While a considerable amount of money flows from the United States to Belize, there are instances of people sending money in the opposite direction as well. In 2016, around U.S. $85 million was sent from the United States to Belize as remittances. In the same year, around U.S. $7 million was sent as remittances from Belize to the United States. Bilateral trade between both nations accounted for more than U.S. $438 million in 2016.
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- Transfer Type
- Regular Payments
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- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
The U.S. dollar was adopted as the official currency of the United States in 1792. Its use as legal tender is now found in the Caribbean, El Salvador, Ecuador, the Federated States of Micronesia, the British Virgin Islands, two British Overseas Territories, Turks and Caicos Islands, and Zimbabwe.
It is used unofficially in several countries, some of which include Belize, Costa Rica, Haiti, Liberia, Panama, Cambodia, Myanmar, and Nepal.
The U.S. dollar is the most commonly traded currency globally. In April 2016, its share of the international foreign exchange market turnover exceeded 87%. Estimates suggest that more than U.S. $ 5 trillion is traded through the forex market every day. The U.S. dollar is also the world’s most preferred reserve currency.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The official renaming of British Honduras to Belize took place on 1 June 1973. The first Belize dollar-denominated bank notes were put into circulation in 1974. The country gained complete independence from the British in September 1981. The Central Bank of Belize was established on 1 January 1982. It is responsible for issuing currency and managing the country’s foreign reserves.
|Currency symbol||$, BZ$|
|Bank notes||$2, $5, $10, $20, $50, $100|
|Coins||1, 5, 10, 25, 50 cents, $1|
U.S. Dollar / Belize Dollar Historical Rates
The currency of Belize was initially pegged to the pound sterling. After Britain moved away from the gold standard in 1931, the peg shifted to the U.S. dollar. In 1949, the devaluation of the pound sterling against the U.S. dollar resulted in an increase in the value of the then in use British Honduran dollar. This led to protests in Honduras, after which the British Honduran dollar was devalued to the rate of U.S. $0.70.
In November 1967, after further devaluation of the pound sterling, the value of the British Honduran dollar dropped to U.S. $0.60. In 1978, the peg to the pound sterling at the rate of £1 = BZ$4 was abandoned. The Belize dollar was then pegged to the U.S. dollar at the rate of U.S. $1 = BZ$2. This peg remains in place until now.
While the Belize dollar remains pegged to the U.S. dollar, there have been slight fluctuations in USD/BZD exchange rates when it comes to trading these currencies. In addition, the value of the Belize dollar remains subject to fluctuations when pitted against other major currencies such as the pound sterling, the euro, and the Canadian dollar.
USD/BZD in the last five years
|U.S. $1 =|
|1 July, 2013||BZ$1.9900|
|1 July, 2014||BZ$1.9950|
|1 July, 2015||BZ$2.0150|
|1 July, 2016||BZ$1.9950|
|1 July, 2017||BZ$2.0157|
USD/BZD in the last five months
|U.S. $1 =|
|1 June, 2018||BZ$2.0100|
|1 July, 2018||BZ$2.0100|
|1 August, 2018||BZ$2.0100|
|1 September, 2018||BZ$2.0100|
|1 October, 2018||BZ$2.0124|
What Affects USD/BZD Rates?
As long as the Belize dollar’s peg to the U.S. dollar stays in place, there will be little to no fluctuation in USD/BZD exchange rates. There are no indications of the Central Bank of Belize thinking about doing away with the peg in the near future. Given the country’s dependence on its offshore financial sector, tourism from the U.S., and American investments, keeping the peg in place makes sense for the region’s economic wellbeing.
Reasons that the Bank of Belize might have to reconsider its stance in the future include significant devaluation of the U.S. dollar against other major currencies, reduced financial dependence of Belize on the United States, or noticeable growth of its economy.
If you plan to send money from Belize to the United States or the other way around, take a look at more than the USD/BZD exchange rate on offer. Other aspects that need your attention include transfer fees, processing time, modes of payment, available transfer methods, and customer service levels.