International Banking in Belize

[DAVID L.]

We use Atlantic International Bank Limited (for a mortgage in US Dollars) and we are signing up with Atlantic Bank in Corozal to do our local banking (in Belize Dollars). While this is not a recommendation, they both have been great to work with.

As many ExPats know, the US has some very stringent regulations concerning money laundering and terrorism funding. Sometimes we get caught in the middle as new regulations are put into place.
However, this was just posted on Atlantic International’s website which is a very positive occurrence for all banks in Belize and for ExPats who use those banks:
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It’s an exciting time for Belize as the Caribbean Financial Action Task Force (CFATF) determined that Belize has achieved the highest levels of compliance with International Standards. This is certainly excellent news, here are the highlights:
On Wednesday, May 28, the Caribbean Financial Action Task Force (CFATF) determined that Belize had successfully qualified to exit both the CFATF Follow-up Process and International Country Risk Guide (ICRG) Review.
To make this determination, CFATF and ICRG assessors conducted a robust review of the measures undertaken by Belize to address deficiencies in its regime to combat money laundering and terrorist financing. By exiting both the ICRG Review and CFATF Follow-up Process, Belize now joins the vanguard of CFATF member countries who have achieved the highest levels of compliance with international standards.

Since 2011, Belize has been working closely with the CFATF to address the deficiencies identified in Belize’s AML/CFT regime. Those efforts were redoubled when, in November 2013, the CFATF issued a Public Statement identifying Belize as having strategic deficiencies in its AML/CFT regime. Upon analysis of the legislation and measures taken and a rigorous examination process that included both public sector authorities and members of the private sector, the CFATF ICRG issued a public statement confirming Belize’s accomplishments and announcing Belize’s successful exit from ICRG Review and the CFATF Follow-up Process.

CFATF member countries expressed their congratulations to Belize for making such remarkable progress in such a short time. The Belize Delegation to the CFATF and the National Anti-money Laundering Committee advise that implementation must continue and current enforcement measures will be enhanced. To avoid repeating the reputational damage and economic consequences Belize suffered in 2013, the Government of Belize is fully committed to strengthening the AML/CFT regime and Belize’s international reputation as a well regulated financial services centre.

To read the entire press release you can visit the Caribbean Financial Action Task Force Website

[COUNTRY EXPERT ANN KUFFNER]

Thanks, David, for the info you passed on.

I recently made a US dollar transfer from the USA to Atlantic International Bank. It was the first time I did so since they changed their correspondent bank. It took a bit longer, about 3-4 days, but the money went through without an issue.

[Ellery Brown]

Ellery Brown

I own property in Placencia on the lagoon side (Peninsula Club) and am hoping to build in the near future. We do have an account at Atlantic International but since BOA dropped there correspondence I have been told to be careful (send funds at your own risk) of the new corresponding bank in Puerto Rico as far as transferring funds from US. What are your thoughts on that and any additional info you could provide would be very helpful. Thank you so much for the great job and helpful info you provide.

[COUNTRY EXPERT ANN KUFFNER]

Ellery,

It sounds like the person who advised you was concerned that your US dollar transfers would not get through. I have made several transfers from the USA through the new correspondent bank, which is in Puerto Rica, to Belize, without any issues. It just takes a few more days than in the past.

To me, the bigger problem would be if you couldn’t get your US dollars out of Atlantic International Bank in the future. There have been no such issues with Atlantic International Bank. And once you transfer funds to their international bank, you can convert them to Belize dollars to use for your construction. I have both an Atlantic International Bank account and an Atlantic BZ dollar account. I can transfer funds easily from the US dollar account to the BZ dollar account on line. I don’t think that will ever be a problem.

But I have heard of expats who kept US dollars in two other offshore banks in Belize and had problems getting their US dollars out. My personal approach is to only move enough US dollars to Belize to live on. I do that in phases, converting US dollars to Belize dollars each month. If you are moving US dollars to Belize to pay for materials to build a home, you should be fine.

That being said, I am really diligent to track any money transfer I make from the USA to Belize now. If the money doesn’t show up in my Atlantic International Bank account within a few days I call the bank to check. Sometimes the funds bounce back to my account in the USA, if something is missing on the paperwork. And last year one of my transfers was held up at the main Atlantic Intl Bank office in Belize City. They said I needed to fill out some paperwork, since the amount was above the limit here in Belize. So I went back into the bank and had to sign a form before they would allow the transfer to go through. If you are making large transfers to build a home, I’d discuss that with your Atlantic Intl banker and make sure you get the paperwork set up ahead of time to explain why you will be moving large sums of US dollars to Belize. They just want to see some justification when a lot of US dollars are coming into Belize.

[DAVID L.]

Hi everyone,

I am sorry that I am late to this conversation. We have been traveling (Belize for the month of May, Virginia for a week then to San Antonio and finally home to NC).

We have no issues using AIBL (except when the BOA stop being the corresponding bank – but BOA did that to multiple banks. AIBL was very good about keeping us informed of the status). We have an account with Charles Schwab which performs wire transfers to Belize through Puerto Rico. Of special note, the wire transfer is considered domestic (don’t ask me!) Anyway, the transfer only takes 2 to 3 days because it is classified as domestic. Schwab charges $25US and the bank in Puerto Rico charges $35US per transfer. Also, AIBL does not accept personal checks. However, Atlantic Bank does with a 22 day waiting period.

This is what I understand and have experienced. It may or may not be reality. Good luck with your experience.

Warning: Anyone considering opening a local account, like at Atlantic Bank (not to be confused with Atlantic International Bank), there is a new form required by the Central Bank. It is Exchange Control Permission form. Apparently, in order to keep the conversion rate pegged at $1.00US to $2.00BZ they have to restrict the opening of new local accounts by EXPAT’s. This form should be part of the package of a home purchase. It seems to be relatively easy to get from the Central Bank – at least for now. Just a word to the wise.

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