Best bank and procedures for retirement transfers

Last activity 12 April 2022 by Aerodex

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ElprofessorAlemanNew member07 January 2022 03:57:18

Can anyone suggest the best bank and/or procedure for opening an account?

Have home and lot already on AC, and have averaged 3 months of stay continuous over the last 13 years. Finally ready to make the final year round move from the US

Would like to transfer 25k immediately, then have ability to transfer from my US bank/broker on a regular basis.

I realize I can and will talk to a few Belize banks first, just looking for some tips/failures of expats in the same situation.
No business plans, just retirement. I am aware of the QRP program..but will hold off for 6 months before making up my mind.

Thanks,
EPA

rbugg70198New member13 January 2022 10:11:48

I am also looking into suggestions for banks in Belize and the USA for the best to transfer money and to keep money in belize.

trifficContributor13 January 2022 12:50:17

162

Ally and Atlantic

garysshawMember21 February 2022 11:35:08

I can't even get the banks to answer emails on what I need to bring to open an account in Belize, so if anyone can help on that too please

John BelizeNew member21 February 2022 14:24:59

In my 34 years of experience living in Belize, Atlantic Bank is the best bank. They have branches everywhere.

davidsbrenchleyActive member21 February 2022 14:26:37

My experience at Belize Bank.
Passport
Proof of local address (utility bill or letter from landlord w/ Justice of Peace stamp)
Letter stating where funds that you'll deposit originate from and what your deposit practices will be.
Three months of bank statements
A reference letter from you current bank

It was rather painless .. had an account in a couple of hours.

garysshawMember12 April 2022 10:00:48

@davidsbrenchley

Thanks David, don't suppose you know if there is an actual guide issued by the bank for the requirements?

kmlive2dayMember12 April 2022 13:18:44

Punta Gorda area does not have anything but Belize Bank. You might want to make sure you have access to your bank wherever you plan to land.

kathie

davidsbrenchleyActive member12 April 2022 13:41:02

@garysshaw Gary. No guide as such. When I went to a branch, they turned me away stating required docs. If you are attempting to do this remote I'll warn, it's a troublesome lengthy process, but you can get the ball rolling if you reach out to whichever's banks customer service.

AerodexSerial expat12 April 2022 17:09:16

#10

256

My experience at Belize Bank.
................................

It was rather painless .. had an account in a couple of hours.
- @davidsbrenchley

Wow, that is a huge change since I tried and was turned down by Atlantic Bank (Placencia branch) back in 2016.

Their website had all the requirements posted, I brought down timely documents from even more sources than they asked for. After about four months I stopped back in to inquire. They opened up a filing cabinet looked at my folder then said, "just the day before" they had received notification I had been turned down by Central Bank, the ones that control all banking in Belize.

At that time, Atlantic also had an international bank operation that had a desk four feet away in the same office.

I picked up all my returned documentation took 2 steps over to the international desk, and submitted the same documents. The international representative summited them to Central Bank, 2 weeks later I had an international Atlantic Bank account.

Fast forward about 2 years, Atlantic Bank International was caught up in the biggest fraudulent land development, loan scam ever seen by the US SEC. Atlantic Bank International filled for bankruptcy, then closed forever taking about US $500 of my money with it.....lots of other folks lost many millions of dollars.

Since I am not full time in Belize, I never tried again opening a Belize bank account, just use US based credit card or debt cards with no international fees, and cash withdrawal at local ATMs as needed. I receive and pay my utility bills online.

I am glad to see opening a bank account in Belize has gotten easier.

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