| What are the requirements to obtain a loan? | Thank you for your interest in our loans, the requirements include: 1. Employment Verification Letter or Proof of Income if you are self-employed. If you do not currently have any accounts with us, please also bring along the following documents: |
| What are your interest rates on personal loans? | We provide competitive loan interest rates ranging from 11% to 14%. The interest is applied using the reducing balance method where interest is charged on outstanding principal amount. |
| What is the maximum loan term for personal loans? | The maximum repayment period for all loans, advances and extensions of consumer loans shall be up to and not exceeding 60 months. |
| What loan fees can I expect? | There is a $300 loan fee for approved consumer loans up to $30,000. Approved consumer loans in excess of $30,000 carry a fee of 1% of the loan amount. |
| Can a non-Belize Bank customer obtain a loan? If so, what are the requirements? | Yes, a non-customer of the Belize Bank Limited can apply for a loan. Kindly note the below requirments: 1. Employment Verification Letter 2. Valid ID (Social Security or Passport) 3. Proof of occupancy in the form of either a utility bill in your name (within the past 3 months) or a valid driver’s license with your current address |
| I am self-employed. Can I still qualify for a loan? If so, what documents will I be required to present? | Kindly note the following requirements: 1. Business Registration Certificate 2. Business financials or at least one year transaction statistics showing proof of income (can be from another financial institution account or an existing Belize Bank Limited account) 3. Valid ID (Social Security or Passport) 4. Proof of occupancy in the form of a utility bill (within the past 3 months) 5. Collateral may be required. |
| Will I be required to assign my full salary to Belize Bank when granted a loan? | The salary assignment will be implemented at the discretion of the lender and based on the type of facility being offered. |
| What payment options do you offer? | Fully amortizing payments, which make equal payments throughout the course of the loan’s life, are the most typical type of loan repayment. |
| How long will it take for my loan to be approved? | The typical turnaround time ranges from 1 to 7 business days. Approvals can also take only a few hours when all the required documents are presented and verified. |
| Can I visit any branch to obtain a loan? | Please feel free to visit any of the nearby Belize Bank Limited locations to apply for a loan as we strive to offer you the best convenience. You also have the option of submitting your loan applications online. |
| Is it necessary to apply at the branch for a loan? | No, our Belize Bank Online Loan Application is EASY, FAST and CONVENIENT! You can easily apply for a loan from ANYWHERE at ANYTIME without having to visit a branch in person. This saves you time and effort. |
| After approval, will I be able to obtain the funds immediately? | After the lender notifies you that you’ve been approved, you’ll need to finalize the loan documents and accept the terms. You’ll typically get the loan funds within 24 hours to your bank account. |
| For how long should I be employed before being granted a loan? | Most lenders prefer to see that you’ve worked in the same field or at least for 12 months at your present employment. |
| By how much should my current loan reduce before being granted another loan? | Your current loan will need to decrease by at least 30% before we grant you another loan. |
| If I have a loan at another financial institution, will Belize Bank still grant me a loan? | Yes, loans are granted if the eligibilty requirements are met. We can also offer you to consolidate your loans. |
| Does my loan have insurance? | While it’s not necessary to obtain insurance for your loan, having a debt cancellation scheme ensures that your debt gets paid in the event of your death. Your family will not need to worry about repaying it. |
| What is covered under my loan insurance? | The debt cancellation scheme can cover your personal loan(s) covered under this scheme in the event of death. |
| What is the cost of the insurance? | The debt cancellation fee is calculated using the loan term, your age, and the approved loan amount. Rates, which range from $84.00 to $132.00 per year, are provided by the lender when you apply for a loan. |
| What is a co-signer and/or guarantor? |
A co-signer is someone who consents to assume legal responsibility for a borrower’s debt in the event that the borrower defaults on his/her required payments. Co-signers and guarantors both promise to pay off a borrower’s debt if the borrower is unable to make payments. Your co-signer or guarantor will need to come in for an interview with us as well. |
| What is a collateral? | A collateral is an asset, such as vehicle, land, mortgage and cash, that a borrower uses to secure a loan. |
| Do I need to provide a collateral or co-signer? | You may need to get a co-signer for a personal loan if you do not meet all the requirements for a loan. Your loan officer will inform you if it will be necessary to obtain a co-signer. |
| Can I be granted a loan without collateral? | Yes, a loan that does not require collateral is known as an unsecured loan. Lenders approve unsecured loans based on a borrower’s credit worthiness rather than their assets as collateral. |
| If my loan is not approved, how long after can I reapply? | Customers can reapply as soon as they are able to meet the requirements for the loan. Be sure to find out from your loans officer if there is a specified waiting period for you, such as 30, 60, or 90 days. |
| What happens if I miss a payment? | Two charges are likely to appear after a missed payment: a late fee and interest on arrears. |
Archives for Uncategorized
Business Credit Cards
| What types of business credit card products do you offer? |
We offer three types of business credit cards from which you can choose. These are: 1. AAdvantage® Mastercard Executive Business 2. AAdvantage® Mastercard Platinum Corporate 3. Mastercard Platinum Corporate |
| What are the requirements to apply for an AAdvantage® Mastercard Executive Business? | If you are an existing Belize Bank Business customer please bring along the following: 1. Signed and completed business credit card application form. 2. Your business financial statements for the past 2 years (if available). 3. Company resolution with details of the request including the authorized representative that will obtain a credit card. 4. Most recent utility bill and valid social security or passport for all applicants. If you do have a business account with us, please contact the Business Center at 615-6721 to schedule an appointment to open your account and provide all the documents listed above to obtain a credit card. |
