In this article, we’re going to share a list of banks in Belize that includes many of the 17 financial institutions operating in the country.
Of course, each of these banks cater to specific client types, offers different banking services, requires different deposit levels, and has a different onboarding process.
With this in mind, we’re going to help you navigate how to choose from the 17 banks and start the process of opening a Belize bank account today, including opening accounts remotely.
This article is part of our free series on how 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
- List of Banks in Belize
- How to Choose Where to Open a Bank Account in Belize
- List of Popular Banks in Belize
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
List of Banks in Belize
The complete list of banks in Belize includes 17 financial institutions, including four domestic banks, three international banks, 10 credit unions. That said, only a small number of banks is typically suitable for each client type. So, it’s important to carefully assess each bank’s preferences and requirements before choosing where to apply for an account.
Importantly, the bank that is best for you will depend on your residency status, the reason for the account, the type of services you need, and your deposit level. That said, there are many additional factors you need to consider when deciding where to open an offshore bank account in Belize as a non-resident. One additional factor you need to consider is the risk of banking in Belize as a non-resident.
In the following sections of the article, we’ll share how to identify banks that will accept your client profile and offer the services you need.
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How to Choose Where to Open a Bank Account in Belize
To choose where to open a bank account in Belize, you first need to understand your client profile and banking requirements. This means understanding how banks perceive you, the risks associated with your profile, and how desirable you may (or may not) be as a prospective client.
Of course, you also need to know which Belizean banking services you require. This includes which countries you need to send money to and from, how frequently you expect to send and receive wires, and whether you need international payment cards or not.
Not surprisingly, each bank in Belize has its own account opening requirements, onboarding process, and fee structures. For example, if you are looking to open a business bank account in Belize, you might be required to submit more detailed documentation and a higher deposit than if you were to open a personal bank account.
To help you determine how to choose where to open a bank account in Belize, let’s take a closer look at the key factors you should consider before choosing a bank.
Factors to Consider When Choosing the Right Belize Banks
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- Can you meet the bank’s deposit requirement?
- Does the bank charge fees for opening or maintaining accounts?
- How difficult is it to send international wire transfers?
- How accessible (and user friendly) is online banking?
- And more
It’s important to note that even if you find a bank that meets your needs and accepts your client profile, you may still find a wider selection of banking options available elsewhere.
Likewise, certain clients may find better banks with more relevant services and lower fees in more established banking jurisdictions. But, for a select number of prospective clients, Belize may be an interesting banking hub to consider.
With this in mind, let’s take a look at a list of the most popular banks in Belize.
List of Popular Banks in Belize
- Belize Bank
- Atlantic Bank
- Heritage Bank
- National Bank
- Caye Bank
- Blue Creek Credit Union
- St. Francis Xavier Credit Union
- La Inmaculada Credit Union
- St. John’s Credit Union
- Holy Redeemer Credit Union
Where to Open International Bank Accounts in Belize
To open international bank accounts in Belize, you will need to go where foreign non-residents are actively accepted. This means opening accounts with one of the three available international banks in the country.
These international banks cater to non-resident individuals and foreign businesses. In other words, they offer non-resident banking services, unlike the local banks in Belize. However, account opening procedures and the available services can vary widely between each bank. So, it’s important to consider all of your options before deciding where to apply.
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the banks in Belize. If you have further questions you would like answered, don’t hesitate to get in touch.
How Many Banks Are in Belize?
There are seven banks in Belize, including four domestic banks and three international banks. However, there are a total of 17 financial institutions (including 10 credit unions) that are regulated by the Central Bank of Belize. If you are a resident of Belize and are looking to open a local Belizean currency bank account, you will have the option to choose between domestic banks and credit unions while non-residents and foreign businesses will need to open with the international banks.
Which Bank Is Best for Foreigners in Belize?
The bank that is best for foreigners in Belize will ultimately depend on the person who is opening the account. Generally speaking, foreigners will have their choice between the international banks operating in the country. However, the best bank for you will depend on the banking services you need, the banking benefits you want to tap into, and the account opening requirements you can meet.
Which Bank Is Best In Belize?
The bank that is best in Belize will ultimately depend on the client looking to open a bank account. In fact, the best bank in Belize for a resident will be different from a non-resident. Likewise, a non-resident looking to make multiple transfers per month may want to open with a different bank than someone looking to make a few transfers per quarter.
Can Americans Open a Bank Account in Belize?
Yes, Americans can open a bank account in Belize. In fact, it is possible for Americans to open Belize bank accounts 100% remotely. However, not all banks in Belize accept American clients. Of course, US persons will need to comply with any financial and tax reporting related to their financial accounts if they meet the specific reporting thresholds set by the US treasury, FinCen, and the IRS.
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