Dollars And Sense: Understanding Currency Conversion In Belize

As of July 2024, 4 US dollars are worth approximately 8 Belizean dollars. The official currency of Belize is the Belize dollar (BZD), which is hard-pegged to the US dollar at a fixed rate of BZ$2 to US$1. This means that the exchange rate between the two currencies is relatively stable, with 1 US dollar being worth between BZ$1.98 and BZ$2.05. While it is possible to exchange US dollars for Belizean dollars at most banks and hotels, many businesses in Belize also accept US dollars directly.

4 US dollars equal 8.0956 Belizean dollars

As of July 2024, 4 US dollars are worth 8.0956 Belizean dollars. The official currency of Belize is the Belize Dollar (BZD), which is hard-pegged to the US dollar at a fixed rate of BZ$2 to US$1.

This means that 1 US dollar is worth 2 Belizean dollars. This rate is offered by most banks and hotels in Belize, and many businesses in the country also accept US dollars.

The Belize Central Bank instructed banks and financial institutions to accept US cash currency at the official rate of 2 Belize dollars for 1 US dollar. This was done to address the issue of businesses in Belize being reluctant to accept US currency due to losses incurred in the conversion rate to Belize dollars when depositing US cash.

It is important to note that the exchange rate can fluctuate, and there may be slight variations in the rates offered by different financial institutions. Additionally, there may be fees or charges associated with currency exchange transactions.

The Belize dollar is the official currency of Belize

The Belize dollar is divided into 100 cents. The currency is issued by the Central Bank of Belize, which was established on 1 January 1982. The bank's first notes were dated 1 July 1983. Belizean banknotes include the $2, $5, $10, $20, $50, and $100 bill, with the largest colloquially known as a blue buay (blue boy). The $1 and $2 coins are the largest in circulation, with smaller denominations of 50, 25, 10, 5, and 1 cent coins.

Belize was a former colony of Great Britain, and as a result, all local banknotes and coins feature a prominent image of Queen Elizabeth II. In July 2023, it was decided that future Belizean dollar bills would not feature the portrait of King Charles III. Instead, new bills will depict Belizean national heroes, including George Cadle Price and Philip Goldson.

Belize has a predominantly cash-based society, with most locals not owning credit cards. As a result, many local shops and restaurants do not accept credit cards, although this is not the case with hotels and tour operators. ATMs can be found across Belize in main towns and cities, and they usually accept foreign cards. Banks in Belize include Atlantic Bank, Belize Bank, Caye International Bank, Heritage Bank, and the National Bank of Belize.

The Belize dollar is divided into 100 cents

The Belize dollar is the official currency in Belize. Its currency code is BZD, and it is abbreviated with the dollar sign $, or BZ$ to distinguish it from other dollar-denominated currencies.

The Belize dollar has been the country's official currency since 1885. In that year, it replaced the British sterling as the colony's unit of currency. The Belize dollar was introduced as a new currency based on the US dollar, bringing British Honduras (as Belize was then known) into line with Canada.

The first Belize currency notes were issued in 1894, with denominations of 1, 2, 5, 10, 50, and 100 dollars. In 1885, bronze 1 cent coins were introduced, followed by silver 5, 10, 25, and 50 cent coins in 1894.

Today, the Belize dollar is used alongside the US dollar, which is also widely accepted throughout the country.

The Belize dollar is hard-pegged to the US dollar at a fixed rate of 2:1

The hard peg between the two currencies has been in place for a while and is regulated by the Belize Central Bank. On May 2, 2023, the Belize Central Bank instructed banks and financial institutions to accept US cash currency at the official rate of 2 Belize dollars for 1 US dollar. This decision was made to address the issue of businesses in Belize being reluctant to accept US currency due to unfavourable conversion rates when depositing US cash.

While the official exchange rate is set at 2:1, in practice, there may be slight fluctuations. Some sources indicate that the Belize Dollar is accepted at a rate of $2.0175 Belize dollars for one US dollar in certain transactions, such as when purchasing a bank draft. Additionally, a lively parallel informal market can offer slightly higher rates, with $2.05 Belize dollars for one US dollar.

It is important to note that the Belize dollar is generally worthless outside of Belize. Therefore, visitors with US dollars may not need to worry about changing their money into local Belize dollars. However, for those who are expats or residents of Belize, it is advisable to keep foreign exchange outside of the country in banks in the USA, Canada, or Europe. This way, they can purchase items abroad and have them shipped to Belize at a reduced cost.

When it comes to currency conversion, banks and hotels in Belize can facilitate exchanging US dollars for Belize dollars. ATMs in Belize also usually accept foreign cards, and many businesses accept US dollars directly. Credit cards such as MasterCard, Visa, and AMEX are widely accepted as well.

Many businesses in Belize accept US dollars

The Belize dollar is the official currency of Belize, with an exchange rate of BZ$2 to US$1. However, many businesses in Belize accept US dollars, and you can use them almost everywhere in the country. This includes bars, restaurants, and shops, where you will get BZD in return.

While you can use US dollars in Belize, it is recommended to bring smaller US bills, such as $1, $5, $10, and $20, as people may not have change for larger bills, and they are also harder to cash in smaller villages, shops, and restaurants. Additionally, larger bills may be rare and could be counterfeit, so people may refuse them.

It is also important to ensure that your US bills are in good condition. A few years ago, banks in Belize stopped accepting US bills with any marks or tears, so even tiny tears or pen marks may be an issue.

While you can use US dollars in Belize, prices are often quoted in Belize dollars, so it is important to double-check whether a price is quoted in Belize or US dollars. This is especially important when paying for taxis, meals, and tips, as well as smaller items like beverages and snacks.

Frequently asked questions