Requirements for Standing Order Arrangement

 

Standing Order Arrangements (SOA) require that foreign exchange amount be fixed, frequency of remittance be monthly, quarterly or on a regular basis, be from the same sender to the same receiver for a set economic purpose.  Authorised Dealers (ADs) and Remittance Service Providers (RSPs) are not permitted to sell for such economic purpose or the amount are above the allowable limit permitted for them to sell. Standing orders are usually requested by individuals who want to send money for family maintenance, education, gifts, pension and medical bills.

An applicant wishing to set up a standing order arrangement with a bank or RSP must formally write in to the Central Bank, fill in an SOA form- specifying the sender, recipient, amount to be remitted, frequency of remittance, purpose of remittance, and bank or RSP. Approval for standing order is given to the AD and RSP permitting the remittance of foreign currency on a monthly or quarterly basis for one year (or a specified period) on behalf of the applicant. A copy of the approval is also sent to the applicant.


Steps to request Standing Order Arrangement

1. Complete Standing Order form

The ADs, RSPs and applicant requesting the Standing Order must submit the Standing Order Form to the Central Bank. The Standing Order form must contain the following information:

i. Name, full address and country of residence of both Sender and Recipient
ii. The purpose and justification for the standing order
iii. Currency type and amount
iv. Frequency of the remittance
v. AD or RSP that will process remittances
vi. Bank Statement as evidence of source of funds
vii. A valid certified/notarized copy of passport for the sender and the recipient

Download Standing Order Application form

2. Attach supporting documentation to the application
The following documents must be attached to the application according to the type of remittance: 

FAMILY MAINTENANCE
i. If employed, employment contract, letter from employer stating last 12 months of salary or a TD4 (Income Tax declaration form)
ii. If self-employed, latest Annual Return from Companies Registry or Company Registration Certificate and personal bank statement for the past 3 months
iii. If non-national, notarized or certified true copy of passport and immigration status
iv. If diplomat, diplomatic identification

EDUCATION
i. For students studying in the USA, an I-20 form from the university
ii. For student studying abroad, a letter of matriculation and university cost estimate
iii. Source of payment
iv. For student, a notarized or certified true copy of passport

CURRENCY AND DEPOSIT
i. Bank statement of account 
ii. A notarized or certified true copy of passport of recipient

PENSION
i. Letter stating the applicant’s pensionable status

SERVICES
i. Invoice from service provider
ii. Agreement to pay on terms
iii. Income Tax clearance letter

GIFTS
i. Supporting document from the beneficiary organization

The Central Bank reserves the right to request any additional information as deemed necessary for the processing of the application.


3. Email completed standing order form and supporting documentation 

Email completed standing order form and supporting documentation to [email protected].

An acknowledgement email and application status will be sent via email within 24 hours of submitted application. 

If you have any further questions, please contact the Exchange Control Department of the Central Bank of Belize.