Using Atms For Cash In Belize: What You Need To Know

If you're travelling to Belize, it's useful to know that US dollars are widely accepted, but it's also a good idea to have some local currency on you. The Belize dollar is the official currency, with most ATMs dispensing cash in this currency. You can use your Visa or Mastercard credit or debit card to withdraw money, but be aware that some ATMs may charge a fee and enforce a withdrawal limit. It's also recommended that you notify your bank before travelling to avoid any issues with using your card abroad.

ATM fees and withdrawal limits

Using your ATM card in Belize can be a convenient way to access cash during your visit. However, it's important to be aware of the associated fees and withdrawal limits. Here's a detailed guide to help you navigate ATM usage in Belize:

Belize Bank: This bank charges an ATM fee of BZ$3.50 plus 1% of the amount withdrawn. They accept cards bearing the VISA, MasterCard, Plus, and Cirrus logos. The maximum withdrawal limit per day is BZ$500 (approximately US$250). You can find their main branch on Barrier Reef Drive, identified by the large Belize Bank sign.

Scotiabank: Scotiabank charges an ATM fee of BZ$8.00. They accept a wide range of cards, including VISA, MasterCard, Plus, and Cirrus. The daily withdrawal limit is BZ$750 (approximately US$375). It's important to note that Scotiabank in Belize is not connected to Scotiabank in other countries, but the fee is waived if you have a Canadian Scotiabank account.

Heritage Bank: This bank charges a lower ATM fee of BZ$3.00. However, it's important to note that Heritage Bank currently does not accept foreign card withdrawals. Withdrawals can only be made using Heritage, Credit Union, or Belizean bank debit cards, as well as ZITRO prepaid cards.

Atlantic Bank: Atlantic Bank stands out for not charging any convenience fees for ATM withdrawals. The maximum withdrawal limit depends on the limit of the customer's credit or debit card. They do not currently accept chip cards, so you may need to try a few times to get your card to work.

In-store ATMs: ATMs located within stores or supermarkets typically come with higher convenience fees, often around BZ$10.00. Examples include ATMs at Richie's Supermarket, Wings, Superbuy South, and Beach Basket at Grand Caribe Resort.

Foreign Bank Fees: In addition to the fees charged by Belizean banks, your home bank may also charge a withdrawal fee for using your ATM card internationally. These fees vary depending on your financial institution. For example, Canadian institutions like CIBC, RBC, BMO, and TD typically charge around CAD$5.00 per withdrawal. US banks, such as Wells Fargo and Bank of America, may charge a combination of flat fees and a percentage of the withdrawal amount.

Credit Card Fees: Credit card companies often levy international currency conversion fees, typically ranging from 1% to 3% or even higher. These fees apply when you make purchases or withdraw cash in Belize since the local currency is the Belize dollar. Additionally, some local businesses in Belize may add their own surcharge for credit card payments, so it's always a good idea to inquire about any extra charges beforehand.

When using ATMs in Belize, it's important to be aware of potential withdrawal limits, which can range from BZ$500 to BZ$1,000 per day, depending on the bank. Additionally, remember to factor in both the ATM fees charged by the local banks and any foreign transaction fees levied by your home bank. By understanding these fees and limits, you can make informed decisions about accessing cash during your stay in Belize.

Foreign currency exchange rates

The official currency of Belize is the Belize Dollar (BZD; symbol BZ$). The exchange rate is hard-pegged to the US dollar at a fixed rate of BZ$2 to US$1. This means that two Belizean dollars will always equal one American dollar, so you don't need to worry about calculating exchange rates.

While the US dollar is widely accepted in Belize, it's important to note that US coins are not. Additionally, while Euros and Pounds Sterling are also accepted, banks will not offer a good exchange rate for these currencies.

If you need to exchange currency, you can do so at most banks and hotels. ATMs in Belize usually accept foreign cards, but you may be charged a nominal fee of 3-5 BZD for international card withdrawals, in addition to any fees charged by your home bank. It's a good idea to consult your local bank to see if your card will work in Belize and to find out about any international usage fees.

It's worth noting that Belizean dollars are generally worthless outside of Belize, so it's recommended to only convert the amount of currency you need and to convert any remaining Belizean dollars back to your original currency before departing the country.

