Living in Belize
Life as an Expat
Guest Blog by Ron Delvalle
Most of us have migrated to online bill paying services long ago. I say most because I was one of the holdouts until just prior to moving here. Something about having a paper audit trail was difficult for me to give up. With the move looming though, I could wait no longer. I set up a separate Gmail account to give to all of my financial creditors and then quickly set up online bill pay with my local bank. After making the switch, I wondered why I had waited so long? What used to take me hours now took minutes. Some of us are just perpetually late to the party when it comes to some changes.
Easy Online Banking
Credit Cards:
Although most establishments accept credit cards, not all do, especially the more local establishments where merchant accounts are too costly to set up for the owners. If you don’t have Belizean income from a business you own or some other source, you’re going to need to find a way to bring cash into the country. Initially, we opened an international account with a bank that has since become insolvent due to being involved in a fraudulent real estate venture. In the beginning, we brought cash in and deposited it in USD. We withdrew Belize dollars as needed and replenished it when traveling back and forth to the states. When that bank closed, we sought a new international bank but had since formed a corporation and obtained working papers. That little change prompted the Central Bank of Belize to consider us as residents and deny us an international account. If you are here on a passport you will still be able to have an international account allowing you to keep your deposited funds in US currency and exchange them at a rate of 2 to 1. Another option is to use ATMs to withdraw funds from your US account. Keep in mind however that you will be charged fees both from your US account and the local ATM that make this costly and less desirable. We have done this in a pinch but the fees make it too costly to use on a regular basis not to mention that you are limited in the amount of your withdrawal.
In talking to other expats, we discovered that there are a number of sources that will accept checks or cash from US banks in exchange for Belizean cash. These sources typically prefer to remain anonymous so that they can be selective in who they do business with. If you want access, you’ll have to be introduced by an established and trusted client. This could take some time to network into. The good news is that once you are connected, you will typically be offered a small percentage above the 2 to 1 exchange rate for providing US funds for working capital. There are other non traditional ways to work through the problem of getting cash into the country but they will be dependent on who you develop relationships with. As with anyplace, who you know has a role in determining how you get things done. At the very least, you are allowed to carry up to $10,000 cash into the country when you travel back and forth. Where you keep it, will be left up to you to determine.
As to credit cards, Visa and MasterCard are easily accepted but American Express has very limited acceptance. Before arriving, do your homework and find a card the does not charge foreign transaction fees to keep your costs to a minimum. We have had very good success with our Capitol One Visa card.
Utilities:
As a renter, utilities will most likely be in the landlord’s name but not always. We did have to set up internet service in our first condo and it was pretty straight forward with a small deposit being required upon opening the account. Having a utility bill in your name does help in opening other doors but even without it you can get a letter from your landlord that will suffice in most cases.
Thank You:
I’ve thoroughly enjoyed sharing our experience and insights here with you. If I have helped ease the transition for anyone considering a similar move, I am grateful for the opportunity to help. I want to personally than Mark and Beth of Belize Happy Adventures for hosting my blog and giving me a platform to share our experiences. If you have enjoyed following along, stay tuned as I shift gears away from the how to part and towards some of the things that make living here such a joy. In the meantime, Happy New Year and I’ll be back to share some more of the fun things about living in San Pedro Belize with you in 2020.
Beth and Ron
Annette, Mark and Beth