If you live outside Belize and want to open a bank account there, you cannot choose just any local bank. There are domestic and international institutions here that work with different clients.
Belizean international banks provide banking services in foreign currencies to non-residents. The Central Bank of Belize currently lists three banks that have an unrestricted international banking license: Belize Bank International, Caye International Bank and Heritage International Bank & Trust.
Domestic banks mainly work with the local market. However, some non-residents can also open accounts in Belize dollars there.
This article looks at both categories, but the main focus is on international accounts. We will compare the banks and show what you should check before you apply.
Domestic vs International Banking in Belize
The difference is simple. International banks in Belize work in foreign currencies and serve non-residents. Domestic banks mainly serve the local market and work with Belize-dollar accounts.
If you are a non-resident and you want to use a domestic bank, you can do so if you live, work or study in Belize. This is also possible if you own property there or participate in the Qualified Retirement Programme. In all other cases, you may need approval from the Central Bank of Belize.
| Bank type | Apply if |
| International banks | You’re a non-resident and you will use foreign currencies |
| Domestic banks | You’re a local client or you have a local connection |
How We Selected the Banks
First of all, we looked at the current list of banks published by the Central Bank of Belize. We selected banks with active licenses.
For international banks, we looked at accounts that non-residents can open and currencies available to them. We also checked the financial requirements and the application process published in open sources. In addition, we tried to answer the question whether the bank gives enough information online for a client to understand what to expect before submitting an application.
We don’t rank the banks from best to worst. Some options are better for a personal account, while others are more suitable for a company.
Best International Banks in Belize
The three licensed international banks in Belize offer different account options. General ranking will hardly be useful here, so let’s look at what each bank offers.
Belize Bank International
Belize Bank International is open to personal and corporate clients. You can open a multi-currency account here in US dollars, pounds and euros and use convenient online banking.
If you are a business client, the bank will look closely at what your company actually does and who its real owners are. This is the first step, and then you can move to the full application. The transactions on your account should match the business activity you state.
Caye International Bank
If you need more currencies than Belize Bank International can offer, Caye International Bank is the answer: you can choose US and Canadian dollars, euros, pounds and Swiss francs. Managing from abroad is easy thanks to online banking.
You will find application forms for personal and corporate accounts on the bank’s website, so there’s no need to fly to Belize. The only problem is inconsistency of the published figures for the initial deposit across the bank’s own materials, so it’s better to confirm the amount currently applied before you move any further.
Heritage International Bank & Trust
In Heritage International Bank & Trust, you will find two basic ways to keep money with the bank. You can open a demand deposit account in US and Canadian dollars, euros and pounds and manage it online.
A demand deposit is reasonable if you need constant access to part of your money. If you don’t, you can opt for a fixed-term deposit for three, six or twelve months. Download a personal or corporate application form from the bank’s website for a start.
International Bank Account Minimums in Belize
The amount published on the website may depend on the account you choose.
| Bank | Published opening figure |
| Belize Bank International | 1,000 in the account currency for multi-currency accounts |
| Caye International Bank | Published figures differ, so you’d better confirm the current amount with the bank |
| Heritage International Bank & Trust | US$3,000 or equivalent |
Domestic Banks in Belize
Belize also has four licensed domestic banks: Atlantic Bank, Belize Bank, Heritage Bank and National Bank of Belize. They differ a lot from the three international banks we discussed above because their services are mainly offered in the local market.
If you have a real connection with Belize, a domestic bank can make sense. For example, non-residents can apply for some personal and business accounts with Belize Bank. An initial deposit is BZ$200 if you are going to open a business account. You will normally have to visit the bank in person if you have a small or medium business.
We will not compare these four banks in detail with the international banks. Their purpose is different, and the rules for opening an account depend on your local connection and the type of account you need.
How to Open a Bank Account in Belize
The process often starts long before you fill in the full application. If we take Belize Bank International, for example, you will first need to provide a KYC questionnaire and passport copy. If you are a business client, provide information about the company, its owners, directors and signatories. You cannot move to the full application until the bank is satisfied with this first review.
