caye bank international belize

PurpleDan

New Member
I tried sending money through their new correspondent bank... 12 days later, I have no money and I have kicked off a recall of the wire through my US bank (from where I sent it).

It's a freaking nightmare. Just a nightmare.
 

blizz

Trusted Member
Business Angel
Mentor Group
I tried sending money through their new correspondent bank... 12 days later, I have no money and I have kicked off a recall of the wire through my US bank (from where I sent it).

It's a freaking nightmare. Just a nightmare.
okay that sounds bad! you sure that you entered all details correct?
 

PurpleDan

New Member
okay that sounds bad! you sure that you entered all details correct?
Yes. Everything was correct. The bank even said that their intermediary bank said they were having problems crediting their account and suggested I recall the wire. Not saying it's a permanent issue... but having not been able to wire anything since last Nov and now it's January... and still having issues. That's not good.
 

BTCNG

Active Member
Yes. Everything was correct. The bank even said that their intermediary bank said they were having problems crediting their account and suggested I recall the wire. Not saying it's a permanent issue... but having not been able to wire anything since last Nov and now it's January... and still having issues. That's not good.
Hi

Does anyone has an update about Caye bank?

I have an account with them that I didn’t use for couple of months and when wanted to use they suddenly wrote me about the correspondent issue.

Now they updated me that the new bank details for incoming funds are:


BENEFICIARY BANK: RBS
ADDRESS: P.O BOX 1727 DRUMMOND HOUSE, 1 REDHEUGHS AVE, EDINBURGH, EH129JN, UNITED KINGDOM.
SWIFT CODE: RBOSGB2L
BENEFICIARY NAME: USD MONEYCORP BANK LTD. CLIENT ACCT.
BENEFICIARY ACCT NO.: 00751026
BENEFICIARY ADDRESS: 7B KING’S YARD LANE, GIBRALTAR
REFERENCE/FFC: CK2400607912KC – FFC (Customer name & Account # with CIBL)

So,

1. What do you say about the details below? Is it legit? Is it OK?

2. After looking at it, why won’t someone open an account with MONEYCORP BANK LTD directly? What is Caye bank added value? I found this:

moneycorp - Bank

3. Maybe due to the correspondent bank issue clients left them (since they did not have access to their account for a while) - which could be a big issue for a bank. Do you know anything about it?

4. Did any of you worked with Caye bank since they started to have this new correspondent bank details for wire transfers? Any comments on their service? Can you recommend if they are good or not?

5. I saw this for example online – what do you say about it?

Luigi Wewege on Behalf of Belize Caye International Bank Receives Top Private Banking Award

How are they as a private bank?

Will appreciate any advise from you guys.
 

Mr Magoo

Building Trust
Entrepreneur
You have to see this in a wider context: the 'best private bank in Belize'. There are only 3 banks left as far as I know in Belize (Caye, Heritage, Atlantic).
 

BTCNG

Active Member
You have to see this in a wider context: the 'best private bank in Belize'. There are only 3 banks left as far as I know in Belize (Caye, Heritage, Atlantic).
HA!, you are right.
Any insights on the other Q's? :





Does anyone has an update about Caye bank?

I have an account with them that I didn’t use for couple of months and when wanted to use they suddenly wrote me about the correspondent issue.

Now they updated me that the new bank details for incoming funds are:


BENEFICIARY BANK: RBS
ADDRESS: P.O BOX 1727 DRUMMOND HOUSE, 1 REDHEUGHS AVE, EDINBURGH, EH129JN, UNITED KINGDOM.
SWIFT CODE: RBOSGB2L
BENEFICIARY NAME: USD MONEYCORP BANK LTD. CLIENT ACCT.
BENEFICIARY ACCT NO.: 00751026
BENEFICIARY ADDRESS: 7B KING’S YARD LANE, GIBRALTAR
REFERENCE/FFC: CK2400607912KC – FFC (Customer name & Account # with CIBL)

So,

1. What do you say about the details below? Is it legit? Is it OK?

2. After looking at it, why won’t someone open an account with MONEYCORP BANK LTD directly? What is Caye bank added value? I found this:

moneycorp - Bank

3. Maybe due to the correspondent bank issue clients left them (since they did not have access to their account for a while) - which could be a big issue for a bank. Do you know anything about it?

