Belize is a small country on the eastern coast of Central America. The country is essentially a private enterprise country and the economy of the country is solely based on agriculture, tourism and services. The per capita income of $4,906 in 2016. It has limited sources of sending and receiving money in the country as the financial system is significantly under developed.
Money transfer to Belize:
The main currency here is Belize Dollar. Money can be sent to bring only by direct bank transfer. Banks are the main medium of any money transfer services. Moreover, there are few money transfer services operating in the country, however, the people prefer to make direct bank transfers.
Restrictions in Money transfer to Belize:
The locals and foreigners residing in the country have to attain a permits from the Ministry of Finance of any transaction more than US $500. This is done to examine and confirm the credibility of the beneficiary. After attaining the permit, the transaction can be directly made from the local commercial banks.
Currency exchange is Belize is done through the commercial banks operating in the country. However, after a slight increase in the economic stability, international money transfer and exchange services have started their operations in the country.
The most commonly used currency after the Belize Dollar is the US dollar. For many years the Belize dollar had a fixed exchange rate with the US dollar, at 2 Belize dollar to 1 US dollar. Residents of Belize who travel outside the country very frequently, prefers to use the US dollar as it is very hard to exchange the Belize dollar outside Belize except at the border areas of Mexico and Guatemala.
During the last fiscal year, Belize had undergone significant economic transformation mainly due to the growing tourism industry. However, due to lack of employment and business opportunities, the GDP of Belize has contracted to -1.5% during the last year. The main banks operating in Belize are Atlantic International Bank and Caye International Bank.