If you choose Caye International Bank, the route will be slightly different. You will download the application forms, prepare the supporting documents and send the package to the bank. The bank may ask additional questions after reviewing your file. If everything goes well and you get the approval, they will provide you with a provisional account number and instructions for funding the account. In some cases, you will still need to send original documents by ordinary mail.
Looking at Heritage International as your potential bank? You will also find personal and corporate application forms online. Its application package is pretty standard: identification, address information and details about the expected activity on the account.
Can You Open a Belize Bank Account Remotely?
In many cases, you can start the process while you’re abroad. You can download the application forms of Caye International Bank and Heritage International Bank & Trust from their websites and fill them in. As for Belize Bank International, a preliminary review will come first, and then you will proceed to the full application.
Not every step is completed online even if you start the process online. You may be asked to send original documents by ordinary post or provide additional information before the bank agrees to onboard you.
“Starting the application remotely” doesn’t always mean “opening the account without visiting Belize.” The first is quite common. The second depends on the bank and the type of account, as well as your individual case.
What to Check Before Choosing a Bank in Belize
Look beyond the amount required to open an account. Check at least the currencies available and the fees you may have to pay. The conditions of opening the account are just as important: the fact that you don’t pay much at the opening stage doesn’t mean the account will be cheap to use.
Belize has a regulated banking system, but deposit protection is still worth checking. The country offers a deposit insurance system for domestic banks and credit unions that protects up to BZ$20,000 of an insured deposit in most cases. However, it doesn’t apply to international banks.
Rules related to foreign currency depend on the type of bank. Domestic banks cannot open foreign-currency accounts for non-residents under the rules set by the Central Bank of Belize. Non-residents who need this type of account should choose international banks instead.
What Else Can Belize Banks Offer?
A bank account is only one banking product, but some clients need more. If you need products for saving, borrowing or running a business, you will find them in some Belize banks.
You can get certificates of deposit with a fixed interest rate until maturity at Belize Bank International, for example. Caye International Bank offers a gold loan program that allows customers to borrow against gold stored in Zurich. You can also use the bank’s wire transfers or get a prepaid Visa card for everyday purposes.
Heritage International Bank & Trust offers not only deposit products but also loans. Its website says that you can get a construction, education, medical, or consumer loan.
Domestic banks offer a broader range of local products, of course: personal and business loans, mortgages, credit cards, merchant services, e-commerce tools and overdraft facilities. However, access to these local products for non-residents may depend on having a real connection with Belize.
Conclusion
There are quite a few non-resident banking options you can get in Belize, but the right one depends on what you actually need from the account. Choose the type of bank and make sure your profile is accepted. And only after that does it make sense to look at financial conditions.
Still not sure which route is the most suitable for your situation? Our experts will help you draft a reasonable shortlist and prepare for the application process.
FAQ
Do I need a Belize company to open an international bank account?
No. Belizean international banks work not only with personal clients but also with corporate clients who can have a company in eligible jurisdiction or have no company at all. If you need a business account, be prepared to provide information about the business and its owners, as well as the activity expected on the account.
Does meeting the minimum deposit guarantee that my account will be approved?
No. The opening balance that the bank publishes is just one requirement; your profile is also very important. Each document you submit will be carefully reviewed before the bank makes a decision.
Are bank accounts in Belize anonymous?
No. The bank will ask you to identify yourself and provide information on the source of funds. If you are a corporate applicant, the bank will definitely want to know the people who own or control the company.
Do I have to report a Belize bank account in my home country?
That depends on your tax residence and the rules that apply there. Even if any of your assets, including a bank account, are abroad, this doesn’t mean that you have no tax or reporting obligations back home.
Can a Belize bank ask for additional documents after I apply?
Yes. In most cases, an application form is just the start. The bank may ask follow-up questions or request you to send extra documents before it finally approves the account.