| What are the requirements to apply for an AAdvantage® Mastercard Platinum Corporate? | If you are an existing Belize Bank Business customer please bring along the following: 1. Signed and completed business credit card application form. 2. Your business financial statements for the past 2 years (if available). 3. Company resolution with details of the request including the authorized representative that will obtain a credit card. 4. Most recent utility bill and valid social security or passport for all applicants. If you do have a business account with us, please contact the Business Center at 615-6721 to schedule an appointment to open your account and provide all the documents listed above to obtain a credit card. |
| What are the requirements to apply for a Mastercard Platinum Corporate? | If you are an existing Belize Bank Business customer please bring along the following: 1. Signed and completed business credit card application form. 2. Your business financial statements for the past 2 years (if available). 3. Company resolution with details of the request including the authorized representative that will obtain a credit card. 4. Most recent utility bill and valid social security or passport for all applicants. If you do have a business account with us, please contact the Business Center at 615-6721 to schedule an appointment to open your account and provide all the documents listed above to obtain a credit card. |
| What are the benefits of an AAdvantage® Mastercard Executive Business credit card? | The main benefits of having an AAdvantage® Mastercard Executive Business include the following: 1.) AAdvantage® Miles lets you earn AAdvantage® miles and Loyalty Points by making purchases with your Belize Bank/AAdvantage® card (earn 1 AAdvantage® mile for every $1 USD spent or such other rate as may be determined by the Bank from time to time). For more information go to aa.com/newaadvantage. 2.) Master Global Services provides emergency card-related assistance any time, anywhere, via one toll-free phone call. Services include Lost/Stolen Reporting Service, Emergency Card Replacement Service, Emergency Cash Advance and ATM Locations. 3.) Concierge Service provides personal assistance including recommendations and reservations for dining, travel, hotels and entertainment. 4.) Master Rental pays for damages up to US$75,000 to a rental vehicle due to collision, theft and vandalism when the cardholder initiates and pays for the entire rental transaction with a MasterCard card and declines CDW/LDW from rental Company. 5.( Purchase Protection reimburses you for theft and/or accidental damage of purchased items. You can get up to US$ 200(aggregate per 12month period); Per occurrence:US$ 100 for up to 30 days. 6.) Travel Assistance provides pre-trip destination information, referral information in case of medical assistance, and legal referrals. 7.) Master Assist Plus reimburses medical expenses, hotel convalescence, emergency family travel costs, and more. Trip must be paid in full with the MasterCard credit card. Medical expenses apply only internationally and provides coverage for up to US$100,000 for medical expenses. 8.) Master Coverage protects companies from employees’ misuse of payment cards of up to US$15,000. 9.) ATM Robbery & Assault Protection provides a benefit in case of a death during an assault, and/or replaces cash stolen during an assault while using the eligible Mastercard card at an ATM. 10.) Extended Warranty provides extended coverage on the terms of the original manufacturer’s warranty on covered purchase up to 1 full year after both the original or store brand warranty plus the optional warranty coverage period ends, not to exceed 3 years. The covered purchase must be paid in full with the eligible 11.) Mastercard card. Get up to US$ 400 aggregate per 2 month period); Per occurrence: U$ 200. 12.) Trip Inconvenience provides coverage for delayed or cancelled trips before they commence with coverage in excess of common carrier’s liability coverage. Trip must be paid in full with the eligible 13.) Mastercard card. You can qualify for Cancellation of up to US$ 3,000;Delay up to US$ 200 (over 4 hours). |
| What are the benefits of an AAdvantage® Mastercard Platinum Corporate credit card? | AAdvantage® Mastercard Platinum Corporate 1.) AAdvantage® Miles lets you earn AAdvantage® miles and Loyalty Points by making purchases with your Belize Bank/AAdvantage® card (earn 1 AAdvantage® mile for every $1 USD spent or such other rate as may be determined by the Bank from time to time). For more information go to aa.com/newaadvantage. 2.) Master Global Services provides emergency card-related assistance any time, anywhere, via one toll-free phone call. Services include Lost/Stolen Reporting Service, Emergency Card Replacement Service, Emergency Cash Advance and ATM Locations. 3.) Concierge Service provides personal assistance including recommendations and reservations for dining, travel, hotels and entertainment. 4.) Mastercard Travel Services enables you to receive upgrades*, free breakfast, early check-in/late check-out* and special amenities at 1300+ 4 and 5 star hotels & resorts worldwide. Plus, exclusive savings and benefits on car rentals, air, tours and cruises. (*Some Conditions Apply) 5.) Travel Assistance provides pre-trip destination information, referral information in case of medical assistance, and legal referrals. 6.) Master Rental pays for damages up to US$75,000 to a rental vehicle due to collision, theft and vandalism when the cardholder initiates and pays for the entire rental transaction with a MasterCard card and declines CDW/LDW from rental Company. 7.) Master Assist Plus reimburses medical expenses, hotel convalescence, emergency family travel costs, and more. Trip must be paid in full with the Mastercard credit card. Medical expenses apply only internationally and provides coverage for up to US$25,000 for medical expenses. |
| What are the benefits of an Mastercard Platinum Corporate credit card? | Mastercard Platinum Corporate 1.) Master Global Services provides emergency card-related assistance any time, anywhere, via one toll-free phone call. Services include Lost/Stolen Reporting Service, Emergency Card Replacement Service, Emergency Cash Advance and ATM Locations. 2.) Concierge Service provides personal assistance including recommendations and reservations for dining, travel, hotels and entertainment. 3.) Mastercard Travel Services enables you to receive upgrades*, free breakfast, early check-in/late check-out* and special amenities at 1300+ 4 and 5 star hotels & resorts worldwide. Plus, exclusive savings and benefits on car rentals, air, tours and cruises. (*Some Conditions Apply) 4.) Travel Assistance provides pre-trip destination information, referral information in case of medical assistance, and legal referrals. 5.) Master Rental pays for damages up to US$75,000 to a rental vehicle due to collision, theft and vandalism when the cardholder initiates and pays for the entire rental transaction with a MasterCard card and declines CDW/LDW from rental Company. 6.) Master Assist Plus reimburses medical expenses, hotel convalescence, emergency family travel costs, and more. Trip must be paid in full with the Mastercard credit card. Medical expenses apply only internationally and provides coverage for up to US$25,000 for medical expenses. |
