Currency of Belize [Banking in Belize]

Belize's official currency is the Belize Dollar (BZD). The Belize Dollar is pegged to the US dollar and both currencies are used interchangeably.

The official currency of Belize is the Belize Dollar or BZD, which is used interchangeably with the United States Dollar at a pegged exchange of two BZD to one USD.

In this article, weโ€™re going to answer the most common questions we receive about the currency of Belize and share important currency-related considerations if you are planning on banking here.

This article is part of our free series on how to submit an application to open a bank account in Belize, which you can access by clicking here right now.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Currency of Belize
  2. Where Can You Exchange Money in Belize?
  3. Can You Use Foreign Credit Cards in Belize?
  4. Frequently Asked Questions
  5. Ready to Open an Offshore Bank Account?

Currency of Belize

The currency of Belize is the Belize Dollar (BZD). The Belize dollar is pegged to the US dollar at a 2:1 ratio and the two currencies are used interchangeably in paper form, US coinage is not accepted. That said, if you are using USD currency to make a purchase domestically, you should expect to receive change in Belize dollars.

In the following sections of the article, we will discuss currency exchange, local payments, loan products, and other banking services in Belize. We’ll also answer common questions we receive from our members. This will be important to understand, especially if you are looking to make an international cash transfer or send money to Belize frequently.

But, before diving in, itโ€™s important to note that even though Belize is not technically a dollarized economy, banks here do offer multi-currency accounts when you open a personal bank account in Belize. The primary bank account that most foreign non-residents will open is a USD-denominated bank account. This is in fact one of the few bank account perks and benefits of banking in Belize that non-residents can unlock when banking here.

So, if you are looking for an international account or offshore banking services in Belize with access to USD and other major currencies like EUR, GBP, and CAD, Belize could be an option worth considering. That said, if you’re looking to access company financial services with a business bank account in Belize, you can click this link to access our free guide now.

To get more insights on banking in Belize, access any of our free resources covering the regulatory compliance expectations and banking requirements in Belize. Of course, if you want to unlock instant access to the best banks in Belize, you can use GlobalBanks IQ to get started immediately.

Where Can You Exchange Money In Belize?

Where you can exchange money in Belize depends on the amount you want to exchange, the fees youโ€™re willing to pay, and where in the country you are located.

Not surprisingly, most people elect to either exchange money at currency exchanges, offices and branches of the largest banks in Belize, the airport, or hotels. Of course, exchange rates and fees will vary drastically between each of these options. So, itโ€™s very important to compare the bank’s exchange rates and costs of banking in Belize that you’ll be charged before choosing which method to use.

That said, in most cases, exchanging money is not necessary. If you are entering the country with USD, you will be able to use paper USD in almost all instances. Likewise, if you’re choosing to open an account between the list of banking establishments and the list of banks operating in Belize, USD will be your primary currency when completing transactions. That said, like banking elsewhere, it’s important to consider market exposure concerns and risks of banking in Belize before applying.

Should I Exchange My Money Before I Travel on a Belize Adventure?

No, you should not exchange your money before you travel on a Belize adventure. This is especially true if you are traveling from the US and have US dollars. This is because the US dollar is widely accepted in Belize.

That said, if you are traveling from anywhere else in the world, you may want to exchange your money before traveling. However, even then, you may elect to exchange foreign currency for US dollars since the rates on Belize dollars after your trip will not be very attractive.

Can You Use Foreign Credit Cards in Belize?

Yes, you can use foreign credit cards in Belize. In fact, most major credit cards are accepted in Belize. That said, they are not accepted in all locations and hard currency is still the preferred payment method for most vendors.

Additionally, it’s important to keep in mind that if you are using a foreign credit card to complete a purchase in Belize, you will likely be charged foreign exchange fees. Of course, if you have a foreign credit card that has zero foreign exchange fees, this wonโ€™t apply to you.

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Frequently Asked Questions

Below are a few of the most common questions we receive from people asking about the currency of Belize. If you have further questions you would like answered, donโ€™t hesitate to get in touch.

Is It Better to Use US Dollars in Belize?

Whether it is better to use US dollars in Belize or not will ultimately depend on where you are traveling from. Although the Belize Dollar is the official currency of Belize, the US dollar is widely accepted. In fact, the two currencies are used interchangeably in paper form, though change will typically be given in BZD.

How Much is $1 US in Belize?

$1 US in Belize is equal to $2 Belize dollars or 2 BZD. This is the official peg of the BZD to USD that has been in place since 1978, four years after the BZD became the official currency of Belize and four and half years after the country was renamed from British Honduras.

What Currency Is Best to Use in Belize?

The currency that is best to use in Belize will ultimately depend on where you are traveling from. This is because although the Belize dollar (BZD) is the official currency in Belize, the BZD is pegged to the US Dollar, and the USD is widely accepted. With this in mind, USD is often the best currency to use in Belize.

Ready to Open an Offshore Bank Account?

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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