Caye Bank in 2022?

[MagicMatt]

I think you are experiencing "Caribbean" Customer service. Slow, inefficient, lazy. Frustrating for sure when you are used to instant bank transfers in Europe.

These offshore banks hold your money overseas. Your money is not actually in "Belize", but is held in accounts with their partner banks. That is why there is still a manual element on confirming your money is in your account. The staff have to manually check and confirm each transfer.

And unfortunately if you pester them, the bank views you as a troublemaker and not as a customer. Maybe one day someone will open a bank in the Caribbean where customer service really matters.

Last edited: Feb 23, 2023

 

[pow]

Thank you magicmat, your post makes a lot of sense

 

[spiderman]

I've had a pending outgoing wire transfer request for the last 2 weeks or so in this bank. Is this also normal?

 

[MagicMatt]

Which currency, to where? What amount? To which country? How long have you been their customer? Hard to give any reply without any information.

 

[spiderman]

I'm a new customer, and it's my first outgoing wire transfer with them, so I didn't really know what to expect. I don't want to give too many details, but shortly after I wrote the post they called me to confirm the transaction. Apparently it's an extra security measure. So it looks like it's going to be resolved in the end, and my worries are laid to rest.

 

[MagicMatt]

Well actually what you are saying is that you have not confirmed the transaction with Caye yet. Every outgoing transaction requires a telephone confirmation. Very good for your security.

 

[pow]

I have to add that my experience since my last post has been pretty good. Not every outgoing transaction requires a telephone call.

 

[spiderman]

Me too, the latest one required a whatsapp message only. But wire transfers are quite slow, 3 weeks for incoming and 3 weeks for outgoing wires. But at least it works smoothly, just slow.

 

[pow]

For sure it's slow, but my initial concern was that it was either a scam or gross incompetence. Fortunately that experience has been a one off so far.

 

[drysky]

Sorry to bump this (old) thread, but submitted my application with CAYE bank. From what I read they are damn slow in processing wires. Can someone tell me the average time it takes for them process an outgoing wire to the US ? Will the transaction executed the same day or will I have to wait a week before the wire actually goes out? I know it's a broad question and no one has a crystal ball to predict the future but from existing clients experience, what can I expect?

 

[spiderman]

My experience is only for non-US wires, and it can take 1 - 4 weeks. For sure it will not be executed the same day. They need to have everything approved by their correspondent bank first.

 

[lacomaco]

Forget them...

 

[drysky]

spiderman said:
My experience is only for non-US wires, and it can take 1 - 4 weeks. For sure it will not be executed the same day. They need to have everything approved by their correspondent bank first.
Click to expand...

1-4 weeks for a normal wire transaction??
This gotta be a joke.
How is anyone supposed to run a business with them as banking solution?

 

[MagicMatt]

My Euro transfers with CAYE take about 2 working days.

 

[lacomaco]

MagicMatt said:
My Euro transfers with CAYE take about 2 working days.
Click to expand...

Of course, they are not afraid of the ECB, but rather the extraterritorial reach of the US government

 

[JohnLocke]

spiderman said:
My experience is only for non-US wires, and it can take 1 - 4 weeks. For sure it will not be executed the same day. They need to have everything approved by their correspondent bank first.
Click to expand...

How can you work with this?

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[spiderman]

For me it works, because the only outgoing wires I send is to myself, in the form of dividends.

 

[drysky]

What a s**t show. Got this sold by one of the big advertisers here on the forum.. will contact them for another solution but they'll probably make me pay again. Freaking unreal.