| What is the membership fee on company credit cards? | Visa Classic Corporate $100USD main holder and $50USD co-applicant Mastercard Standard Corporate $100USD main holder and $50USD co-applicant Mastercard Executive Business $200USD main holder and $50USD co-applicant Mastercard Platinum Corporate $200BZD main holder and $100BZD co-applicant Mastercard Standard Corporate – AA $200BZD main holder and $100BZD co-applicant Mastercard Platinum Corporate – AA $200BZD main holder and $100BZD co-applicant Mastercard Executive Business $400BZD main holder and $100BZD co-applicant |
| Can my managers or other appointed employees obtain a company credit card? | Yes, of course. You will need to: a. Complete the application form b. Submit it via the online secured message center or to the Business Banking Unit c. Attach a copy of their valid social security card or passport along with a recent bill d. Provide a company resolution letter stating the credit card limit, and authorized applicants. |
| Can my appointed employees have seperate credit limits? | Yes of course, please send us a company resolution stating the limits you are authorizing for each employee. |
| How can I monitor the transactions on my business credit card? | Sign-up for our free online banking services to get full access to all details pertaining to your credit card. You will also need to ensure that your phone number is updated so that you receive alerts on your mobile for every transaction processed on your credit card. |
| Will we obtain credit card statements? | Yes, your credit card statements will be available online. You can download a copy using the mobile banking app or when you login to your online banking account. Please note that only authorized personnel with the verify and authorizer roles will be able to access it. |
| Can the credit card statements be accessed online? | Your credit card statement is available on your online banking account. You can view the full statement on your online banking account via the website. It will provide the due date, full payment and minimum payment. Please note that only authorized personnel with the verifier and authorizer roles will be able to access it. |
| Will we get a PIN along with my credit card? | Yes, Credit cards can come with a four-digit personal identification number (PIN). |
| What happens if we misplace the PIN? |
You have the option to submit a request for the replacement pin through the online message center that is available via the mobile banking app or after you login online. You can also call customer support at 227-7132, or visit the nearest Belize Bank branch to submit your request. Please note that when you are travelling abroad, Bank won’t be able to provide you with a new PIN number over the phone, via text or even via email. You always need to get your PIN personally at the branch. Alternatively, when you are traveling abroad for a longer time, an authorized person (via notary) can pick up a PIN on your behalf. |
| Are business credit cards insured? | Credit Card Insurance is an available and recommended option. You can select either of the two options when completing the application form. Insurance gives you a peace of mind knowing that your outstanding balance can be covered in the event of critial illness or other unforseen life events covered by the insurance. Ask one of our Sales & Business Development Managets about the cost and valuable coverage each insurance offers. |
| What is the interest rate charged on credit cards? | Our interest rates are competitive with those on the local market at 18% annually. Interest is calculated on the average daily balance on your account. A business can choose to pay the minimum payment or any amount between minimum payment and balance outstanding. If the full payment is made on or before the due date shown on the credit card statement, the interest will be discounted. (The interest is shown on the statement, but it is reversed the following month.) |
| How can we check my credit limit and card balance? | You can easily access your credit card information online. After logging in, you will see your Credit Card number after which you will need to select the card you wish to view from your list. There you will be able to see your billing statement, and current summary which includes your credit card limit, outstanding and available balances, and pending credit card transactions. |
| What should I do if we need a higher limit? | You can request a credit limit increase via your online banking secure message center or through your Sales & Business Development Manager at the Business Banking Center by submitting a resolution letter with details of the request. |
| What happens if we exceed the credit limit? | Mastercard credit card (dual currency) allows you to go above your limit by 10% and Visa credit card allows you to go above your limit by 5%. In many cases, your credit card transaction will be declined if the amount exceeds those limits. Going over your limit will result in a fee of $50BZD or $25USD. |
| What are the spending limits on business cards? | International spending limit up to a maximum of US$15,000 Monthly and US$75,000 Annually |
| Are there any other fees we should be aware of? | If the minimum payment due on your business credit card account each month is not received on time, your credit card will incur a late fee. Your credit card late fee is $60BZD or $30USD. Your subsequent billing statement should show any late fees that were charged. |
| What should we do if the credit card is lost or stolen? | If your card is lost or stolen, immediately call us at +501-227-5033 and we will block your card. A replacement card will be provided within 3-5 days business days from the date your report was taken. If you happen to be in the United States, a card can be replaced within 48 hours if you call the following 24-hour service number: 877-973-5322. |
| How do we file a dispute for a transaction we did not process? | You submit a credit card dispute via your online banking secure message center, over the phone or through the Sales & Business Development Manager at the Business Banking Unit at the Business Banking Center. |
| What will be our monthly payment? | You have the option of paying the entire balance within 20 business days of the statement date, or paying in installments. If the latter is chosen, a minimum of 5% of the outstanding balance or US$25.00/BZ$50, whichever is greater, must be paid on or before the due date. Payments can be made online. |
