On June 29, 2018, the Central Bank of Belize revoked Choice Bank's offshore banking license. The website contains more detailed information: http://www.choicebankltd.com/
From Offshore Reviews Admin: It has come to our attention by multiple reviewers that Choice Bank has restricted withdrawals and may in fact be on the verge of closing operations. We will be writing a full blog post. However, on the bank's website they have posted a link to their withdrawal "policy" http://www.choicebankltd.com/file/2018/04/Choice-Bank-Ltd-Funds-Availability-Policy.pdf A quick read of this document does not give us confidence in the bank or it's willingness or ability to meets it's obligations. Until this is resolved, we would recommend that potential clients stay away.
In mid April, Choice Bank froze all accounts due to liquidity constrained position. The exact nature of the problem was not specified. Now in May, accounts are being closed and settled for 70 cents on the dollar. Basically, Choice Bank has engineered a scam to steal 30% of all their depositors' money. Would you bank with them?
I would give no stars if possible. Like a number of the recent reviews here I find Choice Bank Ltd impossible to deal with. Their 'compliance' requirements are inconsistent, changing and adding new requirements ad-hoc. What's worse is that it takes them about 3-4 weeks to provide any real response. So imagine, they ask for a set of info, which you provide, they then take 3 weeks to respond, normally asking either for information or documents already provided, or something else trivial, then another 3 weeks. This seems to go into a never ending loop that continues for many months (one process has now been running for 6 months) often resulting in documents provided no longer being considered valid as they are too old, then the whole circus starts again. The result is that the account is 'frozen', with no idea if or when it will be possible to use again. This is effectively Choice taking any funds away for an indeterminate period of time. Avoid, avoid, avoid.
Choice Bank of Belize will lure you to deposit your money with them. It will be extremely difficult to use your funds. Each time I tried to make a legitimate transfer they sent an angry email asking explanation. It is OK to ask explanation, but why in angry manner? The amount of documents to be produced annually is huge. If one tries to close the account, they will limit all activity and will make it impossible. They will ask for a huge pack of documents and even if you manage to produce it, they will change requirements and will ask to produce it again. They pretend to be a legitimate bank but if this is not stealing, then what is it? Never saw anything like this. Worst bank ever!
Like the last reviewer, I am having trouble getting my money out of Choice bank. they are very very difficult to use if you want to take your money out. Don't use them.
Based on my experience with Choice Bank of Belize holding my funds hostage and not returning my deposited funds to me on demand and insisting on additional and changed requirements and documentation that was not disclosed to me upfront, I would strongly recommend avoiding depositing any money into Choice Bank of Belize.
I have several offshore accounts with Choice Bank and I can say that I am a satisfied client. Every time I contact them either give them a call or send an email, their representatives are very prompt and sounds willing to help. Very pleasant employees.
1. Really awesome company/bank. I enjoyed there services. I can really see them as an industry leader soon.
I can't thank enough choice bank. Their deposit accounts in a range of currencies have greatly helped me. Managing my financial assets with choice bank has always remained wonderful.