Sending Money From Belize To The Us: Understanding Wire Transfer Costs

The cost of wiring money from Belize to the US depends on the provider used. The Belize dollar (BZD) is hard-pegged to the US dollar at a fixed rate of BZ$2 to US$1, although some money changers will offer a slightly better rate. Banks in Belize will usually charge a commission for exchanging currency, and there may be additional fees for wiring money. Online providers such as Remitly, Paysend, Western Union, and CurrencyFair offer cheaper alternatives to banks for sending money from Belize to the US, with costs ranging from 1.8% to 3.6% of the transferred amount.

Currency exchange rate

The official currency of Belize is the Belize Dollar (BZD). The exchange rate is pegged to the US dollar at a fixed rate of BZ$2 to US$1. However, in practice, the BZ Dollar is accepted at a slight fluctuation, usually around $2.0175 BZ for one US Dollar. This rate typically applies when purchasing a bank draft.

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. Prior to this, these institutions had been offering a slightly lower exchange rate, giving BZ$1.982 for 1 US dollar, and claiming the difference as processing expenses. This led to businesses in Belize being reluctant to accept US currency as they would incur losses when depositing US cash.

It is important to note that the buying rate for other US dollar-denominated monetary instruments, including remittances and incoming wire transfers, remains unchanged at BZ$1.982.

When sending money from the US to Belize, it is advisable to use an online provider, as they typically offer better exchange rates and lower fees compared to traditional banks.

Transfer fees

Remitly is often the cheapest provider for this transfer, with Paysend and Western Union also offering competitive rates. The Paysend fee starts at $1.99, and Remitly's total cost for a USD-BZD transfer was 1.8% of the transfer amount, including all fees and exchange rates. Western Union's average cost for online money transfers to Belize is 2.4% of the amount sent.

It's always best to do a live comparison to find the cheapest provider for your specific transfer, as rates can change daily.

Customs declaration

When travelling to the US, you are required to complete a US Customs and Border Protection Declaration Form 6059B. There is no maximum limit to the amount of money you can bring with you, but any amount exceeding $10,000 USD must be declared. This includes cash, money orders, traveller's cheques, and other monetary instruments.

If you are travelling to the US from Belize, you will need to declare any currency or financial instruments exceeding a total value of $5,000 US dollars to the Belize Customs Authority. This applies to all adults entering the country by air, sea, or land.

When entering or leaving the US, you must report amounts over $10,000 to CBP using the online Fincen 105 currency reporting site or a paper copy of the Currency Reporting Form (FinCen 105). You can also complete the FinCen Form 105 on your mobile device or computer. This form requires you to answer some questions and identify yourself and the currency in question. It also asks if you are a professional money transporter carrying money for someone else.

If you are carrying more than $10,000, you will also need to complete Form 6059B. All forms must be filled in truthfully and completely, and the penalties for inaccurate declaration and non-compliance can be severe, including heavy fines and/or confiscation of funds.

Payment methods

The official currency of Belize is the Belize Dollar (BZD). The exchange rate is fixed at a rate of BZ$2 to US$1.

When transferring money from the US to Belize, it is best to use an online provider. Banks are usually not the best way to make international money transfers as they tend to have poor exchange rates and high fees.

Remitly is the cheapest and fastest online provider for sending money from the US to Belize. Paysend is another online provider that offers transfers to Belize. It charges a fee starting at US$1.99 and offers transfers directly to Visa cards in Belize.

Western Union is a popular provider with a large agent location network. It is the cheapest option for cash pick-up transfers in Belize, with an average cost of 2.4% of the amount sent.

Other online providers for sending money from the US to Belize include Paysend, TransferGo, and CurrencyFair.

It is important to note that the cost of transferring money can vary depending on the provider, the amount being transferred, and the speed of the transaction. It is recommended to compare different options before choosing a payment method.

Transfer time

For cash pick-up transfers in Belize, Western Union is the fastest option, with an average transfer time of 2.4% of the amount sent. This is faster than the average total cost to send money to a bank account, which is 10.9%.

When transferring money from Belize to the US, it is important to consider the time difference between the two countries, which is two hours. This can affect the speed of the transfer, especially if it is done outside of US business hours.

Additionally, the time of day that the transfer is made can also impact the transfer time. Transfers made during peak business hours may take longer to process than those made outside of these times.

It is also worth noting that unexpected delays can occur, which may affect the transfer time. These could include issues with the sending or receiving bank, problems with the transfer service, or unforeseen circumstances such as natural disasters or political events.

Finally, the amount of money being transferred can also impact the transfer time. Larger amounts may require additional security checks or approval processes, which can slow down the transfer.

Frequently asked questions