Monday, December 26, 2011

Opening an International Bank Account

Thank goodness for the Internet, We were able to open an international bank account with British Caribbean Bank International Ltd. in Belize online. I contacted Ms. Flor Nunez and she emailed me a list of documents she needed and the application in order to open the bank account. You can go directly to their web site and print out the application from there if you would  rather. Here is a list  of the things that she needed:
  • Completed application
  • Certified copy of passport
  • One bank reference
  • One character reference
  • Proof of address
Your character reference must be from a lawyer or certified public accountant.  It is a good thing I have lots of friends that are lawyers. 
I emailed all of the documents she needed and within about a week I had received an email with a letter attached with all of my new bank account information. Deposit $1000 to activate the account and that's it, we now have an international bank account. 

Here are the features of having an international bank account with British Caribbean Bank:

  • Available in US Dollars, Canadian Dollars, Pounds and Euros
  • 24-hour online banking
  • Visa & MasterCard Credit Card
  • Visa Debit card
  • Cheque books - available upon request
  • Standing orders
  • A monthly statement is provided free of charge
  • Minimum deposit of US$1,000 (or currency equivalent) to open accounts should be maintained at all times
  • Overdraft available upon request (refer to Credit) Other Ancillary Services: Wire Transfers Bank Drafts Online Banking
How do you plan on handling your money transactions in Belize?


    1. Hey Debra! I just wanted to mention that IBC's are only an option for those who won't be obtaining their Permanent Residency status. So if you plan on staying in Belize on a Tourist Visa or in the QRP program, you can have one. Otherwise, you cannot.

      Also, one other weird thing they do with IBC credit cards is they make you deposit an amount equal to your credit limit. And with debit cards, there is a conversion fee involved, so you're better off getting a local bank account and converting some of your money to Belize dollars and using that debit card instead. Also, you can't use IBC debit cards for online puchases.

      The banking rules in Belize are extensive - can get kind of confusing. Glad it was so easy for you to get your IBC opened though.

      Sharon Hiebing
      Relocate Without Rose-Colored Glasses

    2. Thanks so much Sharon for the additional information. It is always greatly appreciated. We will be on the QRP so that is why we were able to get an IBC.


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