Belize (BZ)
Belize is an English-speaking Central American country known for its barrier reef, rainforest, and cultural mix of Maya, Garifuna, Mestizo and Creole heritage.
Banking in Belize
Recommended banks, payment culture and credit score basics.
Belize has a small but functioning banking sector with four main commercial banks. The Belize dollar (BZD) is pegged at a fixed rate of BZ$2 = USD$1, which provides exchange stability. Banks offer BZD and USD accounts, basic online banking, and Visa/Mastercard debit cards. Account opening for non-residents and new arrivals can be documentation-intensive — bring a full document pack to your appointment including reference letters, which are a firm requirement at most Belizean banks.
Recommended banks
Belize Bank
EnglishMonthly fee: BZ$5–15/month for personal current accounts; basic savings from BZ$0/month; annual debit card fee BZ$10–25
Requirements: Passport, proof of legal status (work permit or residency), proof of Belize address (utility bill or tenancy agreement under 3 months), two reference letters (bank or professional), source-of-funds declaration, and completed KYC forms. In-branch appointment required.
- + Largest bank by assets and branch network in Belize
- + Online banking and mobile app available for transfers and bill payments
- + USD and BZD accounts — useful for dual-currency salary and rent arrangements
- + Branches in Belize City, Belmopan, San Ignacio, Orange Walk, Dangriga, and San Pedro
- + Best-established employer payroll relationships across all sectors
- - Strict KYC — reference letter requirement is non-negotiable and can be difficult for new arrivals
- - International SWIFT transfer fees BZ$30–80 per outgoing transfer plus correspondent bank charges
- - Limited ATM network outside Belize City and major towns
Atlantic Bank
EnglishMonthly fee: BZ$5–12/month for standard current account; basic savings from BZ$0/month
Requirements: Passport, proof of address, two character or bank references, employment or income documentation, completed account application forms. In-branch visit required.
- + Good online banking platform — considered the best digital experience of the Belizean local banks
- + USD and BZD accounts available
- + Useful for business accounts and self-employed expats
- + Branches across main towns including Belize City, Belmopan, San Ignacio, and San Pedro
- - ATM coverage thinner than Belize Bank
- - International wire transfer fees comparable to Belize Bank
Heritage Bank
EnglishMonthly fee: BZ$5–12/month for personal accounts (confirm current schedule at branch)
Requirements: Passport, proof of address, reference letters, completed KYC documentation. In-branch visit required.
- + Smaller bank with more personalised service — good for Belize City and San Pedro (Ambergris Caye) residents
- + USD and BZD accounts available
- + Reasonable fees for basic personal banking
- - Fewer branches than Belize Bank or Atlantic Bank
- - Online banking less developed than the larger competitors
Belize Bank Corporation Limited (formerly ScotiaBank Belize)
EnglishMonthly fee: BZ$8–20/month depending on account package
Requirements: Passport, proof of legal status, proof of address, employment letter or income documentation. Scotiabank completed the sale of its Belize operations to Caribbean Investment Holdings Limited (CIHL) in April 2021 — the bank was renamed Belize Bank Corporation Limited and operates alongside Belize Bank Limited under the same parent group.
- + Inherited ScotiaBank infrastructure and correspondent banking relationships
- + Visa/Mastercard debit and credit cards
- + Online and mobile banking available
- - Now under local Caribbean Investment Holdings ownership — international correspondent banking relationships may differ from the Scotiabank era
- - Fees comparable to or slightly higher than Belize Bank Limited
- - Fewer branches than Belize Bank Limited
Wise
EnglishMonthly fee: USD 0 account fee; transfer fees from 0.33% depending on currency pair
Requirements: Passport and home-country or Belize address. App or web-based. No reference letters required.
- + Significantly cheaper than Belizean bank SWIFT fees for sending money abroad
- + Hold and convert USD, EUR, GBP, CAD — useful for expats paid in foreign currencies
- + Open before arriving in Belize — no local documents required
- + Wise card not issued to Belize residents — transfers and multi-currency account available
- + USD/BZD peg makes rate calculations straightforward
- - BZD is a restricted currency — Wise BZD support limited; verify before relying on it
- - Cannot receive Belize employer salary in BZD without a local bank account
- - No in-person support in Belize
Payment culture
Cash (BZD) remains the primary payment method for markets, local taxis, smaller restaurants, and rural areas. Visa and Mastercard debit and credit cards are accepted at hotels, larger supermarkets (Brodies, Save-U), and tourist businesses. USD cash is widely accepted at the fixed BZ$2:USD$1 rate across tourist areas, but change will be given in BZD. Cheques are still used for rent, landlord payments, and some business transactions. There is no dominant mobile payment wallet in Belize comparable to Tikkie or PayShap. ATM availability is concentrated in Belize City, Belmopan, San Ignacio, and San Pedro (Ambergris Caye).
Cash access
Visa and Mastercard ATMs are available at all major bank branches in Belize City, Belmopan, San Ignacio, and San Pedro. Always choose BZD when prompted at an ATM — never use dynamic currency conversion. Foreign-card withdrawal fees are typically BZ$5–12 per transaction at the Belizean bank, plus your home bank's international fees. Carry adequate backup cash when visiting cayes, jungle lodges, or remote communities where there are no ATMs.
No centralised consumer credit bureau
Belize does not have a consumer credit bureau equivalent to Western systems. Local banks conduct their own credit assessments based on account history, income, and references. Ask your bank directly about its credit assessment process before applying for a loan.
Free annual check: Not applicable — no centralised consumer credit bureau in Belize.
Foreign credit history does not transfer. Banks rely on local account history, employment letters, payslips, and reference letters. Build your local credit profile by maintaining a Belize bank account with regular transactions and demonstrating stable income. For a mortgage, 12–24 months of Belize banking history is typically required.
International transfers
SWIFT transfers are available at all major banks. Outgoing transfer fees: BZ$30–80 plus correspondent bank charges. The USD peg (BZ$2:USD$1) makes USD transfers predictable and cost-effective — many expats receive salary or investment income in USD directly. Wise is significantly cheaper for routine personal transfers to Europe, Canada, or Australia. Western Union and MoneyGram agents are available in Belize City for cash pickup transfers.