Remote Banking in Belize

# A Comprehensive Banking Guide for Belize

## Introduction Belize, a small Central American country known for its stunning natural beauty and rich cultural heritage, offers a range of banking options for both residents and non-residents. In this guide, we will explore the banking landscape in Belize, including the banks that accept foreigners, KYC (Know Your Customer) requirements, the availability of digital banking services like Wise and Revolut, ATM fees, multi-currency options, the account opening process, currency exchange tips, and clarification on tax residency.

### Banks Accepting Foreigners Several banks in Belize cater to non-residents and foreigners looking to open bank accounts. Some of the prominent banks that accept foreigners include:

- Atlantic International Bank Limited: Known for its international banking services, it offers a range of accounts suitable for non-residents. - Heritage Bank: This bank is known for its customer-friendly services and welcomes non-residents to open accounts.

### KYC Requirements Belizean banks have stringent KYC requirements to prevent money laundering and ensure the safety of the financial system. When opening a bank account in Belize, you will typically be required to provide the following documents:

- Valid passport - Proof of address (utility bill or rental agreement) - Bank reference letter - Source of funds documentation

### Wise/Revolut Availability Digital banking services like Wise (formerly TransferWise) and Revolut are increasingly popular among expats and digital nomads. While Wise is available in Belize for international transfers, Revolut is not yet operational in the country. Wise offers competitive exchange rates and low fees for cross-border transactions, making it a convenient option for expats in Belize.

### ATM Fees ATM fees in Belize can vary depending on the bank and the type of card you have. It is advisable to check with your bank regarding any foreign transaction fees or ATM withdrawal charges. Some ATMs may also charge a convenience fee for non-customers, so it is recommended to use ATMs affiliated with your bank to avoid additional charges.

### Multi-Currency Options While the official currency of Belize is the Belizean Dollar (BZD), some banks offer multi-currency accounts that allow you to hold funds in different currencies. This can be beneficial for those who frequently deal with international transactions and want to hedge against currency fluctuations. It is advisable to inquire with individual banks about their multi-currency account options and associated fees.

### Account Opening Process To open a bank account in Belize as a foreigner, you will need to visit a branch of the chosen bank in person. The process typically involves filling out an application form, providing the necessary KYC documents, and meeting the minimum deposit requirements. It is advisable to schedule an appointment with the bank beforehand to ensure a smooth account opening process.

### Currency Exchange Tips When exchanging currency in Belize, it is essential to compare rates offered by different banks and licensed money changers to get the best deal. Avoid exchanging money at airports or tourist areas, as they usually offer less favorable rates. Additionally, consider using online currency exchange platforms like Wise for cost-effective international transfers.

### Tax Residency Clarification Tax residency rules in Belize can be complex, and it is crucial to understand your tax obligations based on your residency status. Non-residents are typically not subject to income tax on foreign-sourced income but may be subject to other taxes like property tax. It is advisable to consult with a tax professional or the Belizean tax authorities to clarify your tax residency status and obligations.

## Conclusion Navigating the banking system in Belize as a foreigner can be a straightforward process if you are aware of the available options, KYC requirements, digital banking services, ATM fees, multi-currency options, account opening process, currency exchange tips, and tax residency rules. By choosing the right bank that meets your needs and following the necessary procedures, you can efficiently manage your finances and transactions while enjoying the beauty of Belize.