Belize has five commercial banking institutions, not including just offshore banks. Three are based in Belize – Alliance Bank or investment company, Belize Bank or investment company and Atlantic Bank – and two, First Caribbean Bank(previously Barclays) and ScotiaBank, are large multinational banks with branches in Belize. The neighborhood banks are small, about the size of a small-town local bank or cost savings and loan in the U.S. Belize also has several credit unions and small home loan financing organizations. Most expats find that banking is a little different in Belize. Generally, you can’t just sashay directly into your local loan provider office and open an account. You usually will be requested references, including a notice from your former bank.
There is no standard format for this reference notice, but it will state something along these lines: “Mr. 150,000.” The notice should be on the institution’s letterhead and signed by an official. Banking hours are shorter in Belize, only until one or two 2-p typically.m. Many standard bank offices have modern conveniences such as ATM machines, however they may be out of order normally because they are working, and almost all (Barclays/First Caribbean is the existing exception) acknowledge only ATM credit cards issued in Belize.
At present, some expats residing in Northern Belize cross into Mexico where they can use their American-issued ATM cards, though they get funds in pesos. This example with ATMs may be changing soon – look for ATMs in tourist areas that accept foreign ATM cards. While bank personnel in Belize are extremely friendly – this is Belize usually, in the end – you can’t always say the same about loan company guidelines, for loans especially.
Loan rates of interest are high. Even as the U.S. 4%, Belize banks were getting 14% to 18% or even more on loans and even higher on some unsecured loans. As well as the hidden charges and fees can truly add several percentage factors to the loan interest. Modern consumer protection laws haven’t all made it to Belize yet.
Alliance Bank of Belize is the most recent of the commercial banks in Belize. They have offices in Belize City, Big Creek, and San Pedro. It really is associated with Glenn D. Godfrey, who operates Provident Standard bank also, an offshore loan provider. Atlantic Bank Ltd. on August 16th was established in Belize City, 1971. Atlantic Bank offers personal and commercial banking services including savings accounts, certificates of debris, checking out accounts, loans, credit cards, point of sales and other financial services.
Atlantic Bank has 15 locations country wide with a network of 18 ATMs. Our friendly staff, reliable service, and technological breakthroughs make us the leading Bank in Belize. Belize Bank traces its background back again to 1902 when it was founded as the lender of British Honduras. It really is owned by Carlisle Holdings Ltd., (NASDAQ: CLHL, London: CLH), a billion dollar-plus (revenue) outsourcing company with cleaning and support functions in Britain and the U.S. Carlisle alsoheld a majority desire for Belize Telecommunications, Ltd.
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2003, it announced it would sell to an organization located in St. Thomas in the U.S. Virgin Islands. Carlisle is 75%-possessed by chairman Lord Michael Ashcroft, a British billionaire and Conservative party official who retain dual citizenship in the united kingdom and Belize. Belize Bank bills itself as the largest commercial standard bank in Belize, with a 46% share of debris and 48% share of loans in Belize. It has 12 offices around the united states – in Corozal Town, the Corozal Free Zone, Orange Walk Town, AIRPORT TERMINAL, Belize City (2), Belmopan, San Ignacio, San Pedro, Dangriga, Big Creek, and Punta Gorda.
25 million in fiscal 2003. Main office: 60 Market Square, Belize City; tel. Belize Bank also offers a global banking department. First Caribbean International Bank (formerly Barclays) was formed in 2003 by the merger of the Caribbean procedures of Barclays, the giant U.K-based financial service company, and those of another large loan company, Canadian Imperial Bank of Commerce (CIBC). Operations in 15 Caribbean countries including Belize are being rebranded as First Caribbean International Bank. 10 billion. In Belize, First Caribbean has 5 offices, in Belmopan, Belize City (3) and Dangriga.
Main office in Belize: Albert Street, Belize City; tel. 300 billion. In Belize, they have offices in Corozal Town, Orange Walk Town, Belize City (2) and Dangriga. Main Belize office: Albert Street, Belize City, tel. Belize Bank has twelve offices in Belize; Atlantic, eight; ScotiaBank, six; First Caribbean, four; Alliance Bank, three.