Belize Banks: Us Visa Payment Options

To pay for a US visa, you must pay the application fee and shipping and handling charge via money order, certified cheques, bank drafts, or cash (in person) to the order of the Embassy of Belize. The Embassy does not accept personal cheques. While I could not find specific information on which banks in Belize can be used to pay for a US visa, the Belize Bank Limited and credit unions in Belize offer both local and international credit cards under the Visa brand.

Banks in Belize that offer international credit cards

If you're looking for an international credit card in Belize, you'll be choosing from either Visa or Mastercard. The Belize Bank Ltd. offers international credit cards under the Mastercard brand, with the Visa brand also available. Here's a closer look at what's on offer.

Belize Bank Mastercard Credit Cards

The Belize Bank offers four types of personal credit cards, two of which are Mastercard-branded:

• AAdvantage® Mastercard Platinum: This card offers automatic enrolment in the world's largest travel rewards program, where you earn AAdvantage® miles every time you use your credit card, whether locally or internationally. It also comes with a host of benefits, including personal assistance, master travel assistance services, master rental, and insurance. The international spending limit is up to a maximum of US$7,500 monthly or $35,000 annually.
• AAdvantage® Mastercard Standard: Similar to the Platinum card, the Standard option offers automatic enrolment in the travel rewards program, earning you miles on every purchase. Benefits include purchase protection, master global services, instant payment options, and insurance. The international spending limit is the same as the Platinum card.

Belize Bank Visa Credit Cards

The other two credit card options from Belize Bank are Visa-branded:

• Visa Classic: Benefits of this card include price protection, instant payments, insurance, and standing orders for automatic recurring bill payments.
• Mastercard Standard: This Mastercard option provides benefits such as master global services, purchase protection, instant payments, insurance, and standing orders.

Requirements for opening a bank account in Belize

To open a bank account in Belize, you will need to provide the following:

• A valid passport and proof of immigration status, which must be verified by the bank.
• A second form of photo ID from your home country, such as a driver's license.
• Proof of permanent home address, such as a utility bill.
• Two original bank references, signed by your relationship officer or bank manager, confirming that your account has been open for at least two years, your address, the date the account was opened, the type of facilities held with the bank, and stating whether the banking relationship has been satisfactory.
• A work permit, if applicable, or proof of economic interest in Belize, such as investments or property.
• A letter of intent stating the reason and purpose of opening the account.
• Central Bank approval—upon receipt of the above documents, the bank will request approval from the Central Bank of Belize for a service charge of BZD$50, payable before approval is granted.

Additionally, when depositing or wiring money into your account, especially over $1,000, you will need to inform your bank of the purpose of the money and provide proof of its source, such as a salary slip, rental income deposit, insurance payout, or real estate sale.

Belize banks that offer loans

Belize's banks offer a range of loans, including personal and business loans, overdraft facilities, student loans, loan consolidation, and residential mortgages. The country has four commercial banks regulated by the Central Bank of Belize: Atlantic Bank Limited, The Belize Bank Limited, Heritage Bank of Belize, and the National Bank of Belize.

The Belize Bank, for example, offers lending services to help individuals turn possibilities into realities. They also offer H.O.M.E. Residential Mortgages to help people achieve their dreams of owning a home.

The National Bank of Belize, along with credit unions and government-affiliated lending institutions such as the Development Finance Corporation, offers 100% financing for new homes. The interest rates on residential loans vary from bank to bank and are determined by the criteria set by the individual banks.

Credit unions are a popular alternative to commercial banks in Belize, as they charge simple interest and offer services such as consumer, education, medical, and residential loans. The Holy Redeemer Credit Union is the largest in the country, with 60,000 members and 650 million dollars in assets.

Belize banks that offer mortgages

If you're looking to buy property in Belize, you may be considering a mortgage. Several Belize banks offer residential mortgages to help make your dream of owning a home a reality. Here are some of the options available to you:

Belize Bank

The Belize Bank offers the H.O.M.E. Residential Mortgage to help make your dream of owning a home a reality. They provide convenient and simple banking solutions, allowing you to manage your finances from anywhere using their mobile banking app. With their lending services, they aim to help turn your possibilities into realities.

National Bank of Belize

The National Bank of Belize offers home loans with the lowest interest rate in the current market at 5.5% and a flexible repayment term of up to 30 years. They cater to those looking to make home improvements, buy a new home, construct a new home, or refinance an existing mortgage. Their experienced loan officers will guide you through the process, making it simple and straightforward.

Credit Unions and Government-Affiliated Lending Institutions

Credit unions and government-affiliated lending institutions, such as the Development Finance Corporation and the National Bank of Belize, have been actively offering mortgages since 2022. They provide competitive rates and, in some cases, finance up to 100% of a new home. Their interest rates are often lower than commercial banks, but the process may take longer.

International Business Company (IBC) Loans

If you are an International Business Company (IBC), you can also explore residential loans offered by banks in Belize. These loans can be used for various purposes, including financing condo units, land purchases, or building your own home. Interest rates may vary between banks and are determined by the criteria they set.

When considering a mortgage in Belize, it is essential to do your research and compare the offerings of different banks and lending institutions. Each bank will have its own requirements and loan conditions, so be sure to review their specific guidelines before applying.

Belize banks that are FATCA-compliant

Belize is a good place to consider for anyone looking to establish an offshore account for investment purposes, or for those who are retiring or moving their business offshore. The country's banking laws create an inviting financial climate for investors and account holders from around the world.

Belize is fully compliant with FATCA (Foreign Account Tax Compliance Act). This means that banks in Belize have provisions in place to report the total amounts in accounts held by US citizens and residents to the US Internal Revenue Service (IRS).

Citizens and nationals of the US and Canada should ensure that the bank they intend to do business with in Belize is registered with the IRS under FATCA and Intergovernmental Agreements (IGAs). A compliant bank will display its Global Intermediary Identification Number (GIIN) on its website, or readily reveal this to any prospective customer. The GIIN is a 19-character number. The US Internal Revenue Service provides an online tool to check for GIIN-compliant financial institutions, which is updated monthly.

Caye International Bank was the first Belizean bank to become FATCA-compliant.

Frequently asked questions