Belize: Dollar Conversion Essential

The official currency of Belize is the Belize Dollar (BZD), which is pegged to the US dollar at a fixed rate of BZ$2 to US$1. This means that two Belizean dollars will always be equal to one American dollar, so there is no need to worry about calculating exchange rates. Belizean dollars are hard to exchange for other currencies once you leave the country, so it is advisable to convert them before departing. US dollars are widely accepted in Belize, and many businesses accept them. However, it is still worth exchanging some money to have local currency.

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

The Belize dollar (BZD) is the official currency of Belize. It is often abbreviated as BZ$ to distinguish it from other dollar-denominated currencies. The Belize dollar 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 be equal to one American dollar, so visitors with US dollars do not need to worry about converting their money into local BZ dollars.

The Belize dollar is divided into 100 cents, just like the American dollar. Banknotes come in denominations of $2, $5, $10, $20, $50, and $100. Belizean coins are available in 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, and a $1 coin. The late Queen Elizabeth II appears on all banknotes issued by the Central Bank of Belize, with new bills set to feature Belizean national heroes.

The Belize dollar was first issued in 1974, replacing the British Honduras dollar. Belize, formerly a British colony, gained independence in 1981. Prior to its independence, Belize used the British Honduras dollar, British pounds, and Spanish dollars at various points in its history. In 1978, the link to the British pound was abandoned, and the Belize dollar was once again pegged to the US dollar at a fixed rate of BZ$2 to US$1. This rate reflects a devaluation of 50% in relation to the original parity with the US dollar in 1885, which last applied in 1949.

While the Belize dollar is the official currency, many businesses in Belize accept US dollars. ATMs in Belize usually accept foreign cards, and MasterCard, Visa, and AMEX are widely accepted. However, it is important to note that BZ dollars are generally worthless outside of Belize, and it can be difficult to exchange them for other currencies once you leave the country.

Belize law allows a maximum of $5,000 USD to be brought into the country

The official currency of Belize is the Belize Dollar (BZD), which is pegged to the US dollar at a fixed rate of BZ$2 to US$1. While many businesses in Belize accept US dollars, it is important to be aware of and comply with the country's laws and regulations regarding currency.

Belize law allows travelers to bring a maximum of US$5,000 into the country, regardless of form (cash, cheques, or other negotiable instruments). This limit is per adult individual, and it is important to note that violating this restriction can lead to arrest and significant fines. Therefore, it is crucial for travelers to declare their total currency holdings upon entering the country if they exceed this amount. This declaration must be made on a Disembarkation Card, which is presented to the Belize Customs Authority at all air, sea, or land entry points.

It is worth noting that the Belize dollar is divided into 100 cents, just like the US dollar. Banknotes come in denominations of $2, $5, $10, $20, $50, and $100, and the reverse of each banknote features a portrait of Queen Elizabeth II of Britain, as Belize is a member of the Commonwealth. The front of the Belize notes showcases local wildlife or prominent buildings in the country.

While the US dollar is widely accepted in Belize, it is advisable to have some local currency on hand to avoid any inconveniences or issues with pricing. Exchanging currency can be done at most banks and hotels, and ATMs in Belize usually accept foreign cards. Additionally, it is recommended to consult with your local bank to ensure your card will work in Belize and be aware of any applicable fees for international card withdrawals.

US dollars are widely accepted in Belize

US dollars are accepted in many businesses across Belize. In fact, if you pay with US dollars, you will likely be given change in Belize dollars at the $1 US to $2 BZ exchange rate. This is because US cash is widely accepted in Belize, especially in tourist destinations.

Belize is a former British colony, and as a result, all local banknotes and coins feature a prominent image of Queen Elizabeth II. Belize is also a member of the Commonwealth, which is why the currency is abbreviated as BZD. The currency is further divided into 100 cents, just like the American dollar.

While the Belize dollar is the official currency, it is generally worthless outside of the country. Visitors with US dollars do not need to worry about changing their money into local BZ dollars, as it doesn't make much sense. BZ dollars are rarely accepted outside of Belize, and the few places that might change them will offer little in return.

It is difficult to exchange Belize dollars for other currencies outside of Belize

The Belize dollar is the official currency of Belize, and it is pegged to the US dollar at a fixed rate of BZ$2 to US$1. While you can use US dollars in Belize, it is a good idea to convert them into Belize dollars, as this will make it easier to pay for goods and services in the local currency. Additionally, the US dollar may not be accepted in all establishments in Belize.

However, it is worth noting that converting Belize dollars back into US dollars or other currencies outside of Belize can be challenging. This is because the Belize dollar is generally worthless outside of the country, and only a few places, such as foreign exchange bureaus, will accept them. Even then, the exchange rate offered is typically unfavourable, and you will likely receive very little money in return.

To avoid this issue, it is recommended that you only convert the amount of money you plan to spend in Belize and keep the rest in a more widely accepted currency, such as US dollars or euros. This way, you can avoid being stuck with Belize dollars that you cannot easily use or exchange outside of the country.

Additionally, when exchanging money in Belize, it is best to use licensed money changers or official institutions, such as banks and hotels. While freelance money changers ("peseros") may offer better rates, they are unlicensed and may not be entirely reliable. Licensed money changers and institutions will require you to fill out forms with personal information, which helps ensure the security and legitimacy of the transaction.

Furthermore, if you are a Belize resident or citizen, consider opening an offshore account. This will allow you to deposit and withdraw foreign currency without seeking permission from the government, giving you more flexibility in managing your finances when travelling outside of Belize.

Belizean ATMs usually charge a small fee for international card withdrawals

While ATMs in Belize usually accept foreign cards, they typically charge a small fee for international card withdrawals. This is a nominal fee of 3-5 BZD (Belize Dollars) for each transaction. This is in addition to any fees that your bank or card issuer may charge for using an out-of-network or foreign ATM.

Some specific banks and fees in Belize include:

• Scotiabank: ATM fee of $8 BZD.
• Belize Bank: ATM fee of $3.50 BZD + 1% of the amount withdrawn.
• Heritage Bank: ATM fee of $3 BZD.
• Atlantic Bank: No convenience fee, but your bank may charge a foreign transaction fee.
• In-store ATMs: Fee of $10 BZD.

It's important to be aware of these fees when using ATMs in Belize to avoid unexpected charges. Additionally, it's recommended to consult your local bank to ensure your card will work in Belize and understand their fee structure for foreign transactions and ATM usage.

Frequently asked questions