts when opening a “private bank account” in Belize. As a result, the private banking costs will look different than those in established private banking hubs.
Belize Private Banking Costs to Consider
- Outbound transaction fees from Belize to abroad
- Fees for executing local Belizean investments
- Fees for executing international investments outside of Belize
- Fees for related services like accounting support, structuring, etc.
- And much more
In most cases, the costs to open private bank accounts in Belize are limited but so are the services being offered. This is especially true when comparing Belize to other banking jurisdictions.
That said, every jurisdiction has something different to offer when it comes to private banking. So, if you are looking for specific account enhancements and banking benefits in Belize, you may want to compare a few similar jurisdictions before starting to apply.
Costs of Operating a Bank Account in Belize?
To recap, the costs of opening and operating a bank account in Belize will differ depending on the type of account and client profile. Not surprisingly, the financial solutions provided and banking services offered in Belize that the client uses will also impact the costs associated with banking in the country. With this in mind, here is a look at the typical costs that you can expect when operating a bank account in Belize.
How Much Are Bank Fees in Belize?
The following are examples of standard bank fees charged by banks in Belize. Before applying for a bank account in Belize, always request an up-to-date fee list from each Belizean bank you are considering.
- Account maintenance in Belize: Up to USD $30.00 per month
- Inbound SWIFT fees in Belize: Up to USD $40.00 per transaction
- Outbound SWIFT fees in Belize: Up to USD $90.00 per transaction
It’s important to note that Belize banks will charge additional fees as well, including fees for falling below the minimum account balance. With this in mind, before opening accounts, you should confirm whether balance requirements are applied to each account (in the case of multicurrency) or if they only apply to your primary Belize Dollar account, the official currency of Belize.
How Much Does It Cost to Use an ATM in Belize?
The following is an example of the cost to use an ATM card from Belize while traveling outside of Belize. That said, each bank in Belize will set its own fees. So, before using a Belizean ATM card abroad, be sure to confirm all relevant fees with the bank that issued the card.
- International ATM fees outside of Belize: 2% of the cash withdrawal amount in excess of $2500
How Much Does it Cost to Transfer Money to Belize?
The following are examples of how much it would cost to complete an international money transfer to send money to Belize from the United States using bank transfers via SWIFT, money transfer providers like Western Union, and digital transfer services like Wise.
- International bank transfers to Belize: Up to USD $90.00
- International money transfer to Belize: Up to USD $5.99
- Digital transfer service to Belize: USD $2.99
How Much Does a Mortgage or Loan Cost in Belize?
Mortgages and loans in Belize are more challenging to obtain for foreign non-residents than local individuals. However, there are usually options available from several Belizean financial institutions.
In most cases, Belizean banks ask foreigners to make a 40% down payment. Additionally, these Belize lenders typically charge high interest to non-residents, up to 7% interest. Of course, residents have significantly more attractive local financing terms available.
Not surprisingly, these financing terms make Belize unattractive for most foreign non-residents in terms of purchasing investment properties and second homes unless they are paying cash.
What Are the Other Costs of Banking in Belize?
Generally speaking, the costs of banking in Belize range from reasonable to moderately expensive. However, different client risk profiles can experience additional expenses in terms of onboarding and account maintenance. Of course, If you plan on visiting Belmopan (or another location in Belize) in order to open a Belize bank account, you will need to pay for flights, hotels, transportation, and daily expenses.
That said, it’s important to note that showing up in Belize does not guarantee account opening success. This is especially true since there are only a handful of banks in Belize that accept foreign non-residents.
Additionally, certain individuals need to consider the additional costs of disclosing and making tax-related filings about their bank account in Belize to their home country. For example, US citizens are required to complete an FBAR (FinCen 114) and Form 8938 when their Belize bank account (and other foreign accounts) surpass certain thresholds.
Lastly, like everywhere, it’s important to note that there are banking sector threats and risks of banking in Belize. So, be sure to use the available resources shared above in order to navigate your options and find the best country and bank for your needs.
Frequently Asked Belize Banking Questions
Below are a few questions we receive from people exploring the costs of banking in Belize. If you have further questions you would like answered about Belize banking don’t hesitate to get in touch with us directly.
What Is the Minimum Balance in a Belize Bank?
The minimum balance in Belize Bank will depend on the type of account you plan to open and your client profile. However, most non-resident individuals can expect to open a personal account in Belize with a deposit between USD 1,000.00 and USD 5,000.
How Much Does It Cost to Open a Bank Account in Belize?
The cost to open a bank account in Belize ultimately depends on the client profile, type of account, residency status, and bank. That said, most banks do not charge an account opening fee, though minimum deposits are required and fees related to preparing an application are common.
Can a Non-Resident Open a Bank Account in Belize?
Yes, a non-resident can open a bank account in Belize. In fact, non-resident individuals and non-resident entities from most countries can bank in the country. That said, not all banks in Belize accept all client types. In fact, only a few Belizean banks accept foreign non-resident clients.
Which Bank Is Best in Belize for Foreigners?
The best bank in Belize for foreigners is one of the main international banking options that specifically accepts foreign non-resident individual and corporate clients. This is because each bank in Belize caters to different client types, offers different banking services, and has different account opening requirements.
Ready to Open an Offshore Bank Account?
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