The largest banks in Belize include both local banks and foreign banks.
In most cases, these banks cater exclusively to residents and large commercial clients. However, there are a few exceptions.
In this article, we’re going to share the largest banks in Belize and help you navigate your options when choosing where to open accounts
This article is part of our free series on how to initiate an account application to open a bank account in Belize, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Largest Banks in Belize
- Opening Bank Accounts in Belize
- Belize Offshore Banking Services
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Largest Banks in Belize
The largest banks in Belize include both local and foreign financial institutions. The largest local bank in Belize is Belize Bank Limited (BB). In fact, Belize Bank Limited is the largest and oldest continuously operating bank in the country. However, not surprisingly, Belize Bank caters to domestic residents and businesses with local operations.
As mentioned, Belize Bank Limited is not an option for foreign non-residents. So, if you are looking to open an account and you do not live, work, or operate in Belize, you will need to consider one of the other options that actively accepts foreigners.
With this in mind, finding the right financial institution needs to be a combination of finding a trustworthy bank in addition to a bank that will accept your client profile. This means you need to understand your own client profile, banking needs, desired deposit level, and much more before you start the process of applying for accounts. We discuss the financial service charges and costs of banking in Belize in our free guide, which you can access by clicking here. But, for now, let’s take a look at the largest banks in the country.
Not surprisingly, the largest banks in Belize play a critical role in Belize’s economy, providing a wide range of fiscal offerings and banking services, driving growth across multiple sectors, and supporting the needs of both individuals and businesses.
Here’s a look at both the largest local and foreign banks in Belize.
Largest Banks in Belize
- Belize Bank
- Atlantic Bank
- Heritage Bank
- National Bank
- Caye Bank
How Many Banks Are There in Belize?
In Belize, there are 17 financial institutions. This is broken down into four domestic banks, three international banks, and ten Credit Unions.
If you are a resident of Belize and are looking to open a local account, you will have the option to choose between two types of financial institutions. These include domestic or credit unions. On the other hand, foreign non-residents and foreign companies need to open Belize business bank accounts or personal bank accounts with international banks, as these are the only financial institutions that will accept them as clients.
How Many Commercial Banks Are in Belize?
Four commercial banks in Belize are regulated by the Central Bank. With that in mind, this bank line-up and list of banks in Belize are generally only accessible to residents. So, if you are looking for non-resident banking, you will have to consider opening with one of the available international banks in the country.
Opening Bank Accounts in Belize
Importantly, if you’re looking for individual finance solutions with a personal bank account in Belize as a foreign non-resident, there are other banks (in other jurisdictions) that may be better suited to your needs.
With this in mind, it’s important to directly compare all of the account opening options available to you, including the exclusive offerings and benefits of banking in Belize, so you can find the one that will realistically open accounts for you and serve your banking needs. Of course, depending on your client profile, there could be cross-border financial uncertainties and risks to banking in Belize you may need to consider.
This is especially important if you are opening as a foreign non-resident or for a foreign (or offshore) company. In these instances, the largest banks in the country are often inaccessible.
If you would like to start directly comparing your account opening options in Belize (and elsewhere), you can immediately access hundreds of banks in the GlobalBanks IQ Database.
Each bank profile that we share with our members includes detailed compliant regulations and banking requirements, preferred clients, important considerations and risks, and much more. You can see everything you receive when you join GlobalBanks IQ below.
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Belize Offshore Banking Services
Belize offshore banking services allow foreign non-residents (and their businesses) to open accounts and conduct financial transactions to send money to Belize. Of course, the offshore banking services you can access in Belize will depend on the financial institution you choose to open with.
That said, non-residents can unlock the following overseas monetary services with Belize offshore banking.
Belize Bank Account Services for Non-Residents
- Multi-currency accounts
- Online banking (though limited)
- Credit and debit cards
- International investment products
- Estate planning services
- Wealth management advisory
- And more
Of course, not all banks here offer the same level of services. And, depending on the type of account you open, your residency status, your deposit level, and many other factors, the banking services available to you will vary.
Likewise, it’s important to note that there are often better solutions available in more sophisticated banking jurisdictions elsewhere. So, if you are looking for specific offshore banking services, don’t forget to compare all of the options available to you.
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the largest banks in Belize. If you have further questions you would like answered, don’t hesitate to get in touch.
What Are Belize’s Biggest Banks?
Belize’s biggest banks will ultimately depend on the type of bank you are looking for and whether or not you are a resident or a non-resident. This is because banks here are categorized into domestic banks, international banks, and Credit Unions. All of which have their own “biggest” bank.
Can an American Get a Bank Account in Belize?
Yes, an American can get a bank account in Belize. In fact, it is possible for an American to open a Belize account 100% remotely. However, not all banks here accept American clients. Additionally, it’s important to note that US persons opening accounts in Belize (and anywhere outside of the United States), may be required to meet additional reporting requirements with the US treasury and IRS.
What Bank Does Belize Use?
The bank that Belize uses is the Central Bank of Belize. In fact, the Central Bank of Belize is responsible for regulating the country’s banking system, including local and international banks and credit unions, and managing the official currency and legal tender circulating in the country, the Belize Dollar (BZD). However, residents, non-residents, and local and foreign businesses all use commercial banks and credit unions, depending on their banking needs and residency status in the country.
What Is the Largest Credit Union in Belize?
The largest credit union in Belize is the Holy Redeemer Credit Union. First established in 1944, it now has over 60,000 members. According to the Central Bank, which regulates Credit Unions, the Holy Redeemer is joined by the St. Francis Xavier Credit Union, La Inmaculada Credit Union, St. John’s Credit Union, and Blue Creek Credit Union, to make up the five biggest credit unions in Belize.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
