Banking in Belize (and more)

Welcome to the forum Lee&Robin

I hope members from Belize will share their experiences and advise you accordingly by contributing to your discussion!

Best Regards

1. Since we work online, can anyone share insight regarding internet access. Specifically reliability and cost?

I pay $113 USD for monthly internet access at 1MB of speed, which is very decent and important because I spend a lot of time online.  You can get up to 2MB if you choose for about $100 more.  Only one "main" internet provider in Belize, BTL, but very reliable - never had it go down on me yet. Coral Cable offers internet but I understand it's like dial up.

2. For expats that have businesses either online or in another country, can you tell us anything about banking? In other words, do you just keep your banking relationships in your home country, or is the banking system in Belize stable enough to use and not worry?

It's up to you but if you get a local Belize bank account you will have to be approved by the Central Bank of Belize, which if you're not in the QRP, can be quite a process.  If you are approved, then you must convert your dollars to Belize dollars.  You can only convert back w/ Central Bank permission.  If you are in the QRP, you can open an IBC and keep your money in the denomination of choice. Or, keep your accounts in your home state.  I can cash U.S. checks to myself here on the island, and they give me a % to do it.


3.  We have been considering Ambergris Caye, but having lived on two different Caribbean islands, we're not sure if we are up for island living (power issues, running out of supplies, increased prices, etc). We have been thinking of the mainland as of late.  Specifically Corozal Town. We like the idea of being close to Chetumal (supplies/shopping) and its still close to the water. Any thoughts?

I live on Ambergris Caye and love it, but it is quite bustling and lots of traffic in town, and we do pay more for certain items. My overal cost of living here is about $3000 US a month total! Had one "planned" power outage to make upgrades, doesn't happen often from what others have told me. No shortage of supplies either.  Never been to Corozal, but know it has a large retirement community and is smaller and quieter than AC, which also has a lot of expats. 

4. We have a baby that will be turning one soon. Any issues or thoughts about relocating to Belize with a young child?

I do not have a child, so I would highly recommend you make a trip here and investigate that in person.  Most expats use Private Schools for their children. There is no private high school on the island, so your child has to go to the mainland after 8th grade - a big consideration for parents I'd imagine.

Hope this has been helpful!  Sharon