Opening a Bank Account in Belize: What You Need to Know Before You Walk In
A client recently asked me, “Can I just walk into a bank in Belize and open an account?” It caught me off guard—not because it was a strange question, but because it’s something I took for granted over 21 years ago when I first moved here. Back then, things felt simpler. But the reality is, opening a bank account in Belize isn’t as straightforward as you might expect, especially if you’re new to the country.
Over the years, I’ve walked clients through this process time and time again. And if you’re planning to spend any real time in Belize—whether you’re relocating, investing, or just staying long-term—it’s worth knowing how it really works.
Do You Need to Be a Resident of Belize to Open a Bank Account?
Here’s one of the most common misconceptions: No, you do not need to be a resident of Belize to open a bank account. Belize welcomes foreign investors and expats, and several of the country’s banks are equipped to work with non-resident clients.
That said, you do need to meet specific documentation requirements, and the process often takes longer than people expect. Being prepared can save you time—and frustration.
Types of Bank Accounts Available in Belize
Most commercial banks in Belize offer two main types of personal accounts:
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Savings Accounts
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Checking (Current) Accounts
Foreigners can also open U.S. Dollar (USD) accounts, which are common for international clients, especially those receiving rental income or investing in property.
Some of the most widely used banks for expats and international clients include:
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Heritage Bank
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Caye International Bank (specializes in offshore banking, based in San Pedro)
Each bank has slightly different rules and fees, so I always recommend speaking to a representative to compare your options.
What You’ll Need to Open a Bank Account in Belize
Here’s what most Belizean banks will typically require, especially for non-residents:
✅ Two Forms of Valid Identification
At least one must be a passport. The other can be a driver’s license, national ID card, or another government-issued photo ID.
✅ Proof of Address
This can be a utility bill, lease agreement, or bank statement—preferably not older than 3 months. Some banks require a utility bill in your name.
✅ Bank Reference Letter
A letter from your current bank (issued within the last 90 days) confirming your relationship and good standing. Some banks are stricter than others here.
✅ Personal Reference
Some banks ask for a reference letter from a Belizean citizen or permanent resident. It helps to know someone locally.
✅ Proof of Income or Source of Funds
This could be a letter from your employer, pay stubs, tax return, or documentation related to your investment income.
✅ Initial Deposit
This varies by bank but usually ranges between $100 to $1,000 USD, depending on the type of account and currency.
✅ Application Forms and Interview
Some banks require an in-person meeting or even a short interview. With Caye International Bank, you can often start the application remotely—but still expect a due diligence process.
A Few Things to Keep in Mind
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Account approval isn’t always instant. It may take a few days—or in some cases, weeks—to complete due diligence checks.
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Foreign transaction fees can apply. If you’re wiring money internationally or withdrawing from ATMs, make sure you understand the fees.
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U.S. Citizens and FATCA: U.S. citizens will be required to complete IRS forms (like W-9), and banks will report account information under FATCA compliance.
Tips from Experience
When I opened my first account in Belize more than two decades ago, it felt like walking into a small-town bank. Everyone knew your name. These days, the regulations are tighter, and due diligence is more serious—especially with growing global scrutiny around banking and offshore accounts.
Here’s what I tell my clients:
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Don’t try to rush the process.
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Get your documents ready before you come.
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Choose your bank based on your needs—especially if you’re managing rental income, planning international transfers, or doing business locally.
If you’re buying property through RE/MAX Island Real Estate, we can guide you through this process and even connect you with specific bank officers who have experience working with expats and investors.
Conclusion: Is Opening a Bank Account in Belize Worth It?
If you’re serious about living, investing, or doing business in Belize, opening a local bank account just makes sense. It simplifies day-to-day transactions, helps with local purchases, and shows you’re serious about your presence here. The process isn’t instant, but with the right guidance, it’s absolutely doable—even as a non-resident.
And remember—whether you’re buying your dream beachfront home, setting up rental income, or planning a long-term stay, having your finances organized locally is one of the smartest moves you can make.