| How can we pay the credit card(s)? | Credit card bills can be paid online or offline. Online methods include using your mobile banking app or internet banking. Offline methods include paying over-the-counter, or by contacting customer support. |
| Do we need to setup a billing address? | Your credit card billing address is normally the same address that appears on your monthly credit card statement. It is a verification step that some companies use when you make online purchases. Some American merchants require you to have a billing address in the US. If not, your transaction will be declined. |
| Can we use our international credit card locally? | You can complete purchases locally or internationally with your Visa or Mastercard credit card. |
| Are ATM and in-branch withdrawals allowed from business credit cards? | Yes, this service is available. However, we recommend that you use your credit card at POS merchants to avoid the costly ATM withdrawals which are considered cash advances. |
| Why is my business credit card being declined? | Your Credit Card may be declined for several reasons, such as: You’ve exceeded your daily thresholds. You’ve reached your credit limit. Your purchase was flagged as fraud. You have a large number of pending transaction. |
| Who should I contact when my card is being declined? | For immediate credit card assistance outside business hours (6pm to 7am) and over the weekend, please be informed that you can call 227-5033 or WhatsApp 614-1856. During normal business hours, please feel free to contact us via your online banking secure message center/my inbox that is available from 8am to 6pm from Monday to Friday. |
| Do I need to inform you when I will be using my credit card abroad? |
We are here to help you protect your credit card. We monitor unusual transactions on your credit card and letting us know your travel plans will avoid any delays in the processing of your transactions. The safest and quickest way to do so is by sending us a message through our online banking message center (available in your online or mobile banking after log in). You can also email us at [email protected] or visit your nearest Belize Bank branch. |
| Will my company earn miles on the corporate credit cards? |
We are pleased to let you know that your company earns all miles for purchases done on all issued credit cards when all those cards are attached to one main AAdvantage number (e.g. the AAdvantage number assigned to the CEO or CFO). Your company can then redeen the earned miles for flights, accomodations, or car rentals for business travels thereby saving your company those added expenses. You also have the option of enrolling to American Airlines Business Extra where your employees earn AAdvantage® miles and your business earns points to use for flights, upgrades, status, and more. |
| Will the individual holders of company credit cards earn miles? | Enrolling to AAdvantage® Business Extra provide value for you and your employees. When your employees fly, they earn individual AAdvantage® miles, and the member companies earn POINTS that can easily be redeemed for travel rewards such as flights, upgrades, or miles. You can easily enroll to this program HERE. |
Earning Miles
| Are miles earned on all credit cards? | AAdvantage® Mastercard credit card offers automatic enrollment to the world’s largest travel rewards program where you earn AAdvantage® miles every time you use your credit card both locally or internationally. For each $1 USD spent you will gain 1 AAdvantage® mile. Cards that are not AAdvantage® do not earn miles. |
| How do I access my miles? |
Kindly visit the AA website to complete the process of accessing the account. When you attempt to log in, it will request your AA number, last name and a password. You will choose the option to recover a password then a temporary password will be sent to your email address. Afterwards, you will be able to log in to your AA account. Moreover, please note that you will be able to view your earned miles (base and bonus) via you monthly credit card statement. |
| Where do I find my membership number or the miles earned? | Your AA customer number will be available on your Credit Card Statement. Every month, AA will email you an e-summary of your AA account containing all details pertaining to the miles earned. You can also view this by logging in to your AA account. |
| What to do if I have multiple AA membership numbers? |
Customers needing to merge AAdvantage accounts have three (3) options: 1. Customers can go to aa.com, login to one of their AAdvantage accounts, and request to merge accounts. 2.Customers can send an email to AAdvantage account service at [email protected] and place 3. Customers can call 223-2522 and request to merge their accounts. Customer service will then complete the request. For all 3 options, it is easier if you know the AA acounts you wish to merge. |
Credit Card Statement
| How can I obtain my monthly statement? | Your credit card statement is available online. You can view and download your credit card statement online or via the mobile app. You will have access to your previous credit card statements and the most recent one is available two business days after the statement date. Statement dates are as follows: MasterCards – 25th of every month; Visa – 16th of every month. |
| What is the Stamp Duty charged to my card? | A stamp duty is levied for purchases that you make in a foreign currency. Transactions of foreign exchange are subject to a government stamp duty at a rate of 1 3/4 % per dollar. |
| What is finance charge? | A credit card’s finance charge is the interest fee charged on the used amount of your credit card. This amount can be found at the bottom of your credit card statement. |
| What is my statement date? | Your statement period runs for one month and covers all your credit card activity during that time. The last day of the period is the date your statement was created. This is your statement date. You can easily locate your statement date on the right upper side of your monthly credit card statement. Your payment is due at least 21 days after this date. |
| What is my payment due date? | Your credit card due date is the date your credit card payment is due. It is usually 15 to 25 days from the statement date. |
Personal Credit Cards
| What types of personal credit card products do you offer? |
We offer four types of personal credit cards from which you can choose. These are: 1. AAdvantage® Mastercard Platinum2. AAdvantage® Mastercard Standard |
| What are the requirements to apply for a Credit Card? | Applying is easy. If you are an account holder, you will need to: a. Complete the application form b. Submit the form via our online secured message center and advise from which branch you wish to pick up your Credit Card from. Alternatively you can also submit an application at the nearest branch. c. Provide us with a copy of a completed employment verification form or other proof of income Non-BBL customers will be required to open an account before submitting a credit card application. |
| What are the benefits of a AAdvantage© MC Platinum credit card? | AAdvantage© MC Platinum benefits are: 1.) Concierge – personal assistance 24/7 /365 to fulfill every cardholder request 2.) Master Travel Assistance Services – provides pre-trip destination information 3.) Master Travel Services – provides free upgrades, early check-in/later check-out, free breakfast and special amenities 4.) Master Assist Plus – for medical expenses up to US $25,000 5.) Master Rental – US $75,000 up to 31 consecutive days 6.) Instant payment towards your Credit Card via Belize Bank’s online/mobile banking application 7.) Standing orders, so you are never late with your payment. 8.) International spending limit up to a maximum of US$7,500 monthly or $35,000 annually. 9.) Redemption of your accumulated miles for airline travel, car rentals, hotel stays and vacation packages can be easily made through the American Airlines website 10.) Insurance-offers financial protection so that you can have ease of mind knowing that you are covered for unforeseen circumstances (ask one of our friendly banking representatives about the cost and valuable coverage of a life or life and critical illness insurance) |
| What are the benefits of a AAdvantage© MC Standard credit card? | AAdvantage© MC Standard benefits are: 1. ) Purchase Protection – Covers eligible purchase up to for losses caused by accidental damage or theft. Covers up to USD $100 per occurrence / US $200 per 12 months, up to 45 days after the covered purchase 2.) Master Global Services – which provides emergency card-related assistance anytime, anywhere, via one toll-free phone call. 3.) Instant payment towards your Credit Card via Belize Bank’s online/mobile banking application 4.) Standing orders, so you are never late with your payment. 5.) International spending limit up to a maximum of US$7,500 monthly or $35,000 annually. 6.) Redemption of your accumulated miles for airline travel, car rentals, hotel stays and vacation packages can be easily made through the American Airlines website 7.) Insurance-offers financial protection so that you can have ease of mind knowing that you are covered for unforeseen circumstances (ask one of our friendly banking representatives about the cost and valuable coverage of a life or life and critical illness insurance) |
| What are the benefits of a Classic Visa credit card? | Classic Visa benefits are: 1.) Price Protection– If the item is paid with a card and within 30 days of the date purchased, and you see either a printed ad or non-auction internet ad for the same product by the same manufacturer in the same market for a lower price, Visa will refund the difference up to the benefit amount per item and (per account for a 12 month period). 2.) Instant payment– in selecting the immediate payment option via our online or mobile banking services, you will instantly have access to your funds (minimal fee applies). 3.) Insurance-offers financial protection so that you can have ease of mind knowing that you are covered for unforeseen circumstances (ask one of our friendly banking representatives about the cost and valuable coverage of a life or life and critical illness insurance) 4.) Standing Order-allows you to automatically make recurring bill payments on dates of your choosing. You have control to set up the payment amount and dates, and in the case of your credit card, you can pay the minimum or full balance. |
| What are the benefits of a Mastercard Standard? | Mastercard Standard benefits: 1.) Master Global Services provides emergency card-related assistance any time, anywhere, via one toll-free phone call. Services include Lost/Stolen Reporting Service, Emergency Card Replacement Service, Emergency Cash Advance and ATM Locations. 2.) Purchase Protection reimburses you for theft and/or accidental damage of purchased items. You can get up to US $100 per occurrence / US $200 per 12 months. Coverage applies for up to 45 days after the covered purchase, which must be paid in full with your Mastercard credit card. 3.)Instant payment– in selecting the immediate payment option via our online or mobile banking services, you will instantly have access to your funds (minimal fee applies). 4.) Insurance-offers financial protection so that you can have ease of mind knowing that you are covered for unforeseen circumstances (ask one of our friendly banking representatives about the cost and valuable coverage of a life or life and critical illness insurance) 5.) Standing Order-allows you to automatically make recurring bill payments on dates of your choosing. You have control to set up the payment amount and dates, and in the case of your credit card, you can pay the minimum or full balance. |
| Will I get a PIN along with my credit card? | Yes, Credit cards can come with a four-digit personal identification number (PIN). |
| Do I need a PIN for credit card purchases? | Make sure you know your PIN at all times to avoid disruption in card acceptance. PIN presents an additional security and it depends on the merchant (acquiring bank) how the Point of Sale machine was configured and whether PIN will be required or not. PIN will always be required for cash advances at ATMs (locally and internationally). |
| What happens if I misplace my PIN? |
You have the option to submit a request for the replacement pin through the online message center that is available via the mobile banking app or after you login online. You can also call customer support at 227-7132, or visit the nearest Belize Bank branch to submit your request. Please note that when you are travelling abroad, Bank won’t be able to provide you with a new PIN number over the phone, via text or even via email. You always need to get your PIN personally at the branch. Alternatively, when you are traveling abroad for a longer time, an authorized person (via notary) can pick up a PIN on your behalf. |
| How can I insure my credit card? |
Credit Card Insurance is an available and recommended option. You can select either of the two options when completing the application form. Insurance gives you a peace of mind knowing that your outstanding balance can be covered in the event of critial illness or other unforseen life events covered by the insurance. Ask one of our friendly bank representatives about the cost and valuable coverage each insurance offers. |
| What is the interest rate charged on credit cards? | Our interest rates are competitive with those on the local market at 22% annually. Interest is calculated on the average daily balance on your account. A customer can choose to pay the minimum payment or any amount between minimum payment and balance outstanding. If the full payment is made on or before the due date shown on the credit card statement, the interest will be discounted. (The interest is shown on the statement, but it is reversed the following month.) |
| What is the membership fee on personal credit cards? | Visa Classic Personal $50USD main holder and $25USD co-applicant Mastercard Standard Personal $50USD main holder and $25USD co-applicant Mastercard Standard Personal – AA $160BZD main holder and $40BZD co-applicant Mastercard Platinum Personal – AA $180BZD main holder and $60BZD co-applicant |
| How can I check my credit limit and card balance? | You can easily access your credit card information online. After logging in, you will see your Credit Card number after which you will need to select the card you wish to view from your list. There you will be able to see your billing statement, and current summary which includes your credit card limit, outstanding and available balances, and all credit card transactions (settled and pending). |
| What should I do if I need a higher limit? | You can request a credit limit increase via your online banking secure message center, over the phone at 227-7132 or through a loan officer at the nearest Belize Bank Limited branch. |
| What happens if I exceed my credit limit? | Mastercard credit card (dual currency) allows you to go above your limit by 10% and Visa credit card allows you to go above your limit by 5%. In many cases, your credit card transaction will be declined if the amount exceeds those limits. Going over your limit will result in a fee of $50BZD or $25USD. |
| Is my credit limit and spending limit the same? | Your monthly credit limit is the maximum amount of credit granted to you on your credit card. Your limit is considered a revolving credit since it is a line of credit that remains open even as you make payments. When you pay down a balance on that credit, that money is once again available for use (less the interest charges and fees). Spending limits refer to the maximum amount you can spend in a foreign currency (USD). Currently this amount is US$7,500 monthly or US$35,000 annually regardless of the credit limit you have. You only need to continue paying your owing balance. Your monthly credit limit is accessible online and on your credit card statement. |
| What is my current spending limit? | Currently our spending limits are US$7,500 monthly or $35,000 annually. You will be able to easily view your remaining spending limit online. SImply select the specific card you wish to obtain the information from and select the option “view transactional limit”. |
| Are there any other fees I should be aware of? | If the minimum payment due on your credit card account each month is not received on time, your credit card will incur a late fee. Your credit card late fee is $60BZD or $30USD. Your subsequent billing statement should show any late fees that were charged. |
| What should I do if my credit card is lost or stolen? | If your card is lost or stolen, immediately call us at +501-227-5033 and we will block your card. A replacement card will be provided within 3-5 days business days from the date your report was taken. If you happen to be in the United States, a card can be replaced within 48 hours if you call the following 24-hour service number: 877-973-5322. |
| How do I file a dispute for a transaction I did not process? |
Customers receive a Credit Card transactional alerts informing about each transaction, if you don’t recognize one of them, file a dispute immediately. Before that, please make sure that your card was not used by your closest family or was not added to any recurring payments for streaming services, music or gaming. You can easily submit a credit card dispute via your online banking secure message center, over the phone at 227-7132, or through a customer service representative at the nearest Belize Bank Limited branch. |
| Are there any fees associated with a dispute? | We strongly recommend that you make a thorough review of your transactions before filing a dispute. Disputes that are found to be ‘friendly fraud’ will carry a fee of BZ$35. Friendly frauds are transactions that, upon investigation, are found to be legitimate charges processed by you or someone who had access to your card. |
| What will be my monthly payment? | You have the option of paying the entire balance within 20 business days of the statement date, or paying in installments. If the latter is chosen, a minimum of 5% of the outstanding balance or US$25.00/BZ$50, whichever is greater, must be paid on or before the due date. Payments can be made online. |
| How can I pay my credit card? | Credit card bills can be paid online or offline. Please note that instant credit card payments are 50% cheaper online than offline. Online methods include using your mobile banking app or internet banking. Offline methods include paying over-the-counter, or by contacting customer support via your online message center. |
| What is my credit card billing address? | Your credit card billing address is normally the same address that appears on your monthly credit card statement. It is a verification step that some companies use when you make online purchases. Some American merchants require you to have a billing address in the US. If not, your transaction may be declined. |
| Can I use my international credit card locally? | Yes, you easily make purchases locally or internationally with your Mastercard or Visa credit card. Our MasterCard Credit Cards are dual curreny and billed in Belize Dollars; therefore, if you make local purchases, no foreign exchange fee will be incurred. |
| Can I withdraw my credit card funds from the ATM or bank branch? | Yes, you can complete ATM or over-the-counter withdrawals from your credit card. However, we recommend that you use your credit card at POS merchants or online which is significantly cheaper than completing ATM withdrawals/cash advances. |
| Why is my credit card being declined? | You can easily check your credit card limits via mobile app or online banking platform “view transactional limits”. If displayed limits won’t be sufficient (when you are traveling or expect large online transactions) contact our Customer Support Center to open parameters and ensure smooth acceptance. |
| Who should I contact when my card is being declined? | For immediate credit card assistance outside business hours (6pm to 7am) and over the weekend, please be informed that you can call 227-5033 or WhatsApp 614-1856. During normal business hours, please feel free to contact us at 227-7132 or via your online banking secure message center/my inbox that is available from 8am to 6pm from Monday to Friday. |
| Do I need to inform you when I will be using my credit card abroad? | Yes, the safest and quickest way to do so is by sending us a message through our online banking message center (available in your online or mobile banking after log in). You can also email us at [email protected] or visit your nearest Belize Bank branch. |
Business Accounts
Corporate Chequing Accounts
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What are the requirements to open a corporate account?
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The documents that you will be required to provide to apply for a business account are: NEWLY INCORPORATED ENTITIES a. Certificate of Incorporation b. Detailed extract c. Articles of Incorporation or By-laws d. Proof of Address for the business. e. Beneficial owners’ (all) / Signatores (all) / Directors’ (at least 2) – social security card or passport along with a recent utility bill (not older than 3 months) under their names or valid driver’s license. f. Central Bank of Belize approval must be obtained prior to the opening of an account. A copy must be provided to us. Kindly note that there is a minimum initial deposit of $200 required after the account has been approved/opened. RE-REGISTERED INCORPORATED ENTITIES Kindly note that there is a minimum initial deposit of $200 required after the account has been approved/opened. NEW OR RE-REGISTERED BUSINESS NAME (UNINCORPORATED) Kindly note that there is a minimum initial deposit of $200 required after the account has been approved/opened. |
| As a non-resident, can I open a business account? | The documents that you will be required to provide to apply for a business account are: NEWLY INCORPORATED ENTITIES a. Certificate of Incorporation b. Detailed extract c. Articles of Incorporation or By-laws d. Proof of Address for the business. e. Beneficial owners’ (all) / Signatores (all) / Directors’ (at least 2) – social security card or passport along with a recent utility bill (not older than 3 months) under their names or valid driver’s license. Kindly note that there is a minimum initial deposit of $200 required after the account has been approved/opened. RE-REGISTERED INCORPORATED ENTITIES Kindly note that there is a minimum initial deposit of $200 required after the account has been approved/opened. NEW OR RE-REGISTERED BUSINESS NAME (UNINCORPORATED) Kindly note that there is a minimum initial deposit of $200 required after the account has been approved/opened. |
| Will I be required to visit a branch to open an account? | For small and medium enterprises, you will be required to visit one of our customer service representatives or SME officers in person. Larger enterprises will need to schedule a meeting with one of our Sales & Business Development Officers |
| How long does it take for an account to opened? | Approval to open a business account may take between 1 to 5 business days although most of our accounts are approved within the same hour. After we review the details of your request, we may need a few more documents from you before approval is granted. |
TERM DEPOSITS
| What are the requirements to open a Term Deposit? |
CORPORATE CUSTOMERS If you’re already a Belize Bank Corporate Customer and your account is updated, you will only be required to bring the following documents along with you: a. A resolution letter stating the term deposit amount, term, authorized signatories and signing conditions. NON CUSTOMERS You’re welcomed to join us. To open a term deposit, you will be required to open an account (refer to the account opening details). Thereafter, you will need to submit the following: |
| What is the interest rate paid on Term Deposits? |
The interest you will earn on term deposits is dependent on the term you wish to select. Below are the current interest rates which are ubject to change: 6 months: 0.35% |
| When my Term Deposit Matures, what Interest Payment Options are available? | You may be able to select whether interest is paid semi-annually, annually, or at the end of the term when the term matures. |
| Is there an Early Redemption Rate or Penalty in the event I choose to close my Term Deposit before Maturity? | You can lose all or part of the interest you would have otherwise accrued on the amount if you make a full or partial withdrawal. |
| What are the feature and benefits of a Term Deposit? | With a Term Deposit, you can enjoy the following benefits/features that we offer:; a) High, flexible interest rates b) Risk free way to make money c) Guaranteed returns d) Interest is paid upon maturity of deposit e) Automatic deposit renewals available f) Method of interest payment is determined by you (i.e. deposit to savings/chequing account, interest rollover, etc.) g) Certificate of Records defining terms and conditions agreed upon h) If for any reason you miss your maturity date, we will automatically compound your interest and renew the deposit under the same terms and conditions as the original agreement |
Term Deposits
| What are the requirements to open a Term Deposit? | The documents you would need to open a Term Deposit account are as follows: 1) Valid Social Security Card or passport 2) Proof of Address – This can be in the form of a valid driver’s license, employment verification letter that states your permanent address, utility bill in your name and not older than 3-months from the date you wish to open your account. Note: If the bill is not in your name, the utility bill holder will be required to complete a proof of occupancy form that the bank provides along with a copy of his/her ID card. Download form here. 3) Minimum deposit is BZ$5,000.00 for term deposits up to 1 year or $200,000 for term deposits exceeding 1 year. |
| When my Term Deposit Matures, what Interest Payment Options are available? | You may be able to select whether the interest is semi-annually, annually, or at the end of the term when the term deposit matures. You may also be able to extend the term for up to 5 years. |
| What is the interest rate paid on Term Deposits? |
The interest you will earn on term deposits is dependent on the term you wish to select. Below are the current interest rates which are subject to change: 6 months: 0.35% |
| Is there an Early Redemption Rate or Penalty in the event I choose to close my Term Deposit before Maturity? | You can lose all or part of the interest you would have otherwise accrued on the amount if you make a full or partial withdrawal. |
| What are the feature and benefits of a Term Deposit? | With a Term Deposit, you can enjoy the following benefits/features that we offer:; a) High, flexible interest rates b) Risk free way to make money c) Guaranteed returns d) Interest is paid upon maturity of deposit e) Automatic deposit renewals available f) Method of interest payment is determined by you (i.e. deposit to savings/chequing account, interest rollover, etc.) g) Certificate of Records defining terms and conditions agreed upon h) If for any reason you miss your maturity date, we will automatically compound your interest and renew the deposit under the same terms and conditions as the original agreement |
Senior Chequing Accounts
| What are the requirements to open a Senior Chequing Account? |
The documents you would need to open a Senior Chequing Account are as follows: 1) Valid Social Security Card or passport |
| What is the miniumum age to open a senior account? | Customers who are 55 years of age or older should particularly use this account. |
| What are the feature and benefits of a senior account? | With a Senior Chequing Account, you can enjoy the following products/services that we offer: a. Free Debit Card b. Free Online Banking c. Free Access to our Mobile Banking App. d. Free SMS Based Banking e. No Monthly maintenance fee f. Chequebooks g. Cash withdrawal and deposit fee h. Monthly interest earned at 2.50% if the account balance does not go below $500.00. |
Personal Chequing Accounts
| What are the requirements to open a Personal Checking Account? | The documents you would need to open a Personal Checking account are as follows: 1) Valid Social Security Card or passport 2) Proof of Address – This can be in the form of a valid driver’s license, employment verification letter that states your permanent address, utility bill in your name and not older than 3-months from the date you wish to open your account. Note: If the bill is not in your name, the utility bill holder will be required to complete a proof of occupancy form that the bank provides along with a copy of his/her ID card. Download form here. |
| What are the features and benefits of a Personal Chequing account? | With an Personal Chequing Account, you can enjoy the following products/services that we offer: a) Personalized Chequebooks b) Free Deposit Book c) Free Mobile Banking App d) FREE Online Banking e) Free monthly statements via online banking f) Cash Withdrawal fee is $1 g) Deposit fee if $1 h) No monthly ledger fee |
| How can I reorder chequebook? | You can order your personal checks with any of these easy options: Online – order in the app or mobile banking, In person at your nearest Belize Bank Limited branch or by phone call 227-7132 (be sure to have your last four cheque numbers). |
| How do I stop payment on a personal cheque? | To stop the payment of a check, go to a nearest Belize Bank Limited branch or send a message via the online banking secure message center. Request a Stop Payment Order in writing. Make sure to report the check number, the amount, the recipient’s name, and the date on the check. |
| Does this account earn interest? | Checking accounts are non interest bearing accounts. |
| How to withdraw money from my chequing account? | It’s easy to withdraw cash from your checking account anytime using your debit card at an ATM or by visiting a branch. You can also take money out of your account by writing checks, making payments in online and mobile banking, and sending money to friends and family with person to person transfers, such as E-kyash. |
| Do you need a minimum deposit or minimum balance? | We recommend that you maintain a minimum balance of xxxxx |
| How do I access the monthly account statement? |
You can easily download your statement via online banking for FREE. If the months requested have not been generated under the “statements” section you can access it via the online banking website by following the below steps: 1. Log in via the website https://online.belizebank.com/#/auth/login Monthly statements can also be obtained from your branch for a minimum of $10 per statement. |
Regular Savings Accounts
| What are the requirements to open a Regular Savings Account | The documents you would need to open a Savings Account are as follows: 1) Valid Social Security Card or passport 2) Proof of Address – This can be in the form of a valid driver’s license, employment verification letter that states your permanent address, utility bill in your name and not older than 3-months from the date you wish to open your account. Note: If the bill is not in your name, the utility bill holder will be required to complete a proof of occupancy form that the bank provides along with a copy of his/her ID card. Download form here. 3. Initial deposit is $100 |
| What are the features and benefits of a regular savings account? | With a Regular Savings Account, you can enjoy the following products/services that we offer: a. Free Contactless Debit Card b. Free Online Banking c. Free Access to our Mobile Banking App. d. Free SMS Based Banking e. Monthly fee is $1.50 f. Free online banking statements |
| Can I put in place a Pre-Authorized Credit Transfer (Standing Order) from my Transactional Account to deposit to my Regular Savings automatically? | Absolutely, standing order allows you to automatically make recurring bill payments or transfers on date that you choose. You have control to set up the payment amount and dates, and in the case of your credit card, you can set it to pay the minimum or full balance. |
| How can I change/update the contact information on my account? | For the best mobile banking experience, we recommend logging on the online or mobile app. Open the main menu (three horizontal bars) and follow the steps below, based on what needs to be changed: On the App 1. Log in to the app and select SETTINGS 2. Select update contacts 3. Please provide a new phone number or a new email address 4. Enter the new phone number in the format 501-6**-**** 5. Click updateOn the Website: 1. Log in to the online banking and select SETTINGS 2. Select change contact 3. Please provide your new phone number or a new email address 4. Enter the new phone number in the format 501-6**-**** 5. Select confirm change Every 6 months all customers who have access to digital banking (online or via an app) will be prompted to update their contact information (email and phone number). Current information including name, addresses, phone numbers, email addresses, etc. need to be kept up-to-date at the bank. If they don’t have a reliable means of contacting you, you could be missing out on some key personal benefits including but not limited to: 1. Security Updates Remember, if you move, change your name or even just get a new phone number, inform one of our helpful customer support representatives who will guide you with how to update your information. It could save you a lot of headaches. |
| How do I access the savings account statements? |
You can easily download your statement via online banking for FREE. If the months requested have not been generated under the “statements” section you can access it via the online banking website by following the below steps: 1. Log in via the website https://online.belizebank.com/#/auth/login Monthly statements can also be obtained from your branch for a minimum of $10 per statement. |
| How can I set up SMS based banking? |
“To set up text or email alerts whenever any transaction occurs on your account, Kindly follow the steps below: 1. login in to the website https://online.belizebank.com/#/auth/login |
| As a non-resident, can I open a savngs account? | The documents you would need to open an account are as follows: 1. Valid Passport 2. Proof of Address – This can be in the form of a valid driver’s license, employment verification letter that states your permanent address, utility bill in your name and not older than 3-months from the date you open your account. Note: If the bill is not in your name, the utility bill holder will be required to complete a proof of occupancy form that the bank provides along with a copy of his/her ID card. Download form here. 3. Letter stating purpose of the account and interest in Belize 4. Application fee of $50 to apply to the Central Bank of Belize for approval (if applicable) |