Banking and paying in Belize: a fixed rate, exchange control and who may open an account
The Belize dollar has been fixed at two to the US dollar since 1976. Belize has exchange control: banks may open a Belize dollar account for non-residents who live and work in Belize, for QRP members and for property owners, but not a foreign currency account. A resident needs the central bank's permission for an account abroad.
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The Belize dollar is pegged to the US dollar: since May 1976 BZ$ 2.00 has equalled US$ 1.00. To protect that rate, Belize has exchange control. The central bank decides who may hold an account in Belize dollars or in foreign currency, and when money may leave the country. Whether you count as a resident or a non-resident for exchange control makes the difference.
Who may open which account?
| Account | Who | How |
|---|---|---|
| Belize dollar account as a non-resident | people living and working or studying in Belize, QRP members, owners of property in Belize, jointly with a relative or spouse | the bank opens it itself, since 19 June 2017 |
| Belize dollar account, other non-residents | for example a visitor | the bank refers it to the central bank |
| Foreign currency account at an ordinary bank | mainly exporters; not for non-residents, not for QRP members | approval through the bank |
| Account abroad, for a resident | case by case | written permission from the central bank |
What does exchanging cost?
Since 1 June 2023 the banks buy a US dollar for BZ$ 2.00, in cash and in every other form. They sell it for BZ$ 2.0175. Customs uses the same rate of 2.0175 when calculating import duties. Other currencies are converted by customs at a rate updated every week together with the central bank.
What do you need for an account?
For a Belize dollar account as a non-resident, the central bank asks for a certified or notarised copy of your passport, and proof of the source of your funds, such as a bank statement or a banker's reference. If your situation falls outside the list, the bank sends an application to the central bank's Exchange Control department.
Anyone in the QRP programme needs that account in any case: the law requires you to deposit US$ 2,000 every month or US$ 24,000 every year with a bank, credit union or other licensed institution in Belize. According to the central bank, a QRP member may not hold a foreign currency account.
What changes when you become a resident?
Under exchange control, a resident of Belize who receives foreign currency must surrender it to an authorised bank in Belize, unless the central bank gives permission to keep it. For an account abroad you need written permission, and the central bank decides case by case. A Dutch account is also an account abroad.
When you count as a resident for exchange control is not stated on the central bank's pages. Under section 4(5) of the Retired Persons (Incentives) Act, a QRP member explicitly counts as a non-resident for exchange control. If you obtain permanent residence, ask your bank in Belize how it works, and request permission for your Dutch account if needed.
Some payments abroad require an XCH1 permit from the central bank. With the right documents the central bank processes it within one business day. When you buy a house from a resident of Belize, you also notify the transfer in advance; see buying a house in Belize.
How does your AOW arrive?
The SVB transfers your AOW in euros to Citibank, which forwards it to your bank. That costs at most € 0.48 per payment, plus whatever your own bank charges. Outside the SEPA countries the payment arrives at the beginning or middle of the month, not around the 24th. If you keep a Dutch account, read keeping your bank account and DigiD.
What do you watch out for in the first months?
As a visitor you are not on the list for which a bank may open an account itself. Expect to pay from your Dutch account for the first months, with a card that works abroad. Once you live and work in Belize, hold a QRP card or own a house, a bank may open an account for you itself. See also renting in Belize.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.4: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Belize or go straight to step 5.4 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- Central Bank of Belize — the fixed rate since May 1976 — centralbank.org.bz
- Central Bank of Belize — the buying and selling rate of the dollar since 1 June 2023 — centralbank.org.bz
- Customs and Excise Department — the rate of 2.0175 when calculating import duties — customs.gov.bz
- Central Bank of Belize — exchange control — centralbank.org.bz
- Central Bank of Belize — the Belize dollar account for non-residents — centralbank.org.bz
- Central Bank of Belize — foreign currency accounts, not for QRP members — centralbank.org.bz
- Central Bank of Belize — a bank account abroad for residents — centralbank.org.bz
- Central Bank of Belize — the XCH1 foreign exchange permit — centralbank.org.bz
- Retired Persons (Incentives) Act, Cap. 62, sections 3 and 4 — the deposit with a bank in Belize, and QRP members as non-residents for exchange control — belizetourismboard.org
- SVB — the AOW to an account outside the Netherlands, via Citibank, at most € 0.48 per payment — svb.nl
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