4. Did any of you worked with Caye bank since they started to have this new correspondent bank details for wire transfers? Any comments on their service? Can you recommend if they are good or not?

5. I saw this for example online – what do you say about it?

Luigi Wewege on Behalf of Belize Caye International Bank Receives Top Private Banking Award

How are they as a private bank?

Will appreciate any advise from you guys.
 

Mr Magoo

Building Trust
Entrepreneur
the swift code for RBS seems to be correct. Money goes via RBS and moneycorp it looks like, a 3 step transfer..
 

Kaos

New Member
BTCGN, Mr Magoo, Purple Dan,

I hope this information helps you, although unfortunately I doubt it.

At the end of January, Caye bank informed me that their relationship with Moneycorp was closing and that all money transfers were suspended, they quoted 3 weeks until a new provider TS bank (a small Omaha based bank, as I understand it) would start processing payments in USD however they would lose all other currencies. More recently they have told me they are facing a back log and slow processing from the new provider, as such payments will unlikely to be processed until next week, meaning they will now have been unable to make or take payments for over 6 weeks.

This is closely following a similar situation in November/December where they could not process between approximately mid November to January (discussed earlier on this Forum).

They have still not confirmed payment processing and there is a possibility (given their history; likelihood) that this too may fail.

It is a fairly dire situation for those who bank with them on a personal or professional level having a) no availability to receive or send funds and b) no warning and limited communication.

To answer a question posed here before, I would not bank with them for two main reasons;

1) their processes are archaic, paper based and inefficient. They only have rudimentary internet banking (transactions only show up days after the event), no credit cards and no prepaid cards.

2) This is by far more important. You can't trust them to delivery a basic service in a timeframe.

I see some (deeply suspicious) reviews on the internet stating their staff are friendly and nice. Personally I've found idiots are often friendly and nice, doesn't mean I want to trust them with my money.
 

Mr Magoo

Building Trust
Entrepreneur
well, lucky me I never finished the account opening procedure since I had better options. Depending on the amount you have with them you could fly down there and withdraw in cash if they can do that. Else move all out once they resume processing again.
 

nickyboy2018

Active Member
Thanks Mr Mango. Your swift answer is much appreciated. Did you use a Cyprus Ltd formation? or did you use a different company setup for ABC? or a company formation that was accepted by both banking institutes?
 

Mr Magoo

Building Trust
Entrepreneur
back to the topic: agents will still try to sell you Caye Bank or any other bank in Belize because they make money. If I am not mistaken, a way to safeguard your money could be to buy bonds or stocks via them if possible since they cannot take these from you
 

Kievcash

Building Trust
Entrepreneur
People i recommand not to use small bank for large amounts, use like transit accounts, if not 50/50 that you will say bye bye to your money in several years, small banks in non seriously regulated country's its like the casino.
 

PurpleDan

New Member
What is a "transit" account?

People i recommand not to use small bank for large amounts, use like transit accounts, if not 50/50 that you will say bye bye to your money in several years, small banks in non seriously regulated country's its like the casino.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
You can setup your business in Cyprus with a Cyprus bank account it isn't that difficult if you know what you are doing and if you have a real business to present to them. I have done this many times, there are a lot of quetsions and it isn't fast but at the end of the day you get what you are looking for.
 

cosmo

Offshore Agent
Business Angel
Actually what they seem to have found is not a correspondent bank but a payment processor. Senders must remit the amounts to an account in the name of the processor and include a text in the reference field. Beneficiary must send Caye a copy of the T/T wire so they can locate and credit it.
Any idea to solve this somehow with another provider?
 

Jcuzz

New Member
Hello,

First timer in the off shore banking. Looking to open an account soon and my research told me Belize would be the best option. After reading all of your information above, I’m assuming Belize is not the best option anymore. If Caye is not the best option, please provide me with other options with high interest rates that you are comfortable with. Thank you.
 

Martin Everson

Offshore Consultant
Business Angel
Welcome to the forum hap¤#"

Looking to open an account soon and my research told me Belize would be the best option.
What research were you reading? :oops:

I’m assuming Belize is not the best option anymore.
Correct thu&¤#

please provide me with other options with high interest rates that you are comfortable with.
What do you consider "high interest" in todays zero interest rate world? Are you talking about deposits and savings and which currencies are you interested in?
 
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