Go Online & Online Banking
For Online Banking you need to things: to be online & online banking access with your bank. Once you have your internet access setup, online online banking is usually a matter of surfing to your bank’s online banking website and logging in using your username, password and (often) a unique code generated by a security device.
To go online, all you need is a reliable internet connection. For our recommendations for internet access in Belize you may read our article on Internet Access in Belize. We refer you to that article for internet access questions and we will focus on online online banking and online banking banks in this article only.
Benefits of online online banking
On this site we will discuss two distinct situations where online online banking is beneficial to you. The first situation is when you are managing funds in a Belizean bank account but live outside of the country. The second situation is when you are managing funds in a non-Belizean bank account and live inside of the country. In both cases, we recommend you do online banking and make your life that much easier.
Setting up Belizean online online banking tips
In Belize there are two groups of banks that you can choose, but only one group when you live in Belize itself. Both offer online online banking services to their customers. These two groups are national banks and international banks. The national banks are used by people who live within Belize for checking and saving account. The international banks offer (often wealthy) foreign individuals and corporations attractive tax opportunities provided they are a non-Belize resident.
The online banking bank called “Belize Bank” offers Belize Bank Online, their online online banking solution that allows their customers to manage their chequing, savings, credit card, mortgage, loans and investment accounts online from anywhere they have an internet connection.
Another online banking bank in Belize is Scotia Bank also offers online online banking services: scotia online banking (scotia bank online banking), and you can even view a demo on their scotia online banking system to check out their services before signing up. They claim the following benefits for their scotia online banking system: viewing account balances and history, paying credit cards, transfering funds, setting up payments, pay bills, etc. You can do online banking with scotia bank with a minimum of hassle.
Setting up non-Belizean online online banking tips
If you are an expat and planning on living in Belize, we strongly recommend that you get a bank account in other currencies aswell (including, possibly, keeping your bank account in your current home country), using an online online bank of your choice. There are a few selection criteria you must keep in mind when choosing such online banking bank.
Not all banks offer online online banking, and even with an online banking bank their solution may not work reliably abroad. If your bank does not offer online online banking, you will need to change banks to one that does. You can check their website to see if they are an online banking bank, but even so, do check to ensure that your bank’s online system is available when abroad. If you have the opportunity, do online banking when on holiday abroad to see if you have access. Some banks have been known to block access to their online online banking system from abroad out of security concerns. Others have procedures that require you to have a bank-issued mobile telephone that may or may not have global roaming. We recommend that you contact your bank for additional information and explicitly ask whether their online online banking solution will be operational from within Belize. It is better to avoid surprises.
You can choose to maintain or setup an account in a non-Belizean Dollar account. Belize national banks do not offer this, even though the Belize international banks do. Not putting all your money in Belizean Dollars is probably a good idea, as it is cheap to buy Belizean Dollars, but prohibitively expensive to sell them again. It helps to have access to US Dollar funds (for example) from within Belize and transfer the funds using your US Dollar account’s online online banking services.
post bank online banking
For example, you can use use the post bank online services to do your online online banking if you have an account with them (in the Netherlands, they have fused and become part of the ING conglomorate). Using post bank online banking is simply a matter of getting a username and password sent to you. Remember that the bank will send these documents by post so you will need to get these documents requested well in advance. Accessing your account using the post bank online banking system is then easy. But remember that to transfer funds, a SMS message will be sent to your telephone to confirm that you have requested the transfer. If your phone is lost or stolen, or simply because you are in a region with no cellular coverage, or because your phone has no international roaming, you cannot transfer funds. You should get a TAN list sent to you, again by post. Use a unique code (the post bank online banking system will tell you which one) to authorize the funds.
To summarize, you can choose to do your online online banking with any bank of choice. It’s your bank choice. But there are some guidelines such as ensuring that your bank is an online banking bank, that there are no limitations to using it abroad (such as ING’s post bank online banking system when combined with a mobile phone with no roaming). You will manage to db online banking in multiple currencies and it is vital to spend some time choosing the currency that is best for you.