Belize Banks

One of the domestic banks in Belize.

Belize banking is like much that all over the world but more closely modeled after the British and American banking system. All the banks here are owned or affiliated with banks in Europe and North America. The country has five commercial banks regulated by the Central Bank of Belize. Unlike other countries, for example the U.S.A., there is no insurance on deposits such as the Federal Deposit Insurance Corporation. But the Central Bank exercises tight oversight over the banking industry and requires that banks retain suitable liquidity and asset ratios in respect of loans and liabilities. No bank has failed in Belize.

All banks operating here have correspondent relationships with banks in North America and Europe. Facilities such as VISA and MasterCard credit cards, debit cards, cheque cashing, personal and business loans, overdraft facilities, loan consolidation, mortgages as well as letters of credit, cashier’s cheque, and travelers cheque are the full range of local banking services. Automated Teller Machines are available throughout the country and accept VISA and MasterCard credit and debit cards. The six banks licensed to operate here are:

The Belize Bank Limited
Market Square,
Belize City, BELIZE
TEL: + 501-227-7132

Belize Bank International. (This is an offshore bank).
Matalon Business Center.
Coney Drive, Belize City, BELIZE
TEL: +501 227 0697

Bank of Nova Scotia
Albert Street
Belize City, BELIZE
TEL: 501-227-7027

Heritage Bank of Belize (formerly Alliance Bank)
Princess Margaret Drive
Belize City, BELIZE
TEL: + 501-223-6111

Atlantic Bank Limited
Freetown Road,
Belize City, BELIZE
TEL: + 501-223-4123

First Caribbean Bank
Albert Street
Belize City, BELIZE
TEL: + 501-227-7211

Credit Unions

The country has a healthy system of credit unions. Some cater to particular sectors such as teachers, public officers or farmers. The better credit unions have close connections with well-established churches and offer good alternatives to the commercial banks. The larger credit unions are utilized by most sectors of society including small to medium size businesses. Since credit unions charge simple interest they are a a popular alternative to the commercial banking institutions.

Credit unions do not offer many of the services banking customers take for granted, for example withdrawing cash from a credit union ATM needs a separate account to be set up. But for those who can appreciate the difference between compound and simple interest, credit unions more than make up for these small inconveniences. By far the largest credit union is the Holy Redeemer Credit Union.

Main services offered include savings accounts, consumer, education, medical and residential loans. Credit unions registered are listed below.

Belize Credit Union League Ltd.

Blue Creek Credit Union Ltd.

Citrus Growers & Workers Credit Union Ltd.

Civil Service Credit Union Ltd.

Evangel Credit Union Ltd.

Holy Redeemer Credit Union Ltd.

La Inmaculada Credit Union Ltd.

Mount Carmel Credit Union Ltd.

Police Credit Union Ltd.

St. Francis Xavier Credit Union Ltd.

St. John’s Credit Union Ltd.

St. Martins Credit Union Ltd.

Toledo Teachers Credit Union Ltd.

Wesley Credit Union Ltd.

All banking is conducted in BZ Dollars. The BZ Dollar is officially tied to the U.S. Dollar. One U.S. Dollar equals Two BZ Dollars. Foreign exchange accounts are allowed but permission must be sought from the Central Bank. For non-residents the best option is to open an offshore bank account.