Belize has long been seen as a desirable location to secure financing for real estate purchases, however, there are also a variety of banking and financial services that may prove especially helpful if you own or run a business there. Credit cards are widely accepted in touristy areas in Belize, with VISA and MasterCard being the two most frequently accepted. However, using your card can become costly due to currency exchange fees and other charges.
Local Banks
Belize boasts four domestic banks and three international banks as well as ten credit unions, although most banks in Belize are small compared to their American counterparts – most being similar to a local savings and loan or even smaller savings institutions in size – they still provide traditional banking services, including consumer and commercial loans, foreign currency exchange accounts and deposit accounts.
Belize does not provide deposit insurance at its domestic banks; however, other forms of protection exist to safeguard clients’ assets. For example, the banking industry in Belize is monitored closely by its central bank and audited regularly to ensure strict regulations compliance. Moreover, unlike banks in other countries like the U.S. or Europe, its banks do not face the same type of liquidity risk so if an issue does arise it won’t necessarily impact all at the same time.
Most Belizean banks feature very low minimum opening balance requirements, with most accepting just $500 as initial deposits. As requirements may differ between banks, it’s essential that you do your research and find one with competitive fees and charges, especially when it comes to international wire transfers.
Some local banks in Belize do offer mortgages to expats; however, approval will depend on your overall credit profile and down payment. Achieve this will get the most favourable terms from banks.
An important decision when traveling abroad is obtaining either a credit or debit card in local currency. International banks may offer such cards, though it’s wise to read carefully through any fine print before choosing. A Belize credit card may also be obtained through local banks if certain criteria are met – for instance, presenting notarized copies of passport and utility bills as verification of address verification.
For most bank accounts and cards, visiting your local branch in person is required; however, online banks offer alternative solutions if you require accessing money more quickly.
International Banks
No matter if you plan on visiting Belize only temporarily or permanently, or want to open one for full-time living purposes, one of the first logistical priorities on your list should be opening a bank account. After all, having somewhere safe to deposit cash and receive mail is vital; plus getting debit/credit cards in local currency will also be crucial.
Belizeans often work at international banks that serve clients from around the globe, making it common for expatriates to open bank accounts here. Unfortunately, however, these banks don’t provide as high-end services as those found in Singapore or Hong Kong.
Belize banks tend to be small – comparable to your typical small-town local bank or savings and loan. Alongside larger commercial banks, there are also numerous credit unions and mortgage lending institutions operating.
Because of this, financing options available in Belize are fairly limited. While local banks do offer land and property financing loans, their interest rates tend to be much higher than what you might find back home and their terms and conditions can often be restrictive.
An alternative method of financing land or property in Belize for foreigners is seller or vendor financing, which can often be simpler and faster than applying for traditional mortgage from a Belizean bank or financial institution.
Belize stands out as being one of the only countries where it remains possible to open a bank account without actually visiting. All that’s needed to open one online and receive your cards is a notarized copy of your passport, proof of address, and a reference from a bank that you have held an account with for two years or longer.
Credit Unions
Credit unions in Belize provide an attractive alternative to banks. Their lower interest rates and regulation by the central bank make them attractive, yet uninsured as in the US and lacking features like ATMs or online banking are still advantageous choices for expatriates living there.
Many Belizean credit unions are members of the Belize Credit Union League (BCUL), an association founded in 1956 that serves to represent credit unions throughout Belize and promote growth within the Credit Union movement and member interests. Furthermore, BCUL is affiliated with both the Caribbean Credit Union League and the World Council of Credit Unions for enhanced visibility and credibility in international forums.
Belize is a small nation of just under 400,000 residents. Locals here, known as Belizeans, tend to be very welcoming towards foreign visitors, making the experience all the easier due to English being the official language.
One of the key points about Belize is that it differs significantly from the United States. Even though most people speak English and many watch American TV programs or drive large American or Japanese cars, these surface similarities often conceal deeper distinctions – for instance, Mayans tend not to think in linear time frames that urban North Americans do.
Main economic drivers in Barbados include agriculture, tourism and oil industries. Furthermore, the government invests heavily in social infrastructure projects. Furthermore, Barbados strives to become more eco-friendly through initiatives like the Caribbean EcoMicro Program which offers microfinancing to farmers and rural communities; also helps develop climate-smart technologies and products; this initiative should have a profound effect on its economy, improving the livelihoods of rural wage workers and helping combat poverty among marginalized groups.
Credit Cards
Acquiring a credit card in Belize may not be impossible, but there are a few important details to keep in mind when applying. First of all, remember that Belize uses the Belize dollar which is pegged two-for-one against US dollars – meaning when prices are quoted in US dollars, local businesses will convert them to Belize dollars automatically and convert your purchase prices. Therefore it’s essential that currency exchange rates are accurate as well as knowing whether your hotel, restaurant, or shop accepts credit cards before proceeding with the application process.
Large hotels, restaurants, and shops will accept most major credit cards – from Visa and MasterCard to American Express and Diners Club – while smaller shops and rural areas may only accept cash payments. Be aware of any additional fees that could range between 2-5 percent when making credit card purchases abroad so your card company does not flag these transactions as suspicious activity.
Not all banks provide international ATMs; Atlantic, Belize Bank and Scotiabank all provide international ATMs that can be found throughout Belize’s main cities and towns. Most dispense Belize dollars; some accept US dollars as well. It’s wise to bring some smaller bills like $1, $5 and 10 dollar bills along with coins of 50 cents, 25 cents, and 10 cents with you before traveling as this will give you enough funds for taxi rides, modest food bills and tips.
Credit and debit cards can be extremely useful when traveling in Belize; however, it’s essential that you plan for their loss or theft in case they go missing. Check with your insurance provider as to whether they offer coverage if not, it may be wise to purchase travel insurance coverage separately; additionally if renting a car it may also be wise to purchase rental vehicle collision damage waiver insurance to cover some costs related to damages sustained to it during travel.
