Banks in Belize

The Central Bank of Belize licenses and prudentially supervises domestic and international banks, oversees the national payment system and administers foreign-exchange controls. Belize’s four licensed domestic banks are Atlantic Bank Limited, The Belize Bank Limited, Heritage Bank Limited and National Bank of Belize Limited. They offer savings, checking or current accounts, demand deposits, time deposits, consumer and commercial loans, foreign exchange, credit cards, letters of credit and guarantees. Belize also has three Class A international banks: Belize Bank International Limited, Caye International Bank Ltd. and Heritage International Bank & Trust Limited. They hold separate international banking licences and mainly serve foreign-currency banking for non-residents rather than the regular retail path for Belize residents. No Class B international bank is listed in the available research. Eight registered non-profit credit unions provide a functional alternative for members: Blue Creek, Holy Redeemer, La Inmaculada, Spanish Lookout, St. Francis Xavier, St. John’s, St. Martin’s and Toledo Teachers. Credit unions offer savings and consumer, education or residential loans, but membership is based on shareholder participation and they are not banks. Domestic banks and credit unions belong to the Deposit Insurance Corporation and its Deposit Insurance Fund. Insured deposits are generally protected up to $20,000 per insured deposit, subject to related-party rules and other exclusions; international banks are outside the statutory protection applicable to domestic banks and credit unions. A bank usually asks for a passport or Belize Social Security Card, proof of address such as a utility bill issued within the previous three months, and sometimes proof of occupancy. Customer identification and anti-money-laundering checks can also cover the purpose of the account, expected activity, source of funds and, for a company, the ultimate beneficial owner. A branch may open the account, while some banks provide a digital process. The required documents and the decision to accept an application vary by bank and account type. Account products, interest rates, minimum balances and fees are not uniform. For example, Belize Bank’s E-Smart account has a reported opening fee of BZ$20, a BZ$2 monthly fee and a Mastercard debit card. Its Personal Chequing account has a reported initial deposit of BZ$200 and a BZ$7.50 monthly fee. These are product-specific examples, not market-wide rates. The Belize dollar is pegged at BZ$2 to US$1. Residents and non-residents can use foreign-currency accounts and foreign-exchange services, but overseas transfers and other foreign-exchange transactions are subject to exchange-control rules. A Belize resident generally needs prior Central Bank approval to hold a foreign bank account abroad. Applications for foreign-exchange transactions can be submitted through an authorised dealer using form XCH9. The Automated Payment System Settlement Service, or APSSS, connects banks for domestic payments. Its automated clearing house, or ACH, handles cheques, credit transfers and direct debits. Electronic funds transfers, or EFT, support low-value and bulk payments and can settle on the same day. Instant funds transfers, or IFT, operate 24/7 and usually take a few minutes. The real-time gross settlement system, or RTGS, handles high-value transfers in about one hour. Cheques can take until the end of the following business day. Belize is implementing a new national interoperable payment infrastructure intended to support 24/7 transfers in under ten seconds using a phone number or email address instead of an account number. A bank, credit union or licensed digital-wallet provider may connect to it, but rollout and participation depend on each institution. Payment service providers require licensing under the National Payment System Act. DigiWallet operates through many retail agents, while E-Kyash is a Belize Bank digital wallet that can be registered with a Belize telephone number without a bank account and used for cash-in, cash-out, QR payments, person-to-person transfers and bill payments. A wallet balance is not the same as a bank deposit. Banks issue debit and credit cards for ATM and point-of-sale payments. Depending on the issuer, cards may use Mastercard or Visa, support contactless payments and work abroad. Limits, fees, replacement procedures and foreign use depend on the issuer. Belize Bank provides examples of security features such as 3-D Secure, push or biometric approval and card controls. Online and mobile banking services from Belize Bank, Atlantic Bank and other providers can include balances, transaction histories, statements, transfers, bill payments, alerts and card management, but registration and an eligible account are generally required. Check a provider’s licence before opening an account. Keep login details and PINs private, report suspected phishing, change the password after a suspected compromise and review statements and transaction alerts. Security controls such as encryption, tokens and account lockouts vary by provider. A complaint normally starts with the bank or payment provider. If it remains unresolved, the customer can complain to the Central Bank of Belize with the date, facts, contact details and provider or branch information; providers must maintain a complaint process and escalation path.