Belize Cash: Strategies For Accessing Money

Belize is a cash-based society, with cash being the standard form of payment. The Belize dollar (BZ$) is the official currency, pegged to the US dollar at a rate of 2:1. US dollars are widely accepted in Belize, but change is usually given in Belize dollars. ATMs are available in most towns and tourist areas, but they charge two separate fees for withdrawals and have daily limits. Credit cards are gaining popularity but are not widely accepted outside of hotels, restaurants, and bars.

Using US dollars in Belize

The Belize dollar is the official currency of Belize, but US dollars are widely accepted across the country. The Belize dollar is pegged to the US dollar at a rate of BZ$2 to US$1. This means that two Belizean dollars will always be equivalent to one US dollar.

While US dollars are accepted at most businesses in Belize, it is important to note that US coins are not accepted. Additionally, it is recommended to bring newer US dollar bills, as some businesses may refuse older or damaged bills.

Prices in Belize are typically quoted in both currencies, with higher-priced items like real estate, hotels, and tours quoted in US dollars, and everyday items like groceries, and most restaurants and shops quoted in local currency. It is always a good idea to double-check how prices are quoted on menus and ask if you are unsure.

ATMs in Belize dispense money in Belize dollars, not US dollars, and usually accept foreign cards. However, keep in mind that there may be fees associated with international card withdrawals, and it is advisable to consult your local bank to ensure your card will work in Belize.

While it is convenient to use US dollars in Belize, it is important to be mindful of the local customs and preferences. It is recommended to carry smaller US dollar bills, as larger bills may be difficult to cash in smaller villages or shops, and there is a risk of counterfeiting.

Belize law allows individuals to bring a maximum of US$5,000 into the country, and any amount exceeding this must be declared to customs.

Exchanging money in Belize

The official currency of Belize is the Belize Dollar (BZD), which is typically pegged to the US dollar at a fixed rate of BZ$2 to US$1. While the Belize dollar is the official currency, the US dollar is also widely accepted across the country.

If you are travelling from the US to Belize, you can simply bring your US dollars with you, as the two currencies are used interchangeably. However, it is important to note that while you can pay for things in US dollars, you will receive your change in Belize dollars. Additionally, US coins are not accepted in Belize, so it is best to leave those at home.

If you are arriving with US dollars, there is no need to exchange them, as the exchange rate will be worse than the 2:1 rate. Instead, you can use your US dollars at bars, restaurants, shops, and other businesses, and get Belize dollars in return. Many businesses in Belize accept US dollars, and you can also use your US dollars to pay for more expensive items, such as hotels or tours, which are often quoted in US dollars.

If you are coming from another destination, it is recommended to exchange your money before arriving in Belize, and to exchange it into US dollars. This is because you may get a better exchange rate for your currency in your home country, and it may be more convenient to carry a widely accepted currency like US dollars.

In Belize, you can exchange money at most banks and some hotels to obtain Belizean currency. Many banks that offer currency exchange, such as Barclays Bank, Atlantic Bank Ltd., Belize Bank, and the Bank of Nova Scotia, are often located near the main plaza in cities. Money can also be exchanged at a casa de cambio (exchange house). It is important to keep your receipt of sale after exchanging currency.

It is worth noting that the Belize dollar is generally worthless outside of Belize, so it is best to avoid withdrawing or exchanging large amounts of money, especially towards the end of your trip. Additionally, there is a legal limit on the amount of cash you can bring into Belize, with travelers being allowed to bring a maximum of US$5,000 per adult individual. This amount must be declared on your Disembarkation Card before presenting it to the Belize Customs Authority upon arrival.

Withdrawing money from ATMs

ATMs are available in most major towns and tourist areas in Belize, including San Pedro, Caye Caulker, Hopkins, San Ignacio, Punta Gorda, Dangriga, Belize City, and Belmopan. The Belize Bank has the only nationwide ATM network, with 45 ATMs distributed across the country. These ATMs accept cards bearing the Visa, Mastercard, Plus, and Cirrus logos. It's important to note that there may be fees associated with using ATMs in Belize, including a fee from your home bank for international use and a fee from the local Belize bank. Additionally, there is often a daily withdrawal limit, which can range from BZ$500 to BZ$800, depending on the bank.

When using an ATM in Belize, simply insert your card and enter your Personal Identification Number (PIN). Follow the instructions on the screen to withdraw cash. Some ATMs in Belize also offer additional services, such as checking your account balance, transferring funds, and making deposits.

It's always a good idea to notify your bank before travelling abroad to avoid any issues or suspicions about foreign transactions. Additionally, it's wise to bring a variety of payment options, including cash, credit cards, and traveller's checks, to ensure you have multiple ways to access your money while travelling in Belize.

Using credit cards in Belize

While cash is still the standard form of payment in Belize, credit cards are becoming more widely accepted, especially in tourist areas.

The most commonly accepted cards are Visa and Mastercard. These are generally preferred and often the only cards taken by many businesses. American Express is accepted in some places, but it's less common due to the high fees charged to merchants. Some places also accept Diners Club or Discover, but these are few and far between.

Where can I use my card?

Hotels, larger restaurants, supermarkets, bars, tour offices, and shops in tourist areas will generally accept card payments. However, in smaller villages and at smaller merchants, cash is often the only option.

Using a credit card in Belize can incur multiple fees. Your credit card company, bank, and the ATM network (if withdrawing cash) will all charge a fee. These fees can add up to between 2.5% and 5% per transaction. Additionally, some establishments will include a 2-5% surcharge for credit card payments.

If your credit card is lost or stolen, you must report it to your bank or card provider immediately so they can help you cancel the card and issue a replacement. It's also a good idea to have a backup card or some emergency cash in case of such situations.

Any other tips?

It's recommended to notify your credit card company and bank before travelling abroad to avoid any issues with foreign transactions. Also, be sure to keep your receipts and reconcile your credit card statement to keep track of your spending.

Tipping in Belize

Tipping is not mandatory in Belize, but it is a nice thing to do. The minimum wage in Belize is very low, and the extra money from tips can make a big difference to people's lives. For example, it can help fathers send their children to school, or mothers buy their daughter's Quinceañera dress.

Who to Tip in Belize

Most people who offer tourists a service at resorts and restaurants expect a tip, including hotel staff, tour guides, servers, and bartenders. Taxi drivers, street food sellers, and art and craft vendors do not usually expect a tip. However, if you want to keep a reliable taxi driver around, it is recommended to tip them.

How Much to Tip in Belize

Tourists in Belize typically tip 10% on average and 20% for exceptional service. For example, if you spent $80 USD on a tour, it would be appropriate to tip $10 USD (or $20 BZD) to your guide. If you have multiple guides, you can give the tip to the "main guide" and ask them to share it with the others.

When dining in a restaurant, it is customary to tip around 15% of the overall bill. Even if the service isn't great, 10% would generally be considered the minimum. In hotels, it is customary to tip between 5-10% of the overall bill. For spa services, a tip of 10-15% of the bill is standard.

How to Tip in Belize

Cash tips are always preferred. However, if you can only tip with a credit card, that is usually okay too. Credit card companies charge a large fee, and some of the gratuity money will be taken away due to this. On some occasions, restaurant and hotel owners may keep a portion of the tips.

Frequently asked questions