If you are thinking of opening a foreign account, consider Belize, a major financial hub in Central America. It gives an opportunity to set up an account remotely and benefit from reliable asset protection opportunities, innovative services, and classic banking solutions. Belize is a country with a stable political environment, which is the best setting imaginable for keeping your money safe. The local currency is just as stable as it is pegged to the US dollar (2:1). Click on the link to a trusted portal to get more practical info on how to open an account in Belize or get in touch with an expert (using live chat in office hours) to ask any questions.
Advantages of Belize Banking
Let’s look at the main reasons to cooperate with the Belizean bank we will recommend:
- Professionalism. The bank has an award as the best private offshore bank in Latin America, which highlights the excellent results it achieved.
- Yield. The interest rates that the bank offers are quite competitive.
- Protection. The laws of Belize protect the interests of beneficiaries and advocate for them.
- Confidentiality. The Bank Secrecy Act that the institution strictly adheres to guarantees that no third party will get access to your assets.
- Partnership with other financial institutions. The Belizean bank has correspondent relations with numerous banks across the globe, making it possible to provide asset management services in different currencies. You can also get a VISA debit card provided by a partner from the US to be used internationally.
- Innovations. If there are any innovative solutions in the financial market, you are sure to find them in the Belizean bank.
- Excellent services. Non-residents get high-quality services that they are sure to appreciate.
- Reliability. The bank has a high liquidity ratio (higher than US banks), which makes it a very reliable institution.
Services or Non-Residents
You will find a lot of attractive banking products here, namely:
- A demand deposit account with interest accrued on a regular basis
- A fixed-term deposit for 1 to 5 years
- A VISA debit card that you can use across the globe
The account can be opened in different currencies: EUR, USD, CHF, GBP, or CAD.
VISA Card
Let’s look at the main features:
- You can receive an account statement by email
- You can withdraw cash at any ATM across the world
- You can pay with the card in any place where you will see the VISA logo (Russia is the only exception)
- You can credit up to 10,000 US dollars on the card
Transaction and other fees:
- The annual maintenance fee you have to pay is USD 50
- If you top up the card, you will need to pay 3% of the amount
- The card account service fee is USD 3
- Cash withdrawal from an ATM comes at USD 5
- Balance request at an ATM costs USD 2
- If you decide to change the PIN code, it will cost you USD 2
- Payments in stores come at USD 3
- If your account remains inactive for more than 90 days, you will have to pay USD 10
- Currency exchange comes at 3%
- Finally, the cross-border fee is 3%
Savings Account
- The minimum deposit you will have to make to open an account is USD 1,000
- The only currency available is US dollars
- The term of the deposit ranges between 1 and 5 years
- The rate varies depending on the amount you deposit:
- 0.5% for amounts less than USD 100,000
- 0.25% for amounts ranging between USD 25,000 and USD 99,000
- 0.1 for the amount less than USD 25,000
- The FATCA fee amounts to USD 250
- The entry fee is USD 100
- The monthly maintenance fee is set at USD 14.5
Demand Deposit Account
This is a kind of account that allows you to withdraw funds from an unrestricted number of times. Let’s look at the main features:
- The minimum amount to be deposited is USD 1,000
- The US dollar is the only currency available
- The interest paid also depends on the amount deposited:
- 0.1% for the amount over USD 10,000
- 0% for the amount below USD 10,000
- The interest is paid monthly
- You can get a monthly account statement if you want to
- The information about the balance on your account is available on a 24/7 basis
Fixed-Term Deposit Account
If you want to get a certain yield on your money, use a fixed-term deposit account. The interest rate will be fixed for the period of time you choose. When the term is over, you will get a fixed income, which is very convenient.
Let’s look at the rates offered:
- A 1-year deposit will yield you 1.75%
- A 2-year deposit will bring 2% of profit
- If you make a deposit for 3 years, you will get 2.25%
- A 4-year deposit will yield 2.5%
- Finally, the deposit for five years will bring the highest profit (3%)
If you decide to withdraw the amount deposited before the deadline, you will need to pay a commission fee that equals 1%. The minimum opening balance to set up a fixed-term deposit account is USD 25,000.
Other Rates for Customers Who Open a Personal Account
Bank transfers
- Incoming transfers cost USD 10
- Outgoing payments come at USD 100
- Transfer tracking fee equals USD 35 plus foreign bank commission
- If the bank cannot file an application to incoming/outgoing transaction parties, you will have to pay USD 10 plus a foreign bank commission
- Internal transactions between accounts come at USD 5
Cash transactions
- Cash deposits or withdrawals cost 3% of the deposit amount (mind that you will have to notify the bank 2 business days in advance)
Payment (check) processing
- Payment to a local recipient costs USD 10 + delivery cost
- Check deposit verification costs USD 15 (verification clearing fee) + bank charges (USD 33 + 1% of the check value)
- Bank/cashier’s checks come at USD 25 + delivery fee
- Check return costs USD 25 + a foreign bank commission
- Verification of funds sent for cashing costs USD 50 + a foreign bank commission
- Payment cancellation costs USD 25 + a foreign bank commission
Conclusion
You can see a more detailed table with rates if you follow the link. Interested in a personal bank account in Belize? Visit the portal to get free professional advice and the assistance of a qualified specialist if you need it.