Previous Thread
Next Thread
Print Thread
Page 1 of 2 1 2
#388556 - 09/25/10 10:56 AM The Exchange Rate?  
Joined: Jul 2010
Posts: 1,301
Judyann H. Offline
.
Judyann H.  Offline
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
#388558 - 09/25/10 11:39 AM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: May 2000
Posts: 6,670
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.

#388561 - 09/25/10 12:08 PM Re: The Exchange Rate? [Re: Amanda Syme]  
Joined: Apr 2009
Posts: 515
CaptOneIron Offline
.
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
#388570 - 09/25/10 03:03 PM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: Aug 2007
Posts: 592
GwenA Offline
.
GwenA  Offline
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!

#388573 - 09/25/10 03:56 PM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: Feb 2004
Posts: 2,193
collyk Offline
.
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

#388574 - 09/25/10 04:26 PM Re: The Exchange Rate? [Re: collyk]  
Joined: Apr 2009
Posts: 515
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
#388576 - 09/25/10 04:41 PM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: Feb 2004
Posts: 2,193
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

#388578 - 09/25/10 05:01 PM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: Apr 2009
Posts: 515
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
#388579 - 09/25/10 05:09 PM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: Jul 2010
Posts: 1,301
Judyann H. Offline
.
Judyann H.  Offline
Amanda, thank you....I had a feeling they were not just picking on me.....


My friends call me Judyann

www.blackorchidrestaurant.com
#388580 - 09/25/10 05:11 PM Re: The Exchange Rate? [Re: Judyann H.]  
Joined: May 2000
Posts: 6,670
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.

Page 1 of 2 1 2

Links
Portofino Resort- Now with a new BEACH BAR!!

Click for excellent scuba lessons with Elbert Greer!


Things to do

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
Love FM
The Reporter
PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
iTravel Belize
Paradise Theater
Paradise Guy Event Calendar

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Bound for Belize
Conch Creative
As The Coconuts Drop
More Blogs...
Search thousands of Belizean-only websites
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Conch Shell Inn: All rooms are right on the beach in the heart of San Pedro, so within walking distance to anything and everything!!
Lil Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
November
S M T W T F S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30
Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
Mini Chat
Who's Online Now
1 registered members (1 invisible), 200 guests, and 4 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums44
Topics65,635
Posts466,471
Members18,955
Most Online1,262
Jun 10th, 2007



AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.

Powered by UBB.threads™ PHP Forum Software 7.6.0