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The Exchange Rate? #388556
09/25/10 10:56 AM
09/25/10 10:56 AM
Joined: Jul 2010
Posts: 1,413
San Pedro, Belize
Judyann H. Offline OP
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Judyann H.  Offline OP
On another post a conversation started with the exchange rate. If possible I'm hoping to get some clarification or other peoples experiences......We have a home in the States and in San Pedro....We often put money into our Belize Accounts so that we can make purchases, pay bills and do business.....However to date there have been 2 very different exchanges when working with the banks.....If we wire money directly from our US accounts to our Bank Account in San Pedro crazy the bank exchanges the dollars at less than 2 to 1 in addition to charging a wire fee.....If we bring the cash directly to the bank it is deposited at 2 to 1. Our banking officer stated this is monitored and required by Central Bank. We have never questioned it until the discussion began on the other post. What do you folks think?


My friends call me Judyann

www.blackorchidrestaurant.com
Re: The Exchange Rate? [Re: Judyann H.] #388558
09/25/10 11:39 AM
09/25/10 11:39 AM
Joined: May 2000
Posts: 6,823
San Pedro Town, Ambergris Caye...
Amanda Syme Offline

.
Amanda Syme  Offline
Yes that sounds right JudyH.

The Central Bank will also monitor how much US cash you deposit to your account.

Re: The Exchange Rate? [Re: Amanda Syme] #388561
09/25/10 12:08 PM
09/25/10 12:08 PM
Joined: Apr 2009
Posts: 515
Florida, Belize, Noerth Caroli...
CaptOneIron Offline
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CaptOneIron  Offline
You should see what happens if you want to change the Belize Dollars back into US Dollars. I am doing this now and the Central Bank has to approve everything.


Captain One Iron
Re: The Exchange Rate? [Re: Judyann H.] #388570
09/25/10 03:03 PM
09/25/10 03:03 PM
Joined: Aug 2007
Posts: 592
San Pedro/Prescott
G
GwenA Offline
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GwenA  Offline
G
So, Judy, here is the magic piece of information you need. You need to ask your bank and all the other reputable banks in town, " what is the cheapest way to send and convert US money to Belize money, and keep a Belize, and possibly US money account in town.
I'm sure our solution isn't the only one, but it can be quite simple.
Send a PM. it isn't about secrecy, but I don't want to start up a controversy. As, you know that can happen in a blink!

Re: The Exchange Rate? [Re: Judyann H.] #388573
09/25/10 03:56 PM
09/25/10 03:56 PM
Joined: Feb 2004
Posts: 2,208
san pedro, Belize
collyk Offline
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collyk  Offline
Another thing to be aware of. Once you become a permanent resident of Belize, the Belize banks will not allow you to hold a US Dollar account.


www.conchcreative.com
Belize Wedding Photography

Re: The Exchange Rate? [Re: collyk] #388574
09/25/10 04:26 PM
09/25/10 04:26 PM
Joined: Apr 2009
Posts: 515
Florida, Belize, Noerth Caroli...
CaptOneIron Offline
.
CaptOneIron  Offline
Originally Posted by collyk
Another thing to be aware of. Once you become a permanent resident of Belize, the Belize banks will not allow you to hold a US Dollar account.


I have a US Dollar account in Belize and I am a permanent resident. No one has ever said that it was prohibited. Just curious about the source of your information.


Captain One Iron
Re: The Exchange Rate? [Re: Judyann H.] #388576
09/25/10 04:41 PM
09/25/10 04:41 PM
Joined: Feb 2004
Posts: 2,208
san pedro, Belize
collyk Offline
.
collyk  Offline
CaptOneIron. Central Bank, Belize Bank and Scotia Bank have all told me that Permanent Residents of Belize are prohibited from opening a US Dollar account. If they didn't ask, then I suppose it's all good. They known we are permanent residents at both of those banks so we have no luck.


www.conchcreative.com
Belize Wedding Photography

Re: The Exchange Rate? [Re: Judyann H.] #388578
09/25/10 05:01 PM
09/25/10 05:01 PM
Joined: Apr 2009
Posts: 515
Florida, Belize, Noerth Caroli...
CaptOneIron Offline
.
CaptOneIron  Offline
collyk maybe it is the bank. My US dollar account is at British Caribbean Bank Ltd which is a sister bank of Belize Bank and located upstairs from their offices in San Pedro. Maybe you can try there. I know it has been a real pain to try and get the Belize dollars changed into US dollars.


Captain One Iron
Re: The Exchange Rate? [Re: Judyann H.] #388579
09/25/10 05:09 PM
09/25/10 05:09 PM
Joined: Jul 2010
Posts: 1,413
San Pedro, Belize
Judyann H. Offline OP
.
Judyann H.  Offline OP
Amanda, thank you....I had a feeling they were not just picking on me.....


My friends call me Judyann

www.blackorchidrestaurant.com
Re: The Exchange Rate? [Re: Judyann H.] #388580
09/25/10 05:11 PM
09/25/10 05:11 PM
Joined: May 2000
Posts: 6,823
San Pedro Town, Ambergris Caye...
Amanda Syme Offline

.
Amanda Syme  Offline
The law states that Belizean citizens and residents are prohibited from holding US dollar accounts in the offshore banks which are doing business in Belize.

The banks may choose to turn a blind eye to this rule from time to time and I wouldn't wish to hazard a guess as to what the legal implications could be in certain situations.

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