Sending Cash From Belize: Western Union Options

Sending money abroad can be a challenging process, especially with the stringent ID requirements and rules and sanctions imposed by various countries. In Belize, the Central Bank of Belize regulates money transfer services and imposes strict rules on the services it licenses. Western Union is one of the trusted money-sending services that people rely on. It has been transferring money around the globe for more than 150 years and is present in over 200 countries and territories. Western Union offers a fast option for sending money from Belize, with cash pickups being the fastest and easiest method to organise. However, this option is very expensive compared to other services.

Western Union's fast cash transfer option

The Money in Minutes service allows you to transfer money to Belize in a matter of minutes. To use this service, you can follow these steps:

• Search for a Western Union agent location near you.
• Complete the Send Money form, providing recipient details and the transaction amount, including the transaction fee.
• Submit the completed form along with the applicable funds in cash to the agent.
• Save the receipt and tracking number (MTCN). The recipient will need the MTCN for pickup, and you can use it to track your transfer.

It's important to note that Western Union's fast option tends to be more expensive than other money transfer services. Additionally, there may be limitations on the amount of funds that can be transferred, and these transactions are subject to regulatory requirements and approval from relevant authorities.

Western Union also offers the option to send money directly to a recipient's bank account or mobile phone, depending on the country. These transfers may take a few business days to complete and are subject to specific requirements and restrictions.

Sending money from Belize to the US

To send money from Belize to the US, you can follow these steps:

• Find a Western Union agent location near you in Belize. Western Union has over 500,000 agent locations worldwide, including 59,000 across the US.
• Complete the "Send Money" form, providing the agent with the necessary details, such as the receiver's name, bank, and account information.
• Provide the agent with the completed form, along with the applicable funds and the transaction fee in cash.
• Save the receipt and tracking number (MTCN). The MTCN will be needed by the recipient for pickup, and you can use it to track your transfer.

It is important to note that Western Union transfers from Belize may be subject to certain limitations and restrictions. As of August 2017, the Central Bank of Belize imposed a limit of USD 500 per transaction, and any amount exceeding this limit requires approval from the Ministry of Finance or the Central Bank.

Additionally, Western Union offers different transfer options, including:

• Money in Minutes: This option allows for quick transfers, usually within minutes, but it tends to be more expensive.
• Bank Account Transfer: You can send money directly to the recipient's bank account, which may take a few business days to process.
• Mobile Money Transfer: If the recipient lives in a country where this service is offered and has an activated mobile wallet with a Western Union partner mobile operator, you can send money directly to their mobile phone.

Western Union also offers competitive exchange rates and encryption for secure transfers.

Sending money from the US to Belize

An alternative to Western Union is MoneyGram, which is the most popular money transfer service in Belize. MoneyGram is widely available at pawn shops, beauty salons, and pharmacies. Their fees are also cheaper compared to Western Union. However, as of 2016, MoneyGram is no longer available at the Belize Bank due to tightening offshore banking restrictions.

Another option for sending money from the US to Belize is through online providers such as Remitly. Remitly offers great rates, no hidden fees, and fast transfer times. They also provide a delivery time guarantee, ensuring that transfers will be delivered on time or your fees will be refunded.

When sending money to Belize, it's important to be aware of the regulations and limitations imposed by the Central Bank of Belize. As of August 2017, there is a limit of US $500 on the amount that can be sent or received. Any transfer exceeding this limit requires approval from the Ministry of Finance or the Central Bank.

Sending money from Belize to the UK

Western Union

Western Union is a well-known and established money transfer service with a large network of agent locations worldwide, including in Belize. They offer both online and in-person money transfer services. Western Union claims to facilitate transfers to and from bank accounts, but as of early 2023, there have been reports that transfers to bank accounts in Belize were not working. Instead, recipients in Belize can collect cash from franchise operators such as the Belize Chamber of Commerce or Zitro International, which serve different types of businesses.

Western Union is often the fastest option for sending money from Belize to the UK, with cash being available for pickup in the UK within minutes. However, it is typically more expensive than other online providers, and there may be limitations on the number of transactions allowed within a certain period.

Other Options

Other recommended money transfer services for sending money from Belize to the UK include TransferGo, Remitly, and Paysend. These online providers generally offer more competitive rates and fees compared to Western Union.

Regulations and Requirements

When sending money from Belize, it's important to note that the Central Bank of Belize regulates money transfer services and imposes strict rules on licensed services. There is a limit of USD $500 for funds being sent or received. Any amount exceeding this limit requires approval from the Ministry of Finance or the Central Bank, which may not be feasible during weekends when these institutions are closed.

Additionally, sending money abroad typically requires stringent ID verification, including two forms of photo ID, such as a passport, social security card, or driver's license.

Comparison Websites

Websites like Monito can be useful for comparing different money transfer services and finding the best option for your specific needs. They provide information on fees, exchange rates, transfer speeds, and user reviews, helping you make an informed decision.

In summary, while Western Union is a popular and fast option for sending money from Belize to the UK, it may be more expensive than other online providers. It's important to compare different services and consider the regulations and requirements involved in sending money from Belize.

Sending money from the UK to Belize

Western Union is a well-known and established option with a large network of agent locations worldwide, including over 4,300 locations in the UK alone. They offer fast transfers, often within minutes, and provide the option of cash pickups or bank transfers. However, Western Union tends to be more expensive than other providers.

XE, an international currency exchange company, provides a cost-effective alternative. They typically don't charge upfront fees and make their profits through currency conversion markups.

Payoneer is another recommended choice, offering flexibility by allowing users to switch between different money transfer methods. Payoneer enables users to send money to the recipient's debit card or bank account, providing convenience and security. With the debit card option, the recipient can access the funds immediately upon transfer completion.

TransferGo is also a highly-rated service, with competitive rates and fast transactions. They offer preferential fees and/or exchange rates for new users.

When choosing a money transfer service, it is essential to compare the fees, exchange rates, transfer speeds, and security measures provided by each company. Additionally, it is worth noting that the Central Bank of Belize regulates money transfer services and imposes strict rules, including limitations on the funds that can be transferred. For amounts exceeding the limit, approval from the Ministry of Finance or the Central Bank is required.

Frequently asked questions