Anyone else having Problems with Heritage Int. Bank / Belize currently?

dpastco

Entrepreneur
Hi,

is anyone having problems with the Heritage International Bank currently? They are refusing to send a wire with my closing balance as I am trying to close my account. Something about "Problems after a system upgrade" :rolleyes:

Been waiting for like 3-4 weeks now, responses are delayed, ..., .... We are not really talking lots of money here, a few k.
 

Admin

Forum Moderator
Staff member
You want to have a look here :

Not bad reading if you are interested to learn more ;)
 

dpastco

Entrepreneur
Thank you, I did read those already, including the Mega-Thread about the AIB (where I got very, very lucky and avoided disaster).

I did seem to miss Suzi's comment where she said they lost their corresponding bank. That's to bad, also not the first time. Will wait and see.
 

mickey

New member
The Heritage Bank had troubles with their correspondent banks (their failed to fulfil new compliances). A good alternative is the Atlantic Bank (don't confuse it with the defunct Atlantic Bank International) their infrastucture of correspondent banks seems to be stable so far.
 

mickey

New member
Hello,
their link is https://www.atlabank.com/corporate_checking.php
It is more or less the most respected Bank in Belize, almost everybody owns an account there. Due it is not an international Bank (Belize differentiate local Banks and international Banks by license), you need to provide some additional documents as a non resident. Futhermore it is required to open up the account in person (or maybe you can higher a local lawyer there, a Grant Thornton office is just a few streets away). Unfortunately, they comply with CRS/MCAA maybe that's the reason why their correspondence banks and the rest of their businesses runs so smoothly. I don't bank there but I know a resident who is running his operations with his IBC, so he comply with all the recent required substance requirements as well.
 

mjcolasurdo

New member
Yes, Heritage Int'l Bank does seem to be having problems!!! As they seem to delay/refuse wires, perhaps they are (or have lost) their correspondent banking relationships, ' much as Loyal Bank did...before it bankruptcy and dissolution. Does anyone have any idea what's going on with Heritage International Bank in Belize currently?
 

mickey

New member
Belize was blacklisted last year and this dissolves several correspondence bank relationships. Then Belize accepted the CRS and CBC agreement and the situation should improve. How much these improvements take place depends on the Bank.
Now to the Risk of Bankruptcy: Heritage does local business as well so is not 100% depending on offshore activities like Loyal Bank or Atlantic Bank International (not to be confused with Atlantic Bank).

General speaking: I would prefer local Banks (they do not have the word "International" in their name) and they can receive and send international wires as well but their business is more diversified and they are below the "Offshore-Bank-Radar" . Sure they have to comply with CRS as well but when you live in a country which does not exchange CRS internations (due local taxation system etc.) youre fine.
 
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