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

D

dpastco

Advance Member
Jun 11, 2013
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#1
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.
 
#2
#3
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.
 
#4
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.
 
#5
What is the requirement to get an account with Atlantic bank, do you have a link?
 
#6
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.
 
#7
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?
 
#8
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.
 
#10
Heritage Bank and Trust of Belize Limited UPDATE - September 2020

Yes, I can confirm that Heritage Bank have again lost their correspondent bank access - Crown Agents Bank UK.

Heritage Bank first lost it in the Fall of 2019 (around Oct/Nov) and it was resolved around JUNE 2020. However I have just learned they have lot it AGAIN.

I am looking to move my funds out of this hopeless bank now.
 
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#11
Thank you for the update and to let us know about the new situation with this bank. It is the history that repeat, once things go wrong they keep going wrong :(
 
#13
Anyone still banking with Heritage Bank and Trust of Belize are in for a shock.

Further to your contact with the Financial Conduct Authority (FCA).

I see from internal notes that Crown Agents bank have replied to us confirming they have suspended their correspondent bank relationship with Heritage International Bank and Trust of Belize.

The information has been recorded and is available to our supervisory teams.

We do not provide further feedback or updates on information that is shared with us due to legal and policy restrictions.

Financial Conduct Authority
www.fca.org.uk
Click to expand...
 
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