Caye International Bank, or Caye Bank for short, is a Belizean offshore bank with its headquarters located in Ambergris Caye. It provides individual and business-oriented financial services.
The headquarters is located in an area known for its financial privacy and advantageous banking laws.
In this Caye Bank review, we’ll explore its product offerings, services, costs, advantages, as well as issues.
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Caye Bank Overview
Caye Bank Products and Services
Demand Deposits
Demand deposit accounts offer flexibility and convenient access to funds by permitting unlimited transfers to and from the account.
Multiple currencies, such as US dollars, Canadian dollars, Euros, British Pounds, and Swiss Francs, can be held.
Tiered interest rates are available and clients who keep a minimum deposit and refrain from withdrawals for a certain time can get a bonus interest.
It offers round-the-clock online banking platform to make account management easier.
Term Deposits
Customers have the option to lock in fixed interest rates within a one-month to five-year period.
Rates change based on the length of the term and how much is deposited; longer terms can get higher rates, such as 3.75% for five years.
Loans
Real estate loans from Caye Bank in Belize have an annual percentage rate of 11%.
The length of amortization varies from five to 30 years, based on the needs of the client.
Gold Loan Program
The scheme enables customers to take out loans against the value of gold that is kept in Zurich, Switzerland.
The target audience is anyone who wants a hedge against certain market woes.
Your starting gold holdings must be at least $100,000 to be eligible for the initiative. It also requires that all participants be Caye International Bank customers and account holders.
Prepaid Visa Card
This product enables customers to conveniently make regular purchases. It can be controlled via their online banking platform and is reloadable.
There are a number of charges, such as transaction fees, yearly membership fees of $50, and loading fees of 3%.
Wire Transfers
Caye Bank makes it simple for customers to handle international transactions by facilitating international wire transfers in different currencies, like USD, CAD, EUR, and GBP.
They aren’t very transparent with the costs at one glance, though. You’d have to talk to them directly to get a quote.
Caye Bank App
The firm offers a mobile app with tools to manage an offshore account, among other things.
Caye Bank Fees
Account opening fees include a non-refundable application fee of $100 or $175, depending on the account type.
Term deposits require a minimum of $25,000, while demand deposit and savings accounts require a minimum deposit of $1,000.
There is a $250 fee for accounts that are governed by FATCA regulations.
Also, there is a $19.50 service fee for all account types per month.
Pros and cons of Caye Bank
Caye Advantages
- Compared to other banks in the area, many users say that opening an account is simple and quick.
- The availability of multilingual support and the staff’s helpfulness are valued.
- The bank offers gold investments that might appeal to people looking for alternative assets.
Caye Bank Problems
- Because of bureaucratic procedures, some users have encountered delays when opening an account.
- The bank has come under fire for how it handles online transactions and customer security procedures. In a recent case, Caye International Bank Ltd v. Rosemore International Corp, the court concluded that the bank violated its depository deal and fell short of its duty by carrying out an illicit $175,000 wire transfer in spite of warning signs, such as an unusual transaction amount plus an unverified email address.
- These issues have called into question its operational reliability and customer trust, highlighting the necessity of better fraud management procedures and quicker customer service.
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