Automated Teller Machines - ATMS - in Belize

Automated Teller Machine Belize

Cash is the engine that powers your holiday and it comes in many different types and flavours. U.S. dollars are increasingly becoming the common currency in Belize. They are accepted practically anywhere at the standard two Belize Dollars for one US Dollar exchange rate. You will be hard-pressed to find anyone to take other currencies except Euros and Pounds Sterling and the banks will not give you a good exchange rate for these currencies. Try not to change too much of your money into Belize dollars – as they are worthless outside Belize. But if you need local currency one of the easiest ways is through the use of an ATM or automated teller machine offered by all Belize banks Picture: Automated Teller Machine at the Belize Bank.

Belize has 5 banks. The Belize Bank, Atlantic Bank, Heritage Bank, Scotia Bank and First Caribbean – and all have ATMs. Belize also has several credit unions – the largest being the Holy Redeemer Credit Union affiliated with the Roman Catholic Church. While banking staff are very friendly and professional – banking fees are higher than those you might accustomed to at home. Banks in Belize charge interest rates between 12 and 18 per cent (and sometimes even more) for mortgages and personal loans.

All cities and towns in Belize have banks equipped with ATMS – and most allow out of town visitors to use their Visa or MasterCard credit or debit cards to withdraw up to Belize $1,000. (US $500.) per day. These ATMS are clearly labeled with the Plus or Cirrus logos. If they are not, only local credit cards will work. ATMS are far more convenient than trying to exchange your foreign currency by walking into a bank. And you get the Interbank exchange rate which is better than trying to get local currency with foreign currency or traveler’s checks.

Credit cards including mainly Visa and MasterCard and American Express, are widely accepted in most hotels, restaurants and tourism-related businesses – for example dive shops and auto rentals, and also at almost any well-stocked supermarkets. Smaller shops and restaurants do not generally accept credit cards – so ask before you run up a bill. Some local businesses add on their own fee for credit card payments so it would be wise to ask in advance.

If you do decide to walk into a bank be wary of certain days of the month when these are full and have long lines. Many Belizean workers get paid through the Belize banks as most company and government salaries are paid into the banks who then take out loan payments, then make the balance available to employees.

Government is the biggest single employer (over ten thousand workers). It pays junior and employee salaries on the 14th of the month in the capital Belmopan, and on the 15th in the rest of the country. All other employees are paid at the end of the month except for pensioners who are paid on the penultimate working day of the month. In addition Fridays are very busy days at most banks, only one - Scotia Bank - opens on weekends. Thus people who need money for the weekend queue up early on that day – along with manual workers who are paid weekly – on Fridays. In addition, smaller businesses that pay workers directly send their clerks to the banks to draw their payrolls on Fridays.