As of August 2024, the mid-market exchange rate for US dollars to Belizean dollars is 1 USD = 2.0153229 BZD. However, this rate is for informational purposes only, and you may receive a slightly different rate depending on the bank or money changer you use.

When exchanging money, it's best to avoid freelance money changers (known locally as "peseros"), who are frequently found around border areas. These changers are often unlicensed and may not provide a favourable exchange rate.

Credit card acceptance and fees

Credit cards are gaining popularity in Belize, but they may not be widely accepted outside of tourist areas, restaurants, bars, tour offices, and hotels. Visa is the most commonly accepted credit card, followed by Mastercard, and American Express. However, Mastercard is only accepted by larger businesses with electronic credit card processing machines. American Express and Discover are not widely accepted due to their hefty merchant fees.

Some local businesses add their own fees for credit card payments, so it is advisable to ask about any charges before making a purchase. Credit card companies also levy international currency conversion fees, ranging from 1% to 3% or higher. Additionally, some credit card issuers charge a currency conversion or inversion fee, even if the transaction is processed in US dollars. These fees are typically in the range of 2.5% to 5% per transaction.

To avoid unnecessary fees, it is recommended to use a travel debit card or a credit card specifically designed for international spending. Cards like the Bank of America travel Visa or the Capital One travel card do not charge currency conversion or inversion fees. Alternatively, a prepaid travel debit card can be a cheaper option, offering lower fees and exchange rates. Cards like Wise and Revolut provide competitive exchange rates and low fees.

Cash and traveller's cheques

Cash and travellers cheques

US dollars are widely accepted in Belize, but the local currency, the Belize dollar, is recommended for smaller purchases. The Belize dollar is the official currency of Belize and is pegged to the US dollar, with a standard exchange rate of two BZ dollars for one US dollar.

It's best to bring smaller US dollar bills ($1, $5, $10, and $20) as $50 and $100 bills can be hard to cash in smaller villages or shops and restaurants. It's also important to ensure that your bills are in good condition, with no marks or tears, as these may not be accepted.

ATMs in Belize dispense cash in Belize dollars and accept Visa and Mastercard credit and debit cards. They can be found in all major tourist towns and urban centres, but they are not available everywhere, so it's a good idea to plan your funds before leaving the major hubs. Remember that you will likely be charged two fees for ATM withdrawals: one from your bank for international use and one from the local Belize bank.

Some ATM operators will also apply a surcharge or convenience fee if you don't have an account with their financial institution. This fee will be notified to you on the screen before you complete your transaction. It's a good idea to carry more than one card in case there is a problem with the connection.

Exchanging US dollars is fairly straightforward at hotels, exchange counters, or the airport. Most tourist shops, hotels, and restaurants will also accept credit cards.

In Belize, it is not recommended to bring travellers cheques.

Bank locations and opening times

Belize has four banks: The Belize Bank, Atlantic Bank, Heritage Bank, and the National Bank of Belize. All cities and towns in Belize have banks equipped with ATMs, but only the Belize Bank and Atlantic Bank allow out-of-town visitors to use their international Visa or Mastercard credit or debit cards to withdraw up to BZ $1,000 (US $500) per day. These ATMs are clearly labelled with the Plus or Cirrus logos.

The Belize Bank has a branch on Coconut Drive, across from the Tropic Air parking lot, and another on Barrier Reef Drive. The Barrier Reef Drive branch can be identified by the large Belize Bank sign. The Belize Bank also has a branch in Caye Caulker, on Chapoose Street.

The Atlantic Bank does not accept chip cards, but it does not charge a convenience fee for cash withdrawals.

The Heritage Bank does not accept foreign card withdrawals.

Scotiabank charges an ATM fee of $8.00 and has a maximum withdrawal limit of $750 per day. Note that this bank is not connected to Scotiabank in other countries, but the fee is waived if you have a Canadian Scotiabank account.

In-store ATMs, such as those at Richie's Supermarket, Wings, Superbuy South, and Beach Basket at Grand Caribe Resort, charge a fee of $10.00.

Banks in Belize are open Monday to Friday. They tend to be busiest on Fridays, when people queue up early for money for the weekend, and when manual workers are paid weekly. They are also busy on the days when most Belizean workers get paid. Government employees are paid on the 14th of the month in the capital Belmopan, and on the 15th in the rest of the country. All other employees are paid at the end of the month, except for pensioners, who are paid on the penultimate working day of the month.

Frequently asked questions