Belize has a number of commercial banks where expats can open an account. Three of these are based within the country: the Alliance Bank, Atlantic Bank and the Belize Bank. Two are multinational banks: First Caribbean Bank and ScotiaBank. The banks based within the country are fairly small organisations but will have branches in the larger towns and cities. The multinational banks are probably a better option for those who will be having money transferred from other countries, perhaps in the form of pension payments.

When opening an account in Belize it is important to ensure that you have all the documentation you need in place before going to the bank. Most banks will expect you to have references, particularly from the bank in your home country. This should confirm the length of time that you have been an account holder and that they have had no problems with your account. If you are moving to the country to work then you will also need to have in place a contract of employment to prove that you will be paying money into the account on a regular basis and a tenancy agreement or utility bill can serve as proof of address.

Expats should be aware that those moving to the country on the Qualified Retired Persons Incentive scheme will be expected to deposit the equivalent of $24,000 (USD) into a Belize bank each year. However, those that have more money are advised to leave this in savings accounts in the country of origin and just transfer the minimum that is needed. Banks in Belize have no insurance scheme, so if the bank fails, all your money goes with it.

Those who choose to keep their old accounts should also be aware that each bank has a limited number of ATMs which will accept foreign cash cards. The locations of these can be obtained from the banks themselves when you are in the country. There are some banks which will not accept foreign cash cards, so if you are staying in the country for any length of time then it is better to open an account there to use for your every day spending needs.

Banks in Belize offer all the usual services that you would expect from a bank in your country of origin. This includes transferring monies between accounts in different countries and banks, online banking services, bill payments, direct debits and standing orders. Many banks accounts will be subject to a small monthly fee although this will vary from bank to bank. Loans and mortgages are available from most banks and expats can apply for these although it is unlikely that these will be approved if you have not been in the country for very long.

Some banks offer the option of opening an account in another currency. It is possible to have an account in US Dollars or GBP as well as an account in Belize dollars. However, most banks will not allow the transfer of funds between the two, so in order to move monies they would have to be withdrawn and exchanged before being deposited in the other account. Many people choose to have an account in US dollars, as this is a currency which is accepted by many businesses in the country and if you are travelling outside the country, US dollars are much easier to exchange.

When opening a bank account there will be a minimum deposit in order to set the account up. This will vary from bank to bank but can be as little as $5 for a current account and $100 for a savings account. Premium savings accounts that have more benefits may ask for a minimum deposit of up to $5000. As long as the current accounts and savings accounts have been opened in the same currency than transferring monies between the two is a simple matter.

When banking in the country, it should be noted that the opening hours of the banks are much shorter than in most countries. There are some banks which will only be open between 9 am and 2 pm each day, while others that open later will close at lunchtimes. It is unlikely that your bank will be open at weekends, although ATMs are available 24 hours a day and online banking is also available round the clock.