ATMS in Belize

ABOVE: Coed waits on a Belize ATM.

Cash is the engine that powers your holiday and it comes in many different types and flavors. US 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.

Belize has 5 banks – three are local, The Belize Bank, Atlantic Bank and Alliance Bank and two are international Scotia Bank and First Caribbean (Barbadian) – 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 at best downright
hostile. Banks in Belize charge exorbitant interest rates between 13 and 18 per cent (and sometimes even more) for mortgages and personal loans – and hidden fees add to the costs of banking. Modern consumer protection laws are not a priority with the Belize government.

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 $500. (US$250.) 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 American Express, Discover, Visa and MasterCard 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 supermarket. Chinese and Hindu operated dollar-type stores and cheap restaurants do not generally accept credit cards – so ask before you run up a bill.

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 are in hock to the banks and thus most company and government salaries are diverted to the banks who then take out their loan payments, then make the balance available to employees.

Government is the biggest single employer (over ten thousand workers). It pays junior 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 terrible days at most banks, as they do not open 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.