Caye Bank in 2022?

[Vor]

Hey guys so I know their is threads about Caye Bank down in Belize already however most of them are all just talking about initial deposits or finding a lost wire etc. I wanted to start this thread to ask if any of you are account holders at the bank what are your thoughts? I'm considering opening an account with them in the next month or two and would love to hear feedback of existing customers. Belize has had many bank failures which is my biggest concern about the jurisdiction, however Caye Bank has been around for about 20 years which does give me some confidence in storing some savings there.

The fact on the surface is Caye Bank looks to me like a reputable option in Belize since they list their Chairman, Directors, and all management publically so I do appreciate that fact. I see their also fairly transparent about having 24% Reserve. Though Belize's reputation of offshore bank after bank going into liquidation is not something that instills confidence. This makes it hard for me to judge if an account in Belize is worth the headache.

My questions for any of you who bank with them are how long was the process to opening a personal savings account? How much money would you trust to hold in Caye Bank? How responsive is their customer service when issues arise?

Appreciate any replies, I am looking for a good bank in this region of the world that is not the next EPB.

 

[Sols]

You can find more details about the three remaining international banks' finances here: International Bank Financials

 

[Vor]

You can find more details about the three remaining international banks' finances here: International Bank Financials

great resource appreicate it, and if I am to understand this correctly it looks like Caye has the most risk since their below the 10% Capital/Risk Weighted Assets Ratio? Not an expert in reading these kind of financial statements so correct me if I am wrong.

 

[Suzy Emerald]

Caye bank is a risk higher risk than average. Changing corresponding banks and long response times. Just read the threads on the forum. Its a last resort bank. Dont be fooled by their website. The day is coming that also this bz bank goes under.

 

[Sols]

great resource appreicate it, and if I am to understand this correctly it looks like Caye has the most risk since their below the 10% Capital/Risk Weighted Assets Ratio? Not an expert in reading these kind of financial statements so correct me if I am wrong.

Let's look at the last five quarters:

• 2021 Q1: 33 million deposits, 17.20% ratio, 23.78% LDR, -165,000 net income
• 2021 Q2: 50 million deposits, 17.24% ratio, 15.82% LDR, -107,000 net income
• 2021 Q3: 60 million deposits, 20.89% ratio, 14.23% LDR, -81,000 net income
• 2021 Q4: 84 million deposits, 15.06% ratio, 10.15% LDR, -159,000 net income
• 2022 Q1: 88 million deposits, 6.77% ratio, 11.32% LDR, -33,000 net income

The bank is growing in deposits, their Capital/Risk Weighted Assets Ratio tanked under the 10% legal minimum, but their LDR appears healthy. However, they have run at a loss for over a year now. At some point they need to turn all these new deposits into revenue. One way of doing that is to issue loans. Another is to increase fees.

But there are many ways to look at financial statements and interpret the numbers. And don't trust my interpretation. I might've misread something.

 

[apres777]

Picking up on this thread, I also recently "discovered" Caye International Bank and therefore this forum.

It seems that the account opening process is relatively straightforward and simple for an offshore bank.
The opening fees are also comparatively low. (1.1K USD Initial Deposit incl. 100$ fees)

Also "on going" fees seems not extraordinary.

Can anyone name comparable alternatives to CAYE that are similar to the bank in this respect?

Many thanks in advance!

 

[Suzy Emerald]

Try boslil bank

 

[MagicMatt]

Caye is working fine though they just changed correspondent banking (again) in Nov 2022

 

[clemens]

The last time I read about this bank on this forum people were not satisfied with their service! I'm glad to read that it changed over time and they may be worth a look into.

 

[cristiansilva33as]

Caye is working fine though they just changed correspondent banking (again) in Nov 2022

Who is the current correspondent bank?

 

[Mr Magoo]

It is just a matter time before they have to change correspondent banks again. Dont get fooled by this bank.

 

[MagicMatt]

I cannot give out the name of the Correspondent bank but I can confirm that wires to Caye bank DEC 22 and JAN 23 are working ok (6 figure sums). I am very happy with CAYE at present. Good service and good due diligence.

 

[lacomaco]

I cannot give out the name of the Correspondent bank but I can confirm that wires to Caye bank DEC 22 and JAN 23 are working ok (6 figure sums). I am very happy with CAYE at present. Good service and good due diligence.

Somebody forebade you to disclose the name of the correspondent bank?

 

[I'mRobot]

You would say they can be trusted at some point. Say putting 50K USD in their would be almost riskless ?

 

[MagicMatt]

I have 7 figures in Caye Bank. Never had a problem with them. In fact their due diligence and security checks are very reassuring. They are the only bank in Belize I have had good experience doing business with.

 

[I'mRobot]

thank you for this valuable feedback. Do they only accept Belize companies or also foreign companies?

 

[csp dubai]

caye bank it has been there almost for ever is a good bank , i never use it but ii think one of best alternative

 

[chaltron]

They are using Bank of Montreal as correspondent for USD. However they do not have a direct SWIFT connection (the beneficiary is a Canadian Financial Company and you need to indicate a FFC with your account number).

 

[lacomaco]

They are using Bank of Montreal as correspondent for USD. However they do not have a direct SWIFT connection (the beneficiary is a Canadian Financial Company and you need to indicate a FFC with your account number).

Thank you

 

[pow]

It took me 2 months to open an account. On January 18th I transferred 50k USD, the transfer was not completed. Funds took 3 weeks to come back, no explanation was given. I was given alternative account details for the transfer. I made a 2nd transfer. The transfer was completed in 13 hours but that is now 12 days ago and the funds are still not credited to my account. No explanation has been given for either of these two delays. I've sent dozens of whatsapp messages, many emails and made many telephone calls. No information has been given to me explaining what the problem is or the reason for the delay. I'm getting the impression that this is perfectly normal at Caye Bank.