The Belize dollar is pegged to the US dollar, so two Belize dollars always equals one USD – making budgeting simpler since you won’t have to account for fluctuation in currency rates.
Services dominate the economy in Belize, while agriculture represents only a relatively minor sector that relies on shifting cultivation methods. Manufacturing (including food products and fertilizers) remains another significant source of income.
Understanding Belize’s Currency System
Belize uses its own currency known as the Belize Dollar (abbreviated BZD or BZ$), which is tied to the U.S. dollar at a ratio of two Belize Dollars for every one US Dollar. As such, US Dollars are widely accepted across Belizean commerce; prices in shops, restaurants, and accommodations will almost always be listed in USD while cash can easily be exchanged at banks, hotels, or casa de cambios (exchange houses).
Before its independence in 1981, Belize was a British colony and used the British Honduras dollar, British pounds, and Spanish peso as currencies. Since 1981, however, they have adopted the Belize Dollar, with its fixed exchange rate to the U.S. Dollar enabling accurate long-term economic forecasting. Since 1981, however, Central Bank of Belize banknotes and coins are in circulation, featuring unique security features involving designs on their back that correspond with artwork on the front – this feature also features watermarks of Jaguar watermark and foil features including foil features with stardust windows on $50 denomination notes issued by Central Bank.
Although foreign banks may operate legally in Belize, they must abide by strict rules and regulations set out by the Central Bank of Belize. These vary depending on whether a person opening an account in Belize is a resident or non-resident and how much money is transferred in/out. Foreigners seeking to open bank accounts generally need documentation such as passports or driver’s licenses when opening one in Belize.
Belize’s offshore banking industry has seen impressive growth thanks to laws designed to facilitate international investments. Under these laws, individuals who don’t reside full-time in Belize are able to open offshore accounts that enable easier access and management of funds while living overseas.
Belize’s Central Bank of Belize provides more than just offshore banking; they also offer an array of financial services tailored specifically for both its residents and foreign investors, including deposit/loan products, securities transactions, and money transfers. Furthermore, they regulate foreign exchange markets and provide guidance regarding monetary policy guidance to the government.
Unveiling Belize Currency: A Guide
Belize Dollar (BZD), issued by law, is tied to the US dollar at an official exchange rate of two BZD for one US Dollar. Travelers may exchange US Dollars at all locations throughout Belize in exchange for BZD; banks and hotels accept this currency widely as well.
Belize banknotes are printed in England by Thomas De La Rue Limited as befits its status as a former British colony and current Commonwealth member state. All banknotes feature Queen Elizabeth II on the front, with images depicting indigenous wildlife and landmarks like bridges, buildings, and Mayan temples on their reverse.
Visitors traveling to Belize are advised to bring enough cash with them when arriving, as ATMs frequently run out of funds or have withdrawal limits set too low. Furthermore, most cab drivers and small businesses only accept payment with cash.
Although most establishments in Belize accept credit cards, it is wise to have some cash available just in case any unexpected expenses arise. Visa and MasterCard are both widely used payment options in Belize while some businesses accept American Express; it’s best to contact each hotel/restaurant/shop ahead of time in order to find out their preferred method of payment. US citizens traveling to Belize are only allowed to bring up to $5,000 USD in cash, checks or negotiable instruments into the country in cash, checks or negotiable instruments in cash form. Visitors entering must declare any excesses exceeding this limit; failure to do so may incur fines imposed by Belizean law. This restriction exists to safeguard its fragile economy which relies heavily on tourism as well as export of marine products, citrus fruit, sugar cane, bananas and garments; should you require exceeding this amount, special permission must be obtained from Central Bank of Belize prior to entering
Belize’s Currency: Peso or Dollar?
Belize uses the Belizean Dollar (BZD or BZ$), which is based on the US dollar; two BZD equals one USD. Unlike many Latin American currencies, which fluctuate widely from day to day (think Mexico!), this dollar does not. Thus, making it easier to know exactly how much something costs without surprises from day to day!
Since 1998 and again in 2018, banknotes issued by the Central Bank of Belize have maintained the design previously seen under the Monetary Authority of Belize. Since then, their banknote family has been upgraded twice: in 1998 and this year. Each denomination now features Queen Elizabeth II on its front cover while their backs showcase various aspects of Belizean national culture such as animals, marine life, and historical sites.
Most hotels, tour companies, and restaurants accept USD as payment; however it’s best to bring cash as ATMs in Belize City are unreliable and only provide limited amounts at one time; additionally, their transaction fees can be costly, making it more cost-effective to exchange it at a bank beforehand.
Your debit card may also be accepted at some restaurants and businesses, while most major hotels and resorts accept credit cards but it’s best to confirm beforehand.
Belize allows individuals and travelers to enter with up to $5,000 cash or negotiable instruments, but you must declare any amount over that at an airport, port-of-entry, seaport, or land crossing before entering. Failing to do so will result in fines three times greater than the undeclared amount – though this law may seem strict, it’s an industry practice used globally to combat money laundering and terrorist financing.
Cracking Belize Currency Code
Belize currently uses USD as its currency; however, during various points in history, it also used British Honduras dollars, British pounds, and Spanish dollars. As part of the Commonwealth and with Queen Elizabeth II as head of state, this nation also established the Central Bank of Belize which produced its inaugural banknotes in 1983.
Although USD is the predominant form of currency in local businesses and hotels, many also accept major credit cards such as Visa and MasterCard. Some smaller establishments may accept American Express or Diners Club; however, such acceptance may be rarer and further between. Cash may often be more advisable given their higher fees.
US Dollars to Belizean money exchange can usually be found at banks, upper-end hotels, and currency exchange companies. Be wary of using unlicensed money changers who do not require you to provide ID or fill out a transaction sheet with your details – often found near Mexico and Guatemala borders.
Visitors entering Belize may bring up to USD $5,000 in cash, checks, or negotiable instruments into the country without incurring penalties of three times more than what was declared as illegal funds. Failure to declare cash or financial instruments exceeding this amount constitutes a criminal offense and can incur fines of three times what was undeclared.
As you travel through Belize, keep in mind that there is a small parallel market where you can exchange Belizean currency for US Dollars at slightly better exchange rates than official exchange rates. Unfortunately, this market can be unreliable, and you are unlikely to make much profit here.
