What currency (money) does Belize use?
Rachel Jensen - Grand Baymen
Belize uses the Belize Dollar (BZD), which is set at a fixed rate to the US Dollar (USD) 2:1.
Belize uses the Belize Dollar (BZD), which is set at a fixed rate to the US Dollar (USD) 2:1.
Posted December 1, 2014
Wayne Robbins - The Placencia
One of the things that makes Belize so special is that they use the American dollar. The Belizean dollar is pegged 2 to 1 against the American dollar.From many people’s perspectives, you are getting a very good bang for your buck here. Europe used to have that value, but they do not have it any more. Because of the fixed rate that Belize uses, a lot of people are looking at Belize because of the power of their currency, especially for Americans.
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One of the things that makes Belize so special is that they use the American dollar. The Belizean dollar is pegged 2 to 1 against the American dollar.From many people’s perspectives, you are getting a very good bang for your buck here. Europe used to have that value, but they do not have it any more. Because of the fixed rate that Belize uses, a lot of people are looking at Belize because of the power of their currency, especially for Americans.
(Destination beach wedding at The Placencia hotel and residences, Placencia, Belize, pictured.)
Posted February 4, 2016
Virginia Krohn - Villa Cayo Belize
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In Belize, you can either use US dollars or Belize dollars but since you are living in Belize it is easiest to just switch your thinking to Belize. The Belize dollar is the official currency and it is pegged at $2 Belize to US $1. However, you cannot always plan on getting a $2 to $1 exchange rate as the banks won’t give you that. The banks will give you about $1.98 Belize for a US dollar and you have to pay BZ $2.175 for one US dollar. So...
In Belize, you can either use US dollars or Belize dollars but since you are living in Belize it is easiest to just switch your thinking to Belize. The Belize dollar is the official currency and it is pegged at $2 Belize to US $1. However, you cannot always plan on getting a $2 to $1 exchange rate as the banks won’t give you that. The banks will give you about $1.98 Belize for a US dollar and you have to pay BZ $2.175 for one US dollar. So in other words, you’re going to pay the bank 2 points either way.
That is why most people do not use the bank; they use the money exchangers. Let’s say I have $10,000 and I want to exchange it, so I transfer the money from my US checking to the money exchanger's US checking account. Then I go to the money exchanger in Belize and he not only gives me $2 BZ for $1 US but they will give you more than 2 for 1 depending on how badly they need the US currency. The reason is because the businesses that are here have to order inventory from the States. They cannot do that with Belize dollars and they cannot keep taking a loss to buy US dollars. So all of the expats with US dollars develop a relationship with one of the local business and begin to exchange money with them.
Fluctuation from 2 to 1 hasn’t happened since we have been here. The currency exchange is pegged at $2BZ to $1US. I have exchanged my dollars at a rate as much as .0205 so I am making a good amount of money if that business is desperate for US cash. On $10,000.US with a 0.0205 I would make $205 BZ above the 2 for 1 exchange.
(Welcome sign for Red Bank Village, Stann Creek, Belize, pictured.)
Posted July 19, 2016