Money in Belize

Before you board your plane for the tranquil beaches of Belize, here is some assurance that there is little cause for concern when visiting the country: The nation of Belize has a stable democratic government. Specifically it is a parliamentary constitutional democracy. The Belizean economy did suffer some setbacks during 'The Great Recession' (as most countries did), but is now enjoying a growing economy. There are no issues with the government, economy, or currency which might negatively impact your trip or cause you difficulty during your holiday in Belize.

Costs

Belize isn’t cheap — it’s on par with Costa Rica, which is probably the most expensive country in Central America. If you’re traveling to Belize from Guatemala, Mexico, or Honduras, you’re going to have to get used to traveling in a more costly country. This is partially because Belize’s economy relies upon imports and has fairly high taxes. Even so, costs here are still cheaper than most places in the United States or Europe.

Midrange travelers will likely spend BZ$200 to BZ$300 a day for comfortable hotels and good food. Midrange hotels run around BZ$150 to BZ$200 a night, while more luxurious accommodations begin at around BZ$300. Hotels are more expensive during the dry season (December through May) and around holidays like Christmas, New Year’s, and Semana Santa. A tasty meal with a couple of drinks will cost you anywhere from BZ$20 to BZ$50.

Banks and ATMs

ATMS are available in most major towns, and will typically accept Visa, MasterCard, Plus and Cirrus cards. ATMs only dispense Belize dollars. Some ATMs may charge a fee for each use and enforce a withdrawal limit per day (usually around BZ$500). Banks that are part of the Global ATM Alliance do not charge a fee for cash withdrawals at the ATMs of other Allegiance members — this includes Bank of America, Deutsche Bank, Barclays, BNP Paribas, and Scotiabank.

Major banks in Belize include Bank of Nova Scotia, Atlantic Bank, and Belize Bank. Most banks are open from Monday–Thursday until 2 P.M., but are open slightly later on Fridays. They are usually closed for lunch, and are always closed on Sundays.

How much cash should you carry in Belize?

Plan on roughly BZ$50–100 (US$25–50) per person per day in cash once your hotels, tours and transfers are prepaid — enough for tips, taxis, water taxis, snacks and small purchases. Pay for the rest by card: hotels, restaurants and shops in the main destinations take credit cards, and it's mostly small village businesses, market stalls and roadside stands that are cash-only.

There's no need to buy Belize dollars before you go. The Belize dollar is fixed at BZ$2 to US$1, and most places readily accept U.S. dollars, so bring small U.S. bills and expect change in either currency. ATMs are available in the main tourist destinations, including San Pedro, Caye Caulker, Placencia, San Ignacio, Belize City, Dangriga and Punta Gorda. Keep larger sums in your room safe and carry cash discreetly.

Changing Money

You can exchange money at most banks in Belize to obtain Belizean currency. Many banks that exchange currencies – including Barclays Bank, Atlantic Bank Ltd., Belize Bank, and the Bank of Nova Scotia – are often set near the main plaza in cities. Money can also be exchanged at a casa de cambio (exchange house). After exchanging currency, keep your receipt of sale.

Credit Cards

Though you won't be able to use your debit card in Belize, most major credit cards are accepted.

Larger hotels, restaurants, and shops typically accept Visa and MasterCard. Certain places accept American Express (AmEx), but few establishments will take Diners Club or Discover. Some establishments will include a 2–5 percent surcharge for travelers using a credit card. Credit cards can be used to obtain cash advances from major banks in Belize; you will, however, incur additional charges when doing this.

It’s a good idea to notify your credit card company (and bank) before traveling abroad. That way, they won’t get suspicious when foreign charges start showing up.

Traveler's Checks

Traveler’s checks can be exchanged at most banks. Having a reputable brand – like Visa or AmEx – will make this easier, as will having checks made out in American dollars. You may have to pay per-check fees when cashing each traveler’s check. Traveler’s checks are accepted at many hotels in Belize, but it’s uncommon for restaurants to accept them.

Taxes and Tipping

Two taxes show up on most bills. Belize's General Sales Tax is 12.5% on goods and services, and hotels add a 9% accommodation tax to the room rate, so check whether a quoted rate includes both. Leaving the country, the international airport departure fee is US$55.50 (generally built into your airline ticket), and the fee at land borders or on an international boat departure is US$20. Using a credit card can add a 2–5% surcharge at some businesses.

Tipping is customary but simple. Many hotels and restaurants add a 10–15% service charge; if it's on the bill, there's no need to add more. If it isn't, 15% is a normal restaurant tip and 20% is for excellent service, with about 10% at counter-service spots. Porters expect a small tip, and it's appropriate to tip tour guides 10–15% after a good day out. Taxi drivers in Belize usually work for themselves and don't expect a tip, though it's a nice gesture when a driver goes out of